Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item PK95 are as follows:July 1Inventory90 units @ $30Sale72 unitsPurchase100 units @ $321121Sale84 unitsAssuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July31.a. Cost of merchandise sold on July 21b. Inventory on July 31

a) Cost of Merchandise sold on July 21 Date Particulars Unit Per unit Total Cost July 1…

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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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: October 1 Inventory 108 units @ $20 5 Sale 86 units 11 Purchase 120 units @ $24 21 Sale 101 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. a. Cost of merchandise sold on October 21 $fill in the blank 1 b. Inventory on October 31 $fill in the blank 2
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 80 units @ $23 8 Sale 64 units 15 Purchase 89 units @ $27 27 Sale 75 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.
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: July 1 Inventory 94 units @ $30 5 Sale 75 units 11 Purchase 104 units @ $34 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 73 units @ $18 7 Sale 47 units 15 Purchase 54 units @ $20 24 Sale 33 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) inventory on October 31
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2
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
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20 7 Sale 31 units 15 Purchase 35 units @ $23 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 82 units @ $34 5 66 units 91 units @ $37 76 units 11 21 Inventory Sale Purchase Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 5 Inventory Sale 104 units @ $22 83 units 11 Purchase 115 units @ $24 21 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31

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