PA8. 10.3 Prepare journal entries to record the following transactions, assuming perpetual inventoryupdating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory.Number of UnitsUnit CostSalesPurchased165$21Sold120$36Purchased22527Sold18039Purchased21033 Problem PA 83GENERAL JOURNALPAGEX4Since the text does not specify, choose your own dates for these transactions5POSTDATEDESCRIPTIONREF,DEBITCREDIT671 || 20xx821293310411515126161371714881591916101017111118121219131320 141421151522161623171724181825191926202027212128222229232330242431252532252533262634272735282836292937303038313139323240333341343442353543363644373745383846393947404048414149424250434351 44

FIFO is the method of inventory valuation whereby the goods that are acquired by an entity at first,…

PA8. 10.3 Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. ETT Number of Units Unit Cost Sales Purchased 165 $21 Sold 120 $36 Purchased Sold 225 180 27 39 Purchased 210 33

PA8. 10.3 Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. ETT Number of Units Unit Cost Sales Purchased 165 $21 Sold 120 $36 Purchased Sold 225 180 27 39 Purchased 210 33

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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Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. Number of Units Purchased Sold Purchased Sold Purchased 35 If an amount box does not require an entry, leave it blank. 0 00 00 J 10 10 10 Unit Cost Sales $23 175 120 220 180 200 29 $38 41
16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7
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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29