The inventory data for an item for September are:Sep. 1 Inventory 20 units at $204Sold1017Sold3010 unitsPurchased 30 units at $2520 unitsPurchased 10 units at $30Using the perpetual system, costing by the First-In, First-Out Method (FIFO), what is the Cost of the Merchandise Inventory of30 units on September 30?

Step 1: What Is FIFO:FIFO, which stands for First In, First Out, is an inventory costing system that…

Answered: The inventory data for an item for…

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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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 900 units at $54 Mar. 10 Purchase 1,120 units at $55 Aug. 30 Purchase 1,000 units at $58 Dec. 12 Purchase 980 units at $60 There are 1,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost
s
Pares
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
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