Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Units Acquired at Cost 15 units @ $29 = $435 Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Units Acquired at Cost 15 units @ $29 = $435 Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 57 units @ $25 7 Sale 46 units 15 Purchase 41 units @ $27 24 Sale 18 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the inventory value on October 31. a. Cost of the goods sold on October 24 $ 464 b. Inventory value on October 31 A 324 X
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 21 units @ $21 5 Sale 12 units 17 22 units 30 Sale 24 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 Purchase @ $22
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
The units of an item available for sale during the year were as follow: Jan 1 Inventory 14 units at $37 $518 Aug 13 Purchase 10 units at $39 390 Nov 30 Purchase 10 units at 41 410 There are 17 units of the itam in physical inventory at December 31. The Periodic inventory system is used Determine the cost of ending inventory using the weighted average cost method.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $32 $800 June 16 Purchase 29 units @ $31 899 Nov. 28 Purchase 43 units @ $39 1,677 97 units $3,376 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is use a. Determine the inventory cost by the FIFO method. %24 b. Determine the inventory cost by the LIFO method. %2$ c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
Please help solve and explain process
The following information relates to inventory for Happy Eddie Incorporated: Date Transaction Quantity Cost March 1 Beginning Inventory 20 March 7 Purchase 15 March 12 Purchase 20 $2 $3 $4 A physical count revealed 30 units remained on hand at March 31. At what amount would Happy Eddie report its ending inventory using LIFO cost flow assumption? $170 $55 $110 $70
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 320 units at $11 13 Sale 170 units 22 Purchase 350 units at $13 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. $4 C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Please Help
Use the weighted-average inventory method to calculate the cost of the ending inventory for the inventory table below. Units Cost per Total Retail price Total retail cost per unit $1,067 $189 $150 $490 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory purchased unit 97 $11 21 $9 $10 $14 15 35 168 89 79 (Round to the nearest cent as needed.) $1,896 $17 $12 $18 $21 *** value $1,649 $252 $270 $735 $2,906
A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? Date Activities Units Acquired at Cost Units Sold at Retail October 1 Beginning inventory 15 units @ $32 = $480 October 5 Purchase 10 units @ $33 = $330 October 12 Purchase 20 units @ $34 = $680 October 15 Sales 30 units sold