eBookOct. 1Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:15Show Me HowInventorySalePurchaseSale1Check My Work42 units @ $1935 units42 units @ $2315 units1Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24b. Inventory on October 31All work saved.Email In

Name: eBookOct. 1Perpetual Inventory Using FIFOBeginning inventory, purchas
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: eBookOct. 1Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:15Show Me HowInventorySalePurchaseSale1Check My Work42 units @ $1935 units42 units @ $2315 units1Assuming a perpetual inventory system a

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Business

Accounting

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: 42 units @ $19 35 units 42 units @ $23 15 units Oct. 1 7 15 Inventory Sale Purchase 24 Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: 42 units @ $19 35 units 42 units @ $23 15 units Oct. 1 7 15 Inventory Sale Purchase 24 Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
Please do not give solution in image format thanku
Please answer with good presentation
The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 eachMay 11 purchase 6 units @ $ 76 eachMay 23 sale 16 units @ $ 89 eachMay 26 purchase 14 units @ $ 86 eachMay 29 sale 17 units @ $ 89 eachRequirements1. Calculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO.2. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why?3. Which method would be more consistent with the matching principle? Why?
I need help with question C
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
i need solution step by step
Please do not give solution in image format thanku
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 310 units at $12 13 Sale 160 units 22 Purchase 350 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $14 13 Sale 160 units 22 Purchase 310 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Please do not give solution in image format thanku
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…