PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using theperpetual inventory system. Al its purchases and sales are on credit. The company's reportingdate is December 31. During the month ended December 31, 2022, the following inventorytransactions took place:12/01 hventory on hand consisted of 350 bicycles at P820each and 43 bicydes at P850 each.12/02 Sold 300 bicycles for P1,200 each.12/03Five bicycles were returned by a customer. They hadoriginally cost P820 each and were sald for P1.200each.Purchased 55 bicydles at P910 each.Purchased 76 bicydles at P960 each.12/0912/1212/15 Sold 86 bicycles for P1350 each.12/16Returned one damaged bicyde to the suppier whichhad been purchased on December 9.Sold 60 bicycles for P1,250 each.Purchased 72 bicydles at P980 each.Two bicyces sold on December 22 were returned bya customer. The bicydes were badly damaged so itwas decided to write them off. They had origindlycost P910each12/2212/2612/2917. The cost of sdes for the month ended December 31, 2022 using FIFO method is:18. The cost of inventory as of December 31, 2022 using moving average method is:

Name: PROBLEM 13: II Company wholesales bicycles and accounts for its inven
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using theperpetual inventory system. Al its purchases and sales are on credit. The company's reportingdate is December 31. During the month ended December 31, 2022, the follow

Under the FIFO method, the inventory that entered first in the stock is cleared first.

Business

Accounting

PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using the perpetual inventory system. All its purchases and sales are on credit. The company's reporting date is December 31. During the month ended December 31, 2022, the folowing inventory transactions took place: 12/01 Inventory on hand consisted of 350 bicycles at P820 each and 43 bicycles at P850 each. 12/02 Sold 300 bicycles for P1,200 each. 12/03 Five bicycles were returned by a customer. They had originally cost P820 each and were sald for Pl.200 each. Purchased 55 bicycles at P910 each. Purchased 76 bicycles at P960 each. 12/09 12/12 12/15 Sold 86 bicycles for P1,350 each. 12/16 Returned one damaged bicycle to the supplier which had been purchased on December 9. Sold 60 bicycles for P1.250 each. Purchased 72 bicycles at P980 each. Two bicycles sold on December 22 were returned by a customer. The bicycles were badly damaged so it was decided to write them off. They had origindly cost P910each 12/22 12/26 12/29 17. The cost of sales for the month ended December 31, 2022 using FIFO method is: 18. The cost of inventory as of December 31, 2022 using moving average method is:

PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using the perpetual inventory system. All its purchases and sales are on credit. The company's reporting date is December 31. During the month ended December 31, 2022, the folowing inventory transactions took place: 12/01 Inventory on hand consisted of 350 bicycles at P820 each and 43 bicycles at P850 each. 12/02 Sold 300 bicycles for P1,200 each. 12/03 Five bicycles were returned by a customer. They had originally cost P820 each and were sald for Pl.200 each. Purchased 55 bicycles at P910 each. Purchased 76 bicycles at P960 each. 12/09 12/12 12/15 Sold 86 bicycles for P1,350 each. 12/16 Returned one damaged bicycle to the supplier which had been purchased on December 9. Sold 60 bicycles for P1.250 each. Purchased 72 bicycles at P980 each. Two bicycles sold on December 22 were returned by a customer. The bicycles were badly damaged so it was decided to write them off. They had origindly cost P910each 12/22 12/26 12/29 17. The cost of sales for the month ended December 31, 2022 using FIFO method is: 18. The cost of inventory as of December 31, 2022 using moving average method is:

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

s
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
dont give answer of this question
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 120 units at $20 Purchases Date Units and Cost Dec. 10 60 units at $22 20 54 units at $24 Sales Date Units Dec. 12 84 units 14 72 units 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO MethodPrepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity…
Subject : Accounting
FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 42 $375 $15,750 8 Purchase 84 450 37,800 11 Sale 56 1,250 70,000 30 Sale 35 1,250 43,750 May 8 Purchase 70 500 35,000 10 Sale 42 1,250 52,500 19 Sale 21 1,250 26,250 28 Purchase 70 550 38,500 June 5 Sale 42 1,315 55,230 16 Sale 56 1,315 73,640 21 Purchase 126 600 75,600 28 Sale 63 1,315 82,845 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost…
Question
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 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. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the…
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase 17 Sale 30 Purchase 9 units 29 units at $22 22 units 22 units at $23 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $673 b. $968 C. $659 d. $967