Ow.com20omeBookShow Me HowPerpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1Inventory46 units @ $247.Sale32 unitsPurchaseII1545 units @ $2924Sale20 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, deOctober 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24621 Xb. Inventory on October 311,073 XFeedbackCheck My Worka. When the FIFO method is used, costs are included in costinventory in terms of "layers". Determine how much inb. The ending inventory is made up of the

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Description: Ow.com20omeBookShow Me HowPerpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1Inventory46 units @ $247.Sale32 unitsPurchaseII1545 units @ $2924Sale20 unitsAssuming a perpetual inventory system

Under perpetual inventory system, inventory quantity updated perpetually on an ongoing basis,…

Business

Accounting

U $29 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback

U $29 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback

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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ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
%24 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as followS: Oct. 1 Inventory 72 units @ $20 7. Sale 58 units 15 Purchase 50 units @ $24 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31
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BUS 207 - Principles of Accounting IHomework Assignment 6Chapter 7The units of an item available for sale during the year were as follows:Jan. 1 Inventory 50 units at $115Feb. 17 Purchase 88 units at $140July 21 Purchase 35 units at $128Nov. 23 Purchase 15 units at $155There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.
Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
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