Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.June 1Beginning inventory42 units at $20 eachJune 15Sale of 34 units for $50 eachJune 29Purchase34 units at $25 eachThe cost of the ending inventory is:Multiple Choice$840$680$1,010$850$1,050

LIFO method assumes that the inventory purchased at last will be used first or to be sold first -…

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 42 units at $20 each Beginning inventory Sale of 34 units for $50 each Purchase June 1 June 15 June 29 34 units at $25 each The cost of the ending inventory is: Multiple Choice $840 $680 SL010 $850 $1,050

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 42 units at $20 each Beginning inventory Sale of 34 units for $50 each Purchase June 1 June 15 June 29 34 units at $25 each The cost of the ending inventory is: Multiple Choice $840 $680 SL010 $850 $1,050

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

The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 100 units @ $4.15 First purchase @ May 7 300 units @ $4.55 Second purchase @ May 17 500 units @ $4.75 Third purchase @ May 23 100 units @ $4.95 Sales @ May 31 900 units @ $7.95 What is the amount of ending inventory assuming the FIFO cost flow method? Multiple Choice $415 $955 $455 $495
Presented below are summary financial data from Pebble Company’s annual report: Assume that the Pebble Company is all equity financed. Calculate the following ratios for Years 1 and 2: Return on equity, Return on assets (levered), Return on sales (levered), Total asset turnover, Financial leverage
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 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 the merchandise sold on October 29. Round your "average unit cost" to two decimal places. 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.
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $11 13 Sale 180 units 22 Purchase 330 units at $14 29 Sale 400 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. 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 plates.
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice о о Beginning inventory Sale of 26 units for $50 each Purchase O о $520 $850 $810 $650 $680 34 units at $20 each 26 units at $25 each
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 330 units at $15 13 Sale 170 units 22 Purchase 340 units at $16 29 Sale 400 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. $ fill in the blank 1 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. $fill in the blank 2 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 provide solution in an image based thanku
A please
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory Oct. 7 Sale 72 units @ $19 51 units Oct. 15 Purchase 61 units @ $22 29 units Oct. 24 Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $15 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per 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.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $17 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. $fill in the blank 1 16.72 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. $fill in the blank 2 5,016 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. $fill in the blank 3 3,674.40
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
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.