Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7On June 1, Swifty sold 26 units, and on August 27, 43 more units.June 1Number of UnitsPrepare the perpetual inventory schedule for the above transactions using FIFO.July 28Aug. 27$$50$30$Unit Cost$1515Purchases75003600Product E2-D2$$$$Cost of Goods Sold03900$$$$Balance750360360285 Prepare the perpetual inventory schedule for the above transactions using LIFO.DateMay 7June 1July 28Aug. 27DateMay 7June 1July 28$Aug. 27$$$$$$Purchases$750Purchases750000Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.)$$LAProduct E2-D2$$Product E2-D2$$$Cost of Goods SoldCost of Goods SoldD0D0$$$$$$$$BalanceBalance750750

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Number of Units 50 30 Unit Cost $15 15 On June 1, Swifty sold 26 units, and on August 27, 43 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2

Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Number of Units 50 30 Unit Cost $15 15 On June 1, Swifty sold 26 units, and on August 27, 43 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2

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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Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Create General Journal entries
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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. 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. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
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