I figured out most of the answers, I just need help solving COGS and Inventory balance for Jan 26 ith Prof...Homepage- Centra...MetaMask DownloadM McGraw-Hill Conne...Course Home-Math..SavedGoods purchasedCost of Goods Soldinventory Balance# of# ofCost perCost per Cost of GoodsunitCost per inventoryunitDateunits# of unitsunitsunitSoldBalancesoldJanuary 1330 @$ 3.20 =2$1,056January 980 @ $ 3.40330 @2$3.20 =2$1,05680 @$3.40 =272$ 1,328January 25110 @ $ 3.50330 @$ 3.20 =241,05680 @$ 3.40 =272110 @$ 3.50 =3851,713January 26@$ 3.50 =2$@$ 3.20 =80 a3.40 =2723.40 =@2$3.20 =$ 3.50Totals2$272< Prev5 of 7Next >o search30°F Partly shpf6f7fg2#&346.79国 XCA Company Reports The Follow X CA Company Reports The Followi x+meducation com/ext/map/index.html?_con=con&evternal browser-08launchuri=https%253A%252F%252Fnewconnectmheducation.co. ACourse Home-Math. H Students | Handsha fonM MetaMask Download M McGraw-Hill Connenth Prof. Homepage - Centra.SavedHelp Save & ExiteworkCheckQS 6-5 Perpetual: Inventory costing with LIFO LO P1A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company se370 units. Ending inventory at January 31 totals 150 units.UnitsUnit CostBeginning inventory on January 1Purchase on January 9Purchase on January 25330$ 3.20Book803.401103.50HintPrintRequired:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based orceferencesLIFOPerpetual LIFO:Goods purchasedCost of Goods SoldInventory Balance# ofunits# ofunitsCost perCost per Cost of GoodsunitCost perInventoryBalanceDate# of unitsunitSoldunitsoldMcGrawHill< Prev5 of 7Next >Type here to search30°F Partly sunnyhpE3Oumkinsertprt@#3$&234567backspac8个WEY4U{HJ2K3enteCVrhif.. ..w/

Lets understand the basics. In FIFO basis company assumes that, goods purchased first in the…

QS 6-5 Perpetual: Inventory costing with LIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company s 370 units. Ending inventory at January 31 totals 150 units. Unit Cost $ 3.20 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 33е 80 3.40 110 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based c LIFO.

QS 6-5 Perpetual: Inventory costing with LIFO LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company s 370 units. Ending inventory at January 31 totals 150 units. Unit Cost $ 3.20 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 33е 80 3.40 110 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based c 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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please answer both the questions within 30 minutes. make sure u solve both the parts else i will give negative ratings for sure.
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Every day, businesses have to make decisions that affect their bottom line. One such decision pertains to valuing inventory. Imagine that you have decided to open a new electronics store. As one of your first tasks, your accountant has asked you to adopt an inventory cost assumption for inventory valuation. Explain which method you would adopt and why.
Using the imformation already about the schedule of accounts recievable help fill in the balance. -use the image to show the context also journalize the adjusting entry for bad debt expense
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Answer each of the questions below. Due by Wednesday at 11:59 pm. What are a few of the main advantages of the use of special journals? Now that things are more computerized what happens to the special journal in a computerized accounting system that uses electronic forms? Do you feel that the computerized accounting system will soon take over the need for full time accountants?
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
[The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Purchase Date Direct Cost Other Costs Total Cost August 15 $ 2,200 Number 2 October 30 2,350 Number 3 November 10 2,400 Widget Purchase Date Number 4 Early spring Summer Fall In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Number 5 Number 6 $ 2,100 2,200 2,300 David's §481 adjustment amount Number of year(s) Estimated Cost $ 2,600 2,260 2,400 $ 100 150 100 d. Suppose that David initially adopted the LIFO method, but wants to apply for a change to FIFO next year. What would be his §481 adjustment for this change, and over how many year(s) would he make the adjustment? + FIFO
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