The following data are extracted from the records of an entity relating to an inventory item:Quantity5,0005,0007,0001,00016,0002,000Unit CostTotal CostJan. 110151630Beginning balancePurchaseP200250P1,000,0001,250,000SaleSales returnsPurchase1502,400,000300,00031Purchase returns150Under the perpetual inventory system, what is the moving average unit cost at January 31? Round offfinal answer to the nearest whole number.

Name: The following data are extracted from the records of an entity relati
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data are extracted from the records of an entity relating to an inventory item:Quantity5,0005,0007,0001,00016,0002,000Unit CostTotal CostJan. 110151630Beginning balancePurchaseP200250P1,000,0001,250,000SaleSales returnsPurchase1502,400

Under moving average method, average unit cost of inventory is changed every time new purchases or…

Business

Accounting

The following data are extracted from the records of an entity relating to an inventory item: Quantity 5,000 5,000 7,000 1,000 16,000 2,000 Unit Cost P200 250 Total Cost P1,000,000 1,250,000 Jan. 1 Beginning balance 10 Purchase 15 Sale 16 Sales returns 30 Purchase 150 2,400,000 300,000 31 Purchase returns Under the perpetual inventory system, what is the moving average unit cost at January 31? Round of final answer to the nearest whole number. 150

The following data are extracted from the records of an entity relating to an inventory item: Quantity 5,000 5,000 7,000 1,000 16,000 2,000 Unit Cost P200 250 Total Cost P1,000,000 1,250,000 Jan. 1 Beginning balance 10 Purchase 15 Sale 16 Sales returns 30 Purchase 150 2,400,000 300,000 31 Purchase returns Under the perpetual inventory system, what is the moving average unit cost at January 31? Round of final answer to the nearest whole number. 150

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6RE: Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal...

See similar textbooks

Similar questions

Which inventory system maintains a running record of inventory on hand, purchased,and sold?a. Accruedb. Periodicc. Consignedd. Perpetual
Cost of goods sold is debited each time a sale is made under which of the following inventory systems?A. Perpetual systemB. COGS systemC. Periodic systemD. Perpetual and Periodic system
Listed below are selected examples of transactions related to the purchase and sale of inventory from the perspective of the seller or the buyer as indicated. Assume a perpetual inventory system is in use. 1. N 2. 3. 4. 5. 6. 7. 8. 9. 10. 3. For each of the above transactions, indicate (a) the basic type (asset, liability, revenue, or expense) of each account to be debited and credited; (b) the specific name(s) of the account(s) to debit and credit (for example, Inventory); and (c) whether each account is increased (+) or decreased (-) and by what amount. The first one has been done for you as an example. (Enter specific debited account items in alphabetical order. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 4. (a) Item Basic Type of Account 1. Asset 2. 5. 6. 7. 8. Buyer: Purchase of $2,940 of inventory for cash. Buyer: Return of $630 of inventory to seller for credit on account. Buyer: Purchase of $3,360 of inventory on…
Which of the following inventory method measures most closely the current cost of inventory? a. FIFO b. LIFO c. Weighted average d. Specific identification
erms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to retroactively restate or adjust…
Explain whether the physical inventory should be equal to the amount indicated by theinventory record under the perpetual inventory system.
A method of inventory valuation wherein each particular item in the ending inventory isvalued on the basis of the replacement price, in the volume in which they are usuallypurchased or produced by the a. Moving average inventory method.b. Market inventory method.c. Elapsed time inventory method.d. Perpetual inventory method.
In the Perpetual/Periodic Inventory System what are the merchandise inventory and Income summary? How do we know the FOB and Terms?
Inventory Write-Down The following information for Tuell Company is available: Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? 2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? 3. Assume that Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations if Tuell uses IFRS?
Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).