**Inventory Transactions for Green Company - Year 2**The table below outlines the inventory transactions for Green Company in Year 2:| Date | Transaction | Quantity | Unit Price ||------------|-----------------------------------|----------|------------|| January 1 | Purchased | 290 units| $11 || April 1 | Sold | 145 units| $17 || August 1 | Purchased | 265 units| $12 || December 1 | Sold | 563 units| $18 |**Beginning Inventory:**- 195 units at $12 per unit.**Transaction Details:**All transactions are conducted in cash.**Requirements:**a. Record these transactions in the general journal format, assuming Green Company uses the FIFO (First-In, First-Out) cost flow assumption and maintains perpetual records.b. Compute the cost of goods sold (COGS) for Year 2.**Instructions for Completion:**- Enter your answers in the provided tabs below, titled "Required A" and "Required B." - For "Required A," record transactions in the general journal format using the FIFO method. If no entry is needed for a transaction, select "No journal entry required."**Journal Entry Worksheet:**- The sheet includes fields for the date, general journal details, debit, and credit. - Instructions remind users to enter debits before credits in the journal.**Navigation:**- Use the arrow keys to move between entries or view the completed general journal.This exercise helps users practice recording inventory transactions and calculating COGS using the FIFO method in a perpetual inventory system. The following inventory transactions apply to Green Company for Year 2.- **January 1**: Purchased 290 units @ $11- **April 1**: Sold 145 units @ $17- **August 1**: Purchased 450 units @ $12- **December 1**: Sold 563 units @ $18The beginning inventory consisted of 195 units at $12 per unit. All transactions are cash transactions.**Required**a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records.b. Compute the cost of goods sold for Year 2.**Complete this question by entering your answers in the tabs below.**- **Required A**- **Required B****Compute cost of goods sold for Year 2.**- Cost of goods sold: [Input box]**Button for navigation:**- [Required A ➔]- [Required B ➔]

FIFO: First In First Out Sales on April 1 will be first sold from the beginning inventory. Sales on…

Answered: The following Inventory transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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O New Tab UTA Is The Leader I... O Commercial Captur... UPS-Shipping Search for Corporat... Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 34 units $23 Sale 20 units 17 Purchase 36 units $25 30 Sale 37 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold %$4 b. Inventory, September 30 $4 Previous Next %24 %24
Consider the following information for Maynor Company, which uses a periodic Inventory systern: January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Ending Inventory Cost of Goods Sold CICLOS
d. Weighted average. Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2.00 3 400 $3.00 8 400 $5.00 10 15 300 $7.00 20 27 400 $7.00 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7…
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The following inventory transactions apply to Green Company for Year 2. January 1 Purchased 240 units @ $10 April 1 Sold 120 units @ $19 August 1 Purchased 420 units @ $11 December 1 Sold 525 units @ $20 The beginning inventory consisted of 165 units at $11 per unit. All transactions are cash transactions. Required Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. Compute cost of goods sold for Year 2.
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 20 units @ $14 30 Sale 15 units Assuming a perpetual inventory system and the last - in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a) Cost of goods sold Sfill in the blank 1 b) Inventory, September 30 Sfill in the blank 2
need help with all working , explanation , computation , formula, with steps
Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !
3. Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG). Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 Sold Mar. 11 for $120 per unit 110 $87 140 89 95
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under first-in, first-out (FIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $0 $4,950 $3,000 Number of Units 100 80 50 25 105 Unit Cost $66 75. Sales $120 125
The accounting records of Wildhorse Ag. Implements shows the following data. Beginning inventory 4,880 units at $5 = $ 24,400 Purchases 7,320 units at $6 43,920 Sales 8,540 units at $12 0 $ 68,320 Determine the cost of goods sold during the period under a periodic system using average-cost. (Round weighted-average unit cost to 2 decimal places and final answers to O decimal places.) SA Total Cost Ending Inventory Units ÷ Step 1 Ending Inventory Total Units Unit Cost = Weighted-Average Unit Cost tA Total Cost
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)

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