Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8 Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8 Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31

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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Oct. 1Inventory88 units @ $278.Sale70 units15Purchase98 units @ $2927Sale82 unitsAssuming a perpetual inventory system and using the last-in, first

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 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 8 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
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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.
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Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
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…
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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