Under the FIFO using perpetual inventory system, what is the amount of cost of goods sold
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At August 1 of the current year, there are 4,000 units at $15.10 each of merchandise inventory. During August, the following transactions occurred: August 2, purchased 5,000 units at $15.15 each; August 5, sold 4,000 units; August 8, sold 2,600 units; August 12, purchased 6,000 units at $15.20 each; August 16, sold 4,200 units; August 20, sold 3,800 units; August 24, purchased 6,000 units at $15.25 each; August 28, sold 2,200 units; and August 31, sold 3,600 units. Under the FIFO using perpetual inventory system, what is the amount of cost of goods sold?
$258,400
$309,700
$318,450
None of the above
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- At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?Joe's company began the year with 10,000 units of inventory on hand. The cost of each unit was $5.00. During the year, the following transactions took place: An additional 30,000 units were purchased at $6 each 20,000 units were sold at $10 each. 20,000 units remained on hand at the end of the year. The company uses a periodic inventory system. Prepare the journal entries for the year using FIFO (including the sales entry and the adjusting entry). Prepare the journal entries using LIFO
- [The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…The following units of an item were available for sale during the year: Beginning inventory 8, 400 units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $ 300 Second purchase 15, 600 units at $174 Sale 13,700 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ fill in the blank 2 What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. $ fill in the blank 3 Feedback AreaAt August 1 of the current year, there are 4,000 units at $15.10 each of merchandise inventory. During August, the following transactions occurred: August 2, purchased 5,000 units at $15.15 each; August 5, sold 4,000 units; August 8, sold 2,600 units; August 12, purchased 6,000 units at $15.20 each; August 16, sold 4,200 units; August 20, sold 3,800 units; August 24, purchased 6,000 units at $15.25 each; August 28, sold 2,200 units; and August 31, sold 3,600 units. Under the weighted average using periodic inventory system, what is the amount of cost of goods sold in August? $309,354 $309,703 $309,700 $309,740
- Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7100 units that cost $14.00 each. During the month, the company made two purchases: 2800 units at $15.00 each and 11900 units at $15.50 each. Sheffield also sold 13000 units during the month. Using the FIFO method, what is the ending inventory?Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand—7,000 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO).At August 1 of the current year, there are 4,000 units at $15.10 each of merchandise inventory. During August, the following transactions occurred: August 2, purchased 5,000 units at $15.15 each; August 5, sold 4,000 units; August 8, sold 2,600 units; August 12, purchased 6,000 units at $15.20 each; August 16, sold 4,200 units; August 20, sold 3,800 units; August 24, purchased 6,000 units at $15.25 each; August 28, sold 2,200 units; and August 31, sold 3,600 units. Under the moving average using perpetual inventory system, what is the average unit cost of inventory at August 31? $15.25 $15.26 $15.16 $15.24
- At August 1 of the current year, there are 4,000 units at P15 each of merchandise inventory. During August, the following transactions occurred: August 2, purchased 5,000 units at P15.15 each; August 5, sold 4,000 units; August 8, sold 2,600 units; August 12, purchased 6,000 units at P15.20 each; August 16, sold 4,200 units; August 20, sold 3,800 units; August 24, purchased 6,000 units at P15.25 each; August 28, sold 2,200 units; and August 31, sold 3,600 units. Under the FIFO using perpetual inventory system, what is the amount of cost of goods sold?Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—4,000 units; cost $7.30 each. 8 Purchased 20,000 units for $7.50 each. 14 Sold 16,000 units for $14.00 each. 18 Purchased 12,000 units for $7.60 each. 25 Sold 15,000 units for $13.00 each. 28 Purchased 6,000 units for $5.80 each. 31 Inventory on hand—11,000 units. Required:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using FIFO.Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 20 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.Note: Do not round your intermediate calculations. Finish my chart and correct it Cost of Goods Sold Inventory Costing Method Units FIFO LIFO Average Cost Beginning inventory 2,000 $76,000 Purchases 8,000 Goods available for sale 10,000 76,000 0 0 Ending inventory 1,800 72,000 68,400 71,280 Cost of goods sold 396,000…
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