Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales data for portable DVD players are as follows:Apr. 143 units @ $68Inventory10Sale32 units15Purchase23 units @ $71Sale16 units2024Sale14 units30Purchase26 units @ $74The business maintains a perpetual inventory system, costing by the first-in, first-out method.Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in theInventory Unit Cost column. Cost of the Merchandise Sold ScheduleFirst-in, First-out MethodPortable DVD PlayersCost of Merchandise SoldTotal CostPurchasesQuantityPurchasedPurchasesUnit CostQuantitySoldCost of MerchandiseInventoryQuantityInventoryUnit CostInventoryTotal CostDateTotal CostSold Unit CostApr.Apr.10Apr.15Apг.20Apr.24Apr.30Apr.30Balances

FIFO Method: The first-in, first-out method is a inventory valuation method that assumes that the…

Answered: Perpetual Inventory Using FIFO…

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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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( Sol # of units Available for units unit unit Sale sold December 7 10 at $ 9.00 2$ 90.00 %3D 20 at $ 15.00 $ 300.00 %3D December 14 Total December 14 15 at $ 23.00 = 2$ December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals $ :
Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Total Cost Rs Date Jan 01 Jan 05 Jan 06 Jan 09 Details Beg Inventory 20 Purchases Issued Purchases Purchases Issued Units Cost per unit Rs. 10 200 50 11 550 30 40 12 480 Jan 15 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150
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Answer ALL parts for Gross Profit With Working.Answer In Text.
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
Assuming that Bramble uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
determine missing amount
es W Required information [The following information applies to the questions displayed below.] (a 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 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 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. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
Jay
Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.

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