Perpetual inventory using FIFO Beginning inventory, purchases, Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost 37 50 1.850 53 1113 SI Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 21 and sales data for DVD players are as follows: 50 units at $50 37 units 21 units at $53 20 units 9 units 33 units at $56 Nov. 30 Balances 50 P 50 2.500

Perpetual inventory using FIFO Beginning inventory, purchases, Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. First-in, First-out Method DVD Players Cost of Cost Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost 37 50 1.850 53 1113 SI Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 21 and sales data for DVD players are as follows: 50 units at $50 37 units 21 units at $53 20 units 9 units 33 units at $56 Nov. 30 Balances 50 P 50 2.500

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Description: Perpetual inventory using FIFOBeginning inventory, purchases,Nov. 1 Inventory10 Sale15 Purchase20 Sale20 units24 Sale9 units30 Purchase33 units at $56The business maintains a perpetual inventory system, costing by the first-in, first-out method.a. D

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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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 52 units @ $66 10 Sale 40 units 15 Purchase 69 units @ $69 20 Sale 38 units 24 Sale 12 units 30 Purchase 36 units @ $72 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory…
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You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COST
Please complete the inventory reports and statements listed in the images. All information available and needed is provided in the images.
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $100 10 Sale 51 units 15 Purchase 96 units @ $105 20 Sale 54 units 24 Sale 13 units 30 Purchase 28 units @ $109 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 47 units @ $69 10 Sale 35 units 15 Purchase 27 units @ $72 20 Sale 21 units 24 Sale 14 units 30 Purchase 20 units @ $75 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. 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 the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal Cost…
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LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
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Take me to the text a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 600 $6,600.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 300 $3,300.00 #3 Sale to TTT Co. Answer $Answer 150 $Answer Answer $Answer #4 Purchase from BBB Co. 70 $1,400.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 30 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had…