plz help Exercise Planet began July with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows:(Click the icon to view the transactions.)Read the requirements.Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)PurchasesCost of Goods SoldInventory on HandUnitCostTotalUnitCost Quantity CostUnitQuantity CostDateJul. 15131826TotalsDate QuantityJul. 1131826QuantityJul. 1UnitDate Quantity Cost5131826PurchasesGross profit isTotalCostTotalCostUnitQuantity CostTotalCostTotalCostDetermine the company's gross profit using the FIFO inventory costing method.Gross profit isusing the FIFO inventory costing method.Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)PurchasesCost of Goods SoldInventory on HandTotalUnitUnitCostTotalUnitCost Quantity CostCost Quantity CostTotalCostUnitQuantity CostInventory on HandData tableTotalCostTotalsDetermine the company's gross profit using the weighted-average inventory costing method.using the weighted-average inventory costing method.Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose?If the business wanted to pay the least amount of income taxes possible, they would chooseJul. 5 PurchaseJul. 13 SaleJul. 18 PurchaseJul. 26 Sale130 crates @ $76 each140 crates @ $98 each150 crates @ $83 each160 crates @ $102 eachPrintDoneTotalsDetermine the company's gross profit using the LIFO inventory costing method.Gross profit isusing the LIFO inventory costing method.Requirement 3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the transactions chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost f merchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted-average cost per unit to the neare.Cost of Goods SoldXRequirements1.2.3.4.Prepare a perpetual inventory record, using the FIFO inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit.Prepare a perpetual inventory record, using the LIFO inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit.Prepare a perpetual inventory record, using the weighted-average inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit. (Round weighted-average cost perunit to the nearest cent and all other amounts to the nearest dollar.)If the business wanted to pay the least amount of income taxes possible,which method would it choose?PrintXDone

Name: plz help Exercise Planet began July with merchandise inventory of 70 c
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: plz help Exercise Planet began July with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows:(Click the icon to view the transactions.)Read

Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Business

Accounting

the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the periode Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross profe 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory and gross prof 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross proft (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) 4. If the business wanted to pay the least amount of income taxes possible. which method would choose? Print Done the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Ente

the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the periode Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross profe 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory and gross prof 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross proft (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) 4. If the business wanted to pay the least amount of income taxes possible. which method would choose? Print Done the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Ente

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Bnmm

A: Accounting system refers to the set of the processes of accounting which is integrated with the…

Q: What is Reg D?

A: Regulation D (Reg D): It may be a Securities and Exchange Commission (SEC) law confining exceptions…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

Q: Define terminal value

A: Terminal value is the value of the project or the security at the end of a specified future date.…

Q: Explain put–call parity relationship

A: Put-Call parity is the concept that defines the relationship between price of European call option…

Q: Define Volcker rule

A: Volcker Rule is a regulation that implies restrictions on the banks to involve in the stock market…

Q: Vhhhbbbbbbbnn

Q: 1. Use Excel to compute the NPV and IRR of the two plans. Which plan, if any, should the company…

A: Net Present Value: It is the current worth of the project having the initial cost and annual…

Q: The key properties of a distributed ledger are: Question 3 Answer a . Time stamped b . Mutable c .…

A: The correct options are:a. Time-stamped:Each transaction is recorded with a timestamp to establish…

Q: Whatisthedifferencebetweensimpleinterestandcompoundinterest?

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: WHat ia 2 plus 2

A: Answer:

Q: What is a CMO?

A: A collateralize mortgage obligation (CMO) refers to a type of mortgage-backed security that contains…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

plz help

Exercise Planet began July with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows:
(Click the icon to view the transactions.)
Read the requirements.
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Cost
Total
Unit
Cost Quantity Cost
Unit
Quantity Cost
Date
Jul. 1
5
13
18
26
Totals
Date Quantity
Jul. 1
13
18
26
Quantity
Jul. 1
Unit
Date Quantity Cost
5
13
18
26
Purchases
Gross profit is
Total
Cost
Total
Cost
Unit
Quantity Cost
Total
Cost
Total
Cost
Determine the company's gross profit using the FIFO inventory costing method.
Gross profit is
using the FIFO inventory costing method.
Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Total
Unit
Unit
Cost
Total
Unit
Cost Quantity Cost
Cost Quantity Cost
Total
Cost
Unit
Quantity Cost
Inventory on Hand
Data table
Total
Cost
Totals
Determine the company's gross profit using the weighted-average inventory costing method.
using the weighted-average inventory costing method.
Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose?
If the business wanted to pay the least amount of income taxes possible, they would choose
Jul. 5 Purchase
Jul. 13 Sale
Jul. 18 Purchase
Jul. 26 Sale
130 crates @ $76 each
140 crates @ $98 each
150 crates @ $83 each
160 crates @ $102 each
Print
Done
Totals
Determine the company's gross profit using the LIFO inventory costing method.
Gross profit is
using the LIFO inventory costing method.
Requirement 3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the transactions chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost f merchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted-average cost per unit to the neare.
Cost of Goods Sold
X
Requirements
1.
2.
3.
4.
Prepare a perpetual inventory record, using the FIFO inventory
costing method, and determine the company's cost of goods sold, ending
merchandise inventory, and gross profit.
Prepare a perpetual inventory record, using the LIFO inventory
costing method, and determine the company's cost of goods sold, ending
merchandise inventory, and gross profit.
Prepare a perpetual inventory record, using the weighted-average inventory
costing method, and determine the company's cost of goods sold, ending
merchandise inventory, and gross profit. (Round weighted-average cost per
unit to the nearest cent and all other amounts to the nearest dollar.)
If the business wanted to pay the least amount of income taxes possible,
which method would it choose?
Print
X
Done

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce inventory valuation

VIEW

Step 2: Calculate COGS under FIFO

VIEW

Step 3: Calculate COGS under LIFO

VIEW

Step 4: Calculate COGS under weighted average

VIEW

Step 5: Calculate gross margin

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 6 steps with 8 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.