Required information[The following information applies to the questions displayed below.]A company reports the following beginning inventory and two purchases for the month of January. On January 26, thecompany sells 310 units. Ending inventory at January 31 totals 130 units.UnitsUnit Cost$ 2.60Beginning inventory on January 1Purchase on January 9Purchase on January 25280602.801002.94Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe FIFO method.Perpetual FIFO:Cost of Goods SoldGoods purchasedInventory Balance# ofunitsDateCost perunitCost per Cost of GoodsunitCost perInventoryBalance# of units# of unitsSoldunitsoldJanuary 1January 9Total January 9Ianuani 2E

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Description: Required information[The following information applies to the questions displayed below.]A company reports the following beginning inventory and two purchases for the month of January. On January 26, thecompany sells 310 units. Ending inventory at J

Under FIFO Method, using perpetual inventory system, value of ending inventory is calculated after…

Business

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Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94

Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94

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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Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
i need the answer quickly
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Instructions 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. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 215 units @ $ 14.00 = 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = Units sold at Retail $ 3,010 2,080 3,905 $ 8,995 355 units 165 units 190 units @ @ $23.00 $23.00 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were…
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,700 $50.00 $135,000 10 Purchase 7,300 58.00 423,400 28 Sale 4,050 100.00 405,000 30 Sale 1,200 100.00 120,000 Feb. 5 Sale 500 100.00 50,000 10 Purchase 17,000 60.00 1,020,000 16 Sale 9,200 105.00 966,000 28 Sale 8,000 105.00 840,000 Mar. 5 Purchase 14,300 61.60 880,880 14 Sale 10,300 105.00 1,081,500 25 Purchase 3,200 62.00 198,400 30 Sale 8,000 105.00 840,000 Instructions 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. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise…
Current Attempt in Progress At the beginning of its operations in July 2024, Crane Pet Shop Ltd. began with 7,790 units of inventory that it purchased at a cost of $14.60 each. The company's purchases during July were as follows: July 5 Sales during July: July 2 July 27 6,150 units @ $18.00 6,970 units 4,100 units Crane Pet Shop uses a periodic inventory system.
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 151,200 28 Sale 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
gnment i Use the following information for the Quick Studies below. (Algo) (5-7) [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Beginning Inventory Purchases: QS 5-5 (Algo) Periodic: Inventory costing with FIFO LO P1 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Note: Round your per unit costs to 2 decimal places. January 9 January 25 Total Cost of Goods Available for Sale Number of units 350 80 110 540 Cost per unit $ 3.40 3.60 3.70 Units 350 80 110 Cost of Goods Available for Sale $ $ Unit Cost $ 3.40 3.60 3.70 Periodic FIFO 1,190 288 407 1,885 Cost of Goods Sold Number of units sold 0 Cost per unit…
Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 1,240 75 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 000'66 Required: 1. Record the inventory, purchases, and cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 100 Cost per # of units unit sold Unit Cost $ 4.10 4.30 4.44 Perpetual LIFO; Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance H N $ 0