The company purchased 30 goods costs of $25 per package for a total of 750.
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Journal entries based on perpetual inventory:
The company purchased 30 goods costs of $25 per package for a total of 750.
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- The following units of a particular item were available for sale during the calendar year: Jan. 1 3,800 units at $40 Apr. 19 2,600 units June 30 4,400 units at $45 Sept. 2 5,200 units Nov. 15 2,100 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Inventory Sale Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold FIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost $ Total CostAllied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10,000). Note: Enter debits before credits. Date May 03 General Journal Debit CreditA company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
- What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase for the year: $113,000 Freight-in for the shipping under F.O.B Shipping Point term: $5,000 Purchase Discount for the year: $12,000 Purchase Return for the year: $6,000 End of the year physical inventory balance: $35,000FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…
- A company uses a periodic inventory system. On April 1, the company had 9 items of beginning inventory with a cost of $13 per unit. On April 18, the company purchased 15 units at $14 per unit. Then, on April 29, the company sold 14 units. Using weighted average, the cost of the 14 units sold is closest to Cost of the units soldA company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June (1) Purchased $2,000 of merchandise; terms 1/10, n/30. (5) Sold $ 1,000 of merchandise for $1,400; terms n/15. Please answers in Journal entry worksheet
- Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 150 $1,500 Purchased Mar. 31 160 1,920 Purchased Oct. 15 130 1,950 Total goods available for sale 440 5,370 Ending inventory 60 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $28 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $ B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %$4 %24 %24 %24A company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000. Calculate the cost of goods sold and ending inventory using the periodic inventory system and the average cost method.Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units (a) at $23 at $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units $27 100 units at $29 at
