DateMay 1May 10May 12May 14May 20May 31QuantityPurchasedMay 31 BalancesSchedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell PhonesPurchases Purchases QuantityUnit Cost Total Cost SoldCost ofCost ofMerchandise MerchandiseSoldSoldUnit CostTotal Cost88 80Inventory Inventory InventoryQuantity Unit Cost Total Costb. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:InventoryPurchasesSalesMay 12May 1May 102014312,000 units at $271,000 units at $29900 units at $311,400 units1,200 units.600 unitsa. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and theinventory 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 Costcolumn.

Name: DateMay 1May 10May 12May 14May 20May 31QuantityPurchasedMay 31 Balanc
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: DateMay 1May 10May 12May 14May 20May 31QuantityPurchasedMay 31 BalancesSchedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell PhonesPurchases Purchases QuantityUnit Cost Total Cost SoldCost ofCost ofMerchandise MerchandiseSoldSoldUnit CostTotal

Business

Accounting

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Sales Purchases May 10 May 1 May 12 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

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Sales Purchases May 10 May 1 May 12 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

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

You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory 55 Purchase Sale Purchase Sale Purchase Sale Ending inventory Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 $ tA 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO tA $ 28 LA 45 29 50 31 50 FIFO tA tA tA AVERAGE-COST
company's inventory records show the following data for the month of July. Date July 1 July 5 July 10 July 20 July 25 July 1 Date Activities Beginning inventory Purchase Sale Purchase Sale July 5 Average cost July 5 July 10 July 20 200 units @ $50 If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its ending inventory? Average cost July 20 July 25 Total July 25 Goods purchased Number of Cost per units unit 50 at $ 75.00 Units Acquired at Cost Units Sold at Retail 100 units @ $72 = $7,200 50 units @ $75 = $3,750 225 at $ 77.00 225 units @ $77 = $17,325 Number of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit 75 at $ 50.00 = 200 at $ 50.00 $ 75 units @ $50 $ $ 3,750.00 10,000.00 10,000.00 Number of units 100 at Inventory Balance 100 at 50 at 150 at Cost per unit Inventory Balance 7,200.00 7,200.00 3,750.00 10,950.00 $ 175 at $ $ $ 75 at 150 at 225 at $ 375 at $ 50.00 = $ +73.00 = 77.00 = 75.40 75.00 = 55 72.00 = $…
Please help me make a perpetual FIFO, perpetual LIFO, Weighted Average, and Specific ID chart. Thank you
i need solution step by step
B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 100 $66 Sold 50 $120 Purchased 80 $75 Sold 25 $125 Ending Inventory 105 Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.
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.
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…
Please help me. Thankyou.
sanjay