P6-28A Accounting for inventory using the perpetual inventory system- For all problems, assume the perpetual inventory system is used unless stated otherwise. FIFO, LIFO, and weighted-average Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: Jan. 5 Purchase 13 18 Purchase 26 Sale Sale 156 crates @ $ 64 each 180 crates @ $ 100 each 114 crates @ $ 75 each 150 crates @ $ 116 each Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 3. Prepare a perpetual inventory record, using the weighted-average inventory cost- ing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Learning Objectives 2, 2. Ending Merch. Inv., $990

P6-28A Accounting for inventory using the perpetual inventory system- For all problems, assume the perpetual inventory system is used unless stated otherwise. FIFO, LIFO, and weighted-average Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: Jan. 5 Purchase 13 18 Purchase 26 Sale Sale 156 crates @ $ 64 each 180 crates @ $ 100 each 114 crates @ $ 75 each 150 crates @ $ 116 each Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. 3. Prepare a perpetual inventory record, using the weighted-average inventory cost- ing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Learning Objectives 2, 2. Ending Merch. Inv., $990

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Description: For all problems, assume the perpetual inventory system is used unless stated otherwise.P6-28A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted-averageFit Gym began January with merchandise inventory of 78 crate

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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Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Begining inventory Mar. 14 Purchased July Purchased Units available for sale 530is $15.00 Cast of goods available for sale $12,291 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Jan. 30 71 units Mar 15 190 units Totals S 460 units 721 its Required The business uses a perpetual inventory system. 1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not round Intermediate calculations. Round your final answers to 2 decimal places.)
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Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
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