Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. A3FAME EngageF. VT CTransactionCOameengage.com/mod/quiz/attempt(386) YouTube P₁ Article Rewriter - Fr... w Document 5.docx-...W#1#2#3#4#5DescriptionOpening BalancePurchase from AAACo.Type here to searchLSale to SSS Co.Sale to TTT Co.Purchase from BBBCo.Sale to UUU Co.383ERhF5TEGQuantityattempt=3994170&cmid=1131257YouTube to Mp3 C...BPurchases400650O EthFIHPD&AmountX CA Akk$$6,000.00$b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.?COGS = $N$Inventory Schedule$1,000.009H0/0200UQuantityVrettaVFA8SalesM100$20 $Chapter 1 Post-Clas...Amount$3000Kc) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units werepurchased from BBB Co.COGS = $✓$2000x8 37) nOL1004001501 y Ay! A y T130Quantity✓✓✓✓TP*100% Free Article R...Balance0200$6000$2000Amount$115043wwwX✓xQ☆ANA$3,000.001My QuestiaEnglish (en) -$0

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Description: Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. A3FAME EngageF. VT CTransactionCOameengage.com/mod/quiz/attempt(386) YouTube P₁ Articl

There are different methods to value the cost of goods sold and inventory available: weighted…

Business

Accounting

Transaction Description Opening Balance Purchase from AAA Co. #1 #2 #3 A Sale to SSS Co. Sale to TTT Co. Purchase from BBB Co. Purchases Quantity 400 50 Inventory Schedule Amount $6,000.00 $1,000.00 -Quantity 200 ✓ Sales 100 Amount $3000 ✓ 2000 x Quantity 400 100 150 Balance 0 200 Amount $6000 2000 $1150 x $0 $3,000.00

Transaction Description Opening Balance Purchase from AAA Co. #1 #2 #3 A Sale to SSS Co. Sale to TTT Co. Purchase from BBB Co. Purchases Quantity 400 50 Inventory Schedule Amount $6,000.00 $1,000.00 -Quantity 200 ✓ Sales 100 Amount $3000 ✓ 2000 x Quantity 400 100 150 Balance 0 200 Amount $6000 2000 $1150 x $0 $3,000.00

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system.

A
3
F
AME Engage
F. VT C
Transaction
CO
ameengage.com/mod/quiz/attempt
(386) YouTube P₁ Article Rewriter - Fr... w Document 5.docx-...
W
#1
#2
#3
#4
#5
Description
Opening Balance
Purchase from AAA
Co.
Type here to search
L
Sale to SSS Co.
Sale to TTT Co.
Purchase from BBB
Co.
Sale to UUU Co.
383
E
R
h
F
5
T
E
G
Quantity
attempt=3994170&cmid=1131257
YouTube to Mp3 C...
B
Purchases
400
6
50
O Et
h
FI
H
PD
&
Amount
X CA Akk
$
$6,000.00
$
b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.?
COGS = $
N
$
Inventory Schedule
$1,000.00
9H
0/0
200
U
Quantity
Vretta
V
FA
8
Sales
M
100
$
20 $
Chapter 1 Post-Clas...
Amount
$3000
K
c) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units were
purchased from BBB Co.
COGS = $
✓
$2000
x
8 37) n
O
L
100
400
150
1 y A
y! A y T
130
Quantity
✓
✓
✓
✓
T
P
*
100% Free Article R...
Balance
0
200
$6000
$2000
Amount
$1150
43
www
X
✓
x
Q☆
ANA
$3,000.00
1
My Questia
English (en) -
$0

Definition Definition Accounting practice that allows a business to determine the monetary value of any unsold inventory.

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The maintains a perpetual inventory systemDetermine the cost of goods sold for each sale and the inventory balance after each sale, assuming the lastin, firstout methodPresent the data in the form illustrated in Exhibit Under LIFOif units are in inventory at two or more different costsenter the units with the LOWER unit cost the Inventory Cost
Under the perpetual inventory system, which of the following accounts is credited in the adjusting entry to reflect the expected amount of merchandise that will be returned? a. Merchandise Inventory b. Cost of Goods Sold c. Sales Returns and Allowances d. Estimated Returns Inventory
Which inventory system would allow a business to determine inventory shrinkage (breakage, theft, etc.)? OLIFO O Perpetual O FIFO O Periodic
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
Which of the following statements is true for a company that uses a periodic inventory system? a.The purchase of inventory requires a debit to Inventory. b.The return of defective inventory requires a debit to Purchase Returns and Allowances. c.The payment of a purchase within the discount period requires a credit to Purchase Discounts. d.Any amounts paid for freight are debited to Inventory.