Required information ABC starts a merchandising business on December 1 and enters into the following three iInventory purchases. Also, on December 15. ABC sells 25 units for $25 each. 15 units e s1e.00 cost 30 units e $15.ee cost 25 units e s18.0e cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: ABC uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Pегpetual FiIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Units Sold Cost Per Cost of Goods Unit #of Cost Per Goods Purchased # of Units Cost Per Unit Inventory Balance Date Units Unit Sold December 7 December 14 December 15 December 21 Totals

Required information ABC starts a merchandising business on December 1 and enters into the following three iInventory purchases. Also, on December 15. ABC sells 25 units for $25 each. 15 units e s1e.00 cost 30 units e $15.ee cost 25 units e s18.0e cost Purchases on December 7 Purchases on December 14 Purchases on December 21 Required: ABC uses a perpetual Inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Pегpetual FiIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Units Sold Cost Per Cost of Goods Unit #of Cost Per Goods Purchased # of Units Cost Per Unit Inventory Balance Date Units Unit Sold December 7 December 14 December 15 December 21 Totals

Name: Required InformationABC starts a merchandising business on December 1
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Description: Required InformationABC starts a merchandising business on December 1 and enters Into the followMng three Inventorypurchases. Also, on December 15. ABC sells 25 units for $25 each.Purchases on December 7Purchases on December 1415 units e $1e.ee cost

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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Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June 1 Inventory 50 units at $10 6 Sale 20 units 14 Purchase 90 units at $11 19 Sale 60 units 25 Purchase 40 units at $13 30 Sale 50 units The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Date Purchases Sales Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 1-Jun 6-Jun 14-Jun…
Subject : Accounting
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 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 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 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
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