**Perpetual Inventory Using FIFO****Beginning Inventory, Purchases, and Sales for October**- **Oct. 1** - Inventory: 46 units @ $28- **Oct. 7** - Sale: 15 units- **Oct. 24** - Purchase: 32 units @ $29 - Sale: 20 units---**Assuming a perpetual inventory system and using the FIFO method, determine the following:**a. **Cost of goods sold on October 24**b. **Inventory on October 31**---**Check My Work**a. When the FIFO method is used, costs are included in the cost of goods sold in the order of their acquisition.b. The ending inventory is made up of the most recent purchases.---**Diagram Explanation:**The diagram alongside shows a comparison of inventory and sales activities across different dates. It visually represents the transition of units through purchase and sale events under the FIFO inventory system.

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Description: **Perpetual Inventory Using FIFO****Beginning Inventory, Purchases, and Sales for October**- **Oct. 1** - Inventory: 46 units @ $28- **Oct. 7** - Sale: 15 units- **Oct. 24** - Purchase: 32 units @ $29 - Sale: 20 units---**Assuming a perpetual in

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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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
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).
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 33 units @ $21 5 Sale 19 units 17 Purchase 34 units 30 Sale 36 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 @ $22
TB MC Qu. 05-125 Jammer Company... Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.) Multiple Choice $10.50 $13.50 $13.30 $14.64 8 units at $10.50 per unit. 10 units at $14.00 per unit. 16 units. 13 units at $13.50 per unit. $12.44 < Prev 5 of 10 N