Q1: The inventory records for QPG company for the month of April. Date Account Quantity Unit cost name Balance 18 75 5- April Purchase 26 74 9- April Sale 23 Purchase 13- April 73 29 16-April Sale 28 21-April Purchase 19 72 23-April Sale 31 Required: using FIFO method under the perpetual purtam to find cost of Goods sold and inventory. 1-April

Q1: The inventory records for QPG company for the month of April. Date Account Quantity Unit cost name Balance 18 75 5- April Purchase 26 74 9- April Sale 23 Purchase 13- April 73 29 16-April Sale 28 21-April Purchase 19 72 23-April Sale 31 Required: using FIFO method under the perpetual purtam to find cost of Goods sold and inventory. 1-April

Name: Q1: The inventory records for QPG company for themonth of April.DateA
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Description: Q1: The inventory records for QPG company for themonth of April.DateAccountUnit costQuantitynameBalance1875Purchase5-April26749- AprilSale23Purchase13-April732916-AprilSale28Purchase21-April721923-April Sale31Required: using FIFO method under the pe

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 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 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
eAssignment/take AssignmentMain.do?invoker=&takeAssignments The inventory data for an item for November are: 17 units at $21 9 units 30 units at $22 20 units 21 units at $22 Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $621 Ob. $797 Oc. $629 Od. $858 MAR 8 9 All work saved. Calon- M tv ♫ 8 dise لله 9
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The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
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Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
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es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
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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