Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:InventoryPurchasesSalesMay 12,000 units at $24May 101,000 units at $26May 121,400 units1,200 units600 unitsMay 20900 units at $28May 14May 31a. 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 balanceafter 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 unitcost 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 SoldLIFO MethodPrepaid Cell PhonesQuantityPurchasedCost of Merchandise SoldTotal CostPurchasesQuantityCost of MerchandiseSold Unit CostPurchasesInventoryUnit CostDateUnit CostTotal CostSoldMayNayMayBalancesII 11IIIక్రీ : కీని క్ీ

Last in First out method Date Purchase Sales Balance units Cost per unit Total…

Answered: Perpetual Inventory Using LIFO…

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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Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 37 units @ $22 9 Sale 31 units 13 Purchase 37 units @ $25 28 Sale 10 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system. a) FIFO b) Weighted Average Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116 units @ $19.50 per unit
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55 There are 950 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by the following three methods, presenting your answers in the following form: Cost of Merchandise Merchandise Inventory method Inventory Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost Show your calculations
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 20 units @ $14 30 Sale 15 units Assuming a perpetual inventory system and the last - in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a) Cost of goods sold Sfill in the blank 1 b) Inventory, September 30 Sfill in the blank 2
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
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
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.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $12 5 Sale 12 units 17 Purchase 28 units @ $15 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. $
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 900 units at $54 Mar. 10 Purchase 1,120 units at $55 Aug. 30 Purchase 1,000 units at $58 Dec. 12 Purchase 980 units at $60 There are 1,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost
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…
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.

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