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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