Of the 1600 items sold, 300 were sold from the beginning inventory, 500 were sold after the first purchase, 600 were sold after the second purchase and 200 were sold after the third purchase. Required: The ending inventory under average cost (perpetual inventory) is: The cost of goods sold under Last-in, First-out (perpetual inventory) is: The ending inventory under Last-in, First-out (perpetual inventory) is

Of the 1600 items sold, 300 were sold from the beginning inventory, 500 were sold after the first purchase, 600 were sold after the second purchase and 200 were sold after the third purchase. Required: The ending inventory under average cost (perpetual inventory) is: The cost of goods sold under Last-in, First-out (perpetual inventory) is: The ending inventory under Last-in, First-out (perpetual inventory) is

Name: Of the 1600 items sold, 300 were sold from the beginning inventory, 50
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Description: Of the 1600 items sold, 300 were sold from the beginning inventory, 500 were sold after the first purchase, 600 were sold after the second purchase and 200 were sold after the third purchase.Required:The ending inventory under average cost (perpetual

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
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# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on Decenber 21 10 units e 6.00 cont 20 units e 512.00 cost 15 units e $14.00 cost Required: Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO.
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('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
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Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
eBook Show Me How Question Content Area Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $196 April 15 Purchase 1 199 April 20 Purchase 1 202 Total 3 $597 Average cost per unit $199 ($597 ÷ 3 units) Assume that one unit is sold on April 27 for $255. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6 Please don't provide answer image based thnx
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