ompany reported...Salmone Company reported the following purchases and sales for its onlyproduct. Salmone uses a perpetual inventory system. Determine the costassigned to cost of goods sold using LIFO.ActivitiesDateMay 1May 5Beginning inventoryPurchaseUnits Acquired at Cost178 units @ $10 = $ 1,780248 units @ $12 = $ 2,976May 10SalesMay 15Purchase128 units @ $13 = $ 1,664May 24SalesMultiple Choice$3,560$2,740$2,870$3,550$3,680

Answered: ompany reported... Salmone Company…

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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Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Units Sold Acquired at Retail at Cost Beginning inventory Mar. 1 210 units @ $53.20/unit Mar. Purchase 280 units @ $58.20/unit Mar. 9. Sales 370 units @ $88.20/unit Mar. 18 Purchase 140 units @ $63.20/unit Mar. 25 Purchase 260 units @ $65.20/unit Mar. 29 Sales 240 units @ $98.20/unit Totals 890 units 610 units Required: Compute cost of goods available for sale and the number of units available for sale. (Omit the "$" sign in your response.) 1. Cost of goods available for sale Number of units available for sale units
Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you
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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. Units Acquired at Cost 140 unitse $51.80 per unit 245 units @ $56.80 per unit Units Sold at Retail Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Activities 300 unitse s86.80 per unit 105 units @ s61.80 per unit 190 units@ s63.80 per unit 170 unitse s96.80 per unit 470 units Mar. 29 Sales Totals 680 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 85 units from beginning inventory and 215 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Acquired at Cost 600 units@ $45 per unit 400 units@ $42 per unit 200 units@ $27 per unit Date Activities Units Sold at Retail Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 800 units @ $75 per unit 100 units@ $50 per unit 500 units@ $46 per unit 600 units@ $75 per unit Totals 1,800 units 1,400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, () weighted average, and (d) specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 300 from the February…
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 Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…
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 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Activities Units Acquired at Cost 310 units @ $16 Date Units Sold at Retail May 1 Beginning Inventory Purchase 300 units @ $18 10 Sales 220 units @ $26 15 Purchase 180 units @ $19 24 Sales 170 units @ $27 Multiple Choice $13,780 $6,400 $6.590 $7,380 $7,040
5
Perpetual inventory using LIFO and FIFO In the spaces provided below, determine the cost of good sold and ending inventory under the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system. Below is the data for the October: Beginning inventory 120 units @ $39 each October 2 purchase 100 units @ $41 each October 8 sale 80 units October 15 purchase 200 units @ $42 each October 22 sale 250 units FIFO Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost…
Plz give correct ending inventory and COGS in LIFO method

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