< >v2.cengagenow.com+Мy HomeCengageNOWv2 | Online teaching and le...b Search results for 'Cornerstone Exercise...b Weighted average cost flow method und...Cornerstone Exercise 6-23 (Algorithmic)...Homework: Chapter 6еВookCornerstone Exercise 6-23Inventory Costing: LIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at RetailJune 1 Beginning Inventory200 units @ $10 = $2,000%D9 Purchase 1300 units @ $12 = $3,60014 Sale 1400 units @ $2522 Purchase 2250 units @ $14$3,500%3D29 Sale 2225 units @ $25Assume that the company uses a perpetual inventory system.>Required:Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.Cost of goods soldCost of ending inventoryFeedbackCheck My WorkFor cost of goods sold using the LIFO inventory costing method, apply the following steps:Step 1: Calculate the cost of goods available for sale for the period.Step 2: Apply the Inventory costing method recognizing that under LIFO, the most recent purchases (newest costs) are allocated to cost of goods sold.For cost of ending inventory using the LIFO inventory costing method, apply the following steps:Step 1: Calculate the cost of goods available for sale for the period.Step 2: Apply the Inventory costing method recognizing that under LIFO, the earliest purchases (oldest costs) are allocated to ending inventory.Check My WorkPreviousNextAssignment Score: 52.17%All work saved.Email InstructorSave and ExitSubmit Assignment for Grading

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Business

Accounting

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 9 $29 10 Sale 4 17 Purchase 11 31 20 Sale 5 23 Sale 3 30 Purchase 12 32 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. a.$116 b.$384 c.$93 d.$155
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ddison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is
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