Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory 150 units @ $10-$1,500 May 5 Purchase 220 units @ $12-$2,640 May 10 Sales May 15 Purchase May 24 Sales $5,440 $2,460 O $2,590 O $2,980 O $2,860 Activities Units Acquired at Cost Units Sold at Retall 100 units @ $13- $1,300 140 units@ $20 90 units @ $21

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory 150 units @ $10-$1,500 May 5 Purchase 220 units @ $12-$2,640 May 10 Sales May 15 Purchase May 24 Sales $5,440 $2,460 O $2,590 O $2,980 O $2,860 Activities Units Acquired at Cost Units Sold at Retall 100 units @ $13- $1,300 140 units@ $20 90 units @ $21

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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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $1,560 May 5 Purchase 226 units @$12 = $2,712 May 10 Sales 146 units @ $20 May 15 Purchase 106 units @$13 = $1,378 May 24 Sales 96 units @ $21
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory on January 31 totals 170 units. Units Unit cost Beginning inventory on January 1 390 $3.80 Purchase on January 9 90 4.00 Purchase on January 25 120 4.10 Required::::Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
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Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15. July 30 October 5 October 26 Activities Beginning inventory. Sales Purchase Sales Purchase Sales Purchase Totals. Required: Hemming uses a perpetual inventory system. Required 1 Units Acquired at Cost 230 units 350 units Required 2 430 units Required 3 130 units 1,140 units 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 profit for FIFO method and LIFO method. @ $11.20= $ 2,576 @ $16.20 = 5,670 9,116 3,406 $ 20,768 Complete this question by entering your answers in the tabs below. @ $21.20 = anche @ $41.20. @ $41.20 @ $41.20 Check my 1
sharad
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $10.20 = March 14 Purchase @ $15.20 = March 15 Sales July 30 Purchase @ $20.20 = Sales Purchase Totals October 5 October 26 Required: Hemming uses a perpetual inventory system. 205 units 300 units 400 units 105 units 1,010 units @ $25.20 $ 2,091 4,560 8,080 2,646 $ 17,377 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 profit for FIFO method and LIFO method. Units Sold at Retail 160 units 250 units 375 units 785 units @ $40.20 @ $40.20 @ $40.20
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at RetailMay 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.0015 Purchase 100 units @ $13.00 24 Sales 90 units @ $21.00
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchase 370 6 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125 June 1 June 12 June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125) FIFO Cost of the ending inventory $ Cost of goods sold LIFO $ Moving Average