Question #1Unit cost/UnitsSales priceOpening Inventory2,0003.70Purchase #18,0004.10Sale #16,00012.00Purchase #25,0004.30Sale #23,00012.00Compute the following:a) Ending inventory (Perpetual) using FIFO.b) COGS (Perpetual) using moving weighted average.c) Ending inventory (Periodic) using weighted average.

Name: Question #1Unit cost/UnitsSales priceOpening Inventory2,0003.70Purcha
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Description: Question #1Unit cost/UnitsSales priceOpening Inventory2,0003.70Purchase #18,0004.10Sale #16,00012.00Purchase #25,0004.30Sale #23,00012.00Compute the following:a) Ending inventory (Perpetual) using FIFO.b) COGS (Perpetual) using moving weighted avera

FIFO is the inventory method in which inventory purchased first will be sold first. Under weighted…

Business

Accounting

Question #1 Unit cost/ Units Sales price 2,000 3.70 Opening Inventory 8,000 4.10 Purchase #1 6,000 12.00 Sale #1 5,000 4.30 Purchase #2 3,000 12.00 Sale #2 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.

Question #1 Unit cost/ Units Sales price 2,000 3.70 Opening Inventory 8,000 4.10 Purchase #1 6,000 12.00 Sale #1 5,000 4.30 Purchase #2 3,000 12.00 Sale #2 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.

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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1. How much is the ending inventory FIFO method? Show your solution.a. 33,680 c. 33,677 b. 33,050 d. 33,530 2. Assuming there are goods in transit purchased FOB destination as of end of January 31, 300 units of iinventory at 43/unit. How much is the ending inventory as of end of January using weighted average method? Show your solutiona. 46,675 c. 49,727 b. 46,670 d. 33,530
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Q4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30 Inventory at Des. 31, 2018 First purchased Jan / 8 12 32 19 34 Second purchased Jan / 14 Third purchased Jan/21 Sold 10 unit 24 36 10 Required: using FIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.
141 20 28 Totals c. Determin Start by en Once all of hand at the Date Aug. 1 3 12 More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 8 $ Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each Purchased 4 books @ $20 each Sold 5 books @ $25 each 18 S Print 144 3 $ Done 15 S 45 - X 10 S 7 $ 7 S 8 $ 18 LA CA 15 S 15 S 15 S 18 S CA CAT cord us ew inv of mer Hand To Co
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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
a.) determine the cost assigned to ending inventory and to the cost of goods sold using FIFO. b.) determine the cost assigned to ending inventory and to cost of good solc using LIFO. c.) compute the gross margin for each method
Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3. Average-cost (Round answers to 1 decimal place, e.g. 51.2%)
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.