Bookmarks Window HelpeBookChapter 6 Homework12DateJan. 1Apr. 19June 30Perpetual Inventory Using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,900 units at $41Apr. 19Sale2,500 unitsJune 304,400 units at $45Sept. 24,800 unitsNov. 151,800 units at $47The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data inthe 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 theInventory Unit Cost column.Sept. 2Nov. 15Dec. 31Feedback0Check My WorkMPurchaseSalePurchaseQuantity4,4001,800 ✓BalancesPrint ItemBEPurchasesUnit CostMAR745v2.cengagenow.com47Total Cost$198,000 ✓84,600✔Schedule of Cost of Goods SoldFIFO MethodAll work saved.Quantity2,500 ✓2,500 X2,400 XnC CengageNOWv2 | Online teaching and learning resource from Cengage LearningCost of Goods SoldUnit CosttvB CsTotal Cost$12:25QuantityInventoryUnit CostATotal CostPrevious Next>Save and Exit Submit Assignment for Grading@-CA+ CGstnang inbertE okmarks Window HelpeBookChapter 6 Homework12Perpetual Inventory Using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory.3,800 units at $40Apr. 19Sale2,400 unitsJune 30Sept. 2Nov. 15DateJan. 1Apr. 19June 304,600 units at $454,900 units2,200 units at $48The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data inthe form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.Sept. 20Nov. 15Dec. 31Check My WorkPurchaseSalePurchasePrint ItemQuantityBalancesPurchasesUnit Costv2.cengagenow.com2MAR7Total CostSchedule of Cost of Goods SoldLIFO MethodQuantity[All work saved.nC CengageNOWv2 | Online teaching and learning resource from Cengage LearningCost of Goods SoldUnit Cost$B Ctv♫♬ JTotal Cost$QuantityI all12:25InventoryUnit CostTotal CostA✩ +Previous Next >Save and Exit Submit Assignment for GradingPSA

Name: Bookmarks Window HelpeBookChapter 6 Homework12DateJan. 1Apr. 19June 3
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Bookmarks Window HelpeBookChapter 6 Homework12DateJan. 1Apr. 19June 30Perpetual Inventory Using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,900 units at $41Apr. 19Sale2,500 unitsJune

First in first out method is also written as FIFO method and last in first out method is also…

Business

Accounting

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: 3,900 units at $41 2,500 units 4,400 units at $45 4,800 units Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 1,800 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Feedback Inventory Sale Purchase Sale Check My Work Purchase Quantity 4,400 1,800 Balances Purchases Unit Cost MAR 7 47 Total Cost 198,000 84,600 Schedule of Cost of Goods Sold FIFO Method All work saved. Quantity Cost of Goods Sold Unit Cost 2,500 ✓ 2,500 X 2,400 X #tv Total Cost 12:25 Quantity tory Unit Cost 10 A Next > Save and Exit Submit Assignment for Grading Total Cost Previous st na ng in bert

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: 3,900 units at $41 2,500 units 4,400 units at $45 4,800 units Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 1,800 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Feedback Inventory Sale Purchase Sale Check My Work Purchase Quantity 4,400 1,800 Balances Purchases Unit Cost MAR 7 47 Total Cost 198,000 84,600 Schedule of Cost of Goods Sold FIFO Method All work saved. Quantity Cost of Goods Sold Unit Cost 2,500 ✓ 2,500 X 2,400 X #tv Total Cost 12:25 Quantity tory Unit Cost 10 A Next > Save and Exit Submit Assignment for Grading Total Cost Previous st na ng in bert

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

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $33 $264 Aug. 7 Purchase 18 units at $35 630 Dec. 11 Purchase 15 units at $37 555 41 units $1,449 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $39 Apr. 19 Sale 2,000 units June 30 Purchase 4,300 units at $42 Sept. 2 Sale 5,300 units Nov. 15 Purchase 2,000 units at $43 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods SoldFIFO Method Purchases Cost of Goods Sold Inventory…
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan, 1 Inventory 16 units at $44 $704 Aug. 13 Purchase 6 units at $45 270 Nov. 30 Purchase 7 units at $46 322 Available for sale 29 units There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $44 Aug. 13 Purchase 9 units at $47 Nov. 30 Purchase 13 units at $48 Available for sale $1,839 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). 40 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method S $792 423 624
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
Hhaa
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 May 10 20 14 31 2,000 units at $27 1,000 units at $29 900 units at $31 1,400 units 1,200 units. 600 units a. Assuming that the perpetual inventory system is used, costing by the LIFO 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.
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $31 $155 Aug. 13 Purchase 12 units at $34 408 Nov. 30 Purchase 11 units at $35 385 Available for sale 28 units $948 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3