Sunrise Medical Supply maintains inventory cards. Item #789 shows: beginning 180 units, received 250 units, issued 340 units. Physical count reveals 82 units. Determine the missing units.
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- Need some help with FIFO, thank you ahead of time.Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer examination, Staley determines 40 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $35 each. Required: Record transactions for the purchase, return, and sale of inventory using a perpetual system.
- Surgical Medical Supplies Ltd (“Surgical”) has the following information for its surgical equipment inventory. The selling price of the inventory is $230. The cost of the inventory is $200. The estimated costs to sell the inventory is $20. Under FRS 2 Inventories, how should Surgical report this inventory item on its balance sheet? a. $210 b. $200 c. $230 d. $180Help meFill in the chart. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
- Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for…Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 36 units at $8 August 2 26 units August 11 46 units at $9 August 10 31 units August 23 41 units at $10 August 19 61 units August 21 31 units Wildhorse uses a periodic inventory system.Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
- Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 400 90 Unit Cost $ 3.90 4.10 120 4.20 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Available # of Cost of Goods Sold # of units # of units Cost per unit Cost Cost in ending linventor Ending Inventory units per unit per unit enldCullumber Lighting had a beginning inventory of 23 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 28 units at $8 August 2 18 units August 11 38 units at $9 August 10 23 units August 23 33 units at $10 August 19 53 units August 21 23 units Cullumber uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. FIFO 1. Ending inventory $ 2. Cost of goods sold $ $ $ LIFO