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 usingLIFO.Units Sold at RetailActivitiesUnits Acquired at Cost150 units @ $10.00220 units @ $12.00DateBeginning InventoryMay 1Purchase5140 units @$20.00Sales10100 units @ $13.00Purchase15Sales90 units@ $21.00

Compute cost assigned to ending inventory under LIFO method as shown below:

Answered: Salmone Company reported the following…

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 ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 200 units @ $15 5 Purchase 245 units @ $17 10 Sales 165 units @ $25 15 Purchase 125 units @ $18 24 Sales 115 units @ $26
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 Activities March 1 March 5 Beginning inventory Purchase Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit Units Sold at Retail March 9 Sales 260 units @ $86.00 per unit March 18 Purchase March 25 Purchase March 29 Sales Totals 85 units @ $61.00 per unit 150 units @ $63.00 per unit 560 units 130 units @ $96.00 per unit 390 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Beginning inventory Purchases: March 5 March 18 March 25 Total Cost of Goods Available for Sale # of units Cost per Unit Cost of Goods Available for Sale S Next >
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Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost $10.50 950 400 12.00 Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 200 13.25 600 14.00 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Date Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $…
! 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 Ending inventory Purchase Purchase Sales Totals 2. Compute the number of units in ending inventory. units Units Acquired at Cost $50 per unit e $55 per unit 100 units 400 units 120 units 200 units 820 units e $60 per unit @ $62 per unit Units Sold at Retail 420 units @ $85 per unit 160 units @ $95 per unit 580 units
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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

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