nnovation Cycles started October with 12 bicycles that cost $42 each. On October 16, Innovation bought 40 bicycles at $68 each. On October 31, Innovation sold 29 bicycles for $98 each.Requirements1.Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.2.Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.equirement 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.tart by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into theerpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter theIdest inventory layer first. Abbreviation used: QTY = Quantity; Tot. = Total)nnovation CyclesPurchasesCost of Goods SoldInventory on HandDateQTY Unit Cost Tot. CostQTYUnit Cost Tot. CostQTYUnit Cost Tot. CostOct. 1nter any number in the edit fields and then click Check Answer.

Name: nnovation Cycles started October with 12 bicycles that cost $42 each.
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: nnovation Cycles started October with 12 bicycles that cost $42 each. On October 16, Innovation bought 40 bicycles at $68 each. On October 31, Innovation sold 29 bicycles for $98 each.Requirements1.Prepare Innovation Cycle's perpetual inventory reco

LIFO inventory costing method is that method in which inventories which are purchased in last in the…

Business

Accounting

Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

Prepare Innovation Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

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

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?
Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a perlodic Inventory system. The following are the transactions for the month of July. Units 2,800 1,000 6,000 3,eee 8,e00 Unit Cost July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold $ 25 Purchased 29 Sold Purchased 31 Sold 5,eee Calculate the cost of goods available for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO. or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
Vai
Please do not give image format
Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
need help with all working , explanation , computation , formula, with steps
The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…
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.
Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !
Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
Rapid Resources, which uses the FIFO inventory costing method, has the following account balances at July 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending $ Cost of Goods Sold Net Sales Revenue Date 16,500 71,000 122,000 Jul. 31 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Credit Rapid has determined that the current replacement cost (current market value) of the July 31, 2025, ending merchandise inventory is $13,500. Read the requirements. Debit 4