Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year: Date Units Unit Cost May 2 Beginning Inventory 100 1 May 8 Purchase # 1 6 2 May 10 Sale # 145 May 22 Purchase #2 72 4 May 25 Sale # 2 83 Build a table for the purchases and sales during the month of May. Find ending cost of goods sold using LIFO.

Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year: Date Units Unit Cost May 2 Beginning Inventory 100 1 May 8 Purchase # 1 6 2 May 10 Sale # 145 May 22 Purchase #2 72 4 May 25 Sale # 2 83 Build a table for the purchases and sales during the month of May. Find ending cost of goods sold using LIFO.

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Description: Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year: Date Units Unit Cost May 2 Beginning Inventory 100 1 May 8 Purchase # 1 6 2 May 10 Sale #1 45 May 22 Purchase #2 72 4 May 25 Sale #2 83 Build a tabl

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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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. July 1 July 5 Units Unit Cost Beginning Inventory 2,700 $ 47 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 July 27 Purchased Sold 8,700 57 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. Beginning Inventory Purchases July 13 FIFO (Perpetual) Units Cost per Unit Total $ 0 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units…
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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory Count, October 31 Inventory, November 1 Model 2nd 1st Зrd 4 at $ 64 4 at $ 70 4 at $ 76 A10 8 at $176 B15 4 at 158 3 at 170 6 at 184 15 at 9 at 3 at 3 at E60 75 65 68 70 5 7 at 242 5 at 260 G83 6 at 250 10 at 259 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 2 at 110 2 at 108 M90 3 at 128 3 at 130 7 at 180 5 at 160 4 at 170 Q70 4 at 175 Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the…