Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory

Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory

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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Complete the following table using the perpetual FIFO method of inventory flow. Cost of Goods Sold Purchases Date Qty Unit Cost Total Cost Qty July 2 600 $12.00 5 200 $13.00 300 325 $14.00 300 $ 150 $ $13.00 50 $ 205 $ 120 $ 180 $ 330 $15.00 70 5 7 10 12 18 22 25 28 31 31 Bal 250 0 0 Unit Cost 00 Total Cost $ $ $ $ Qty $ $ $ Inventory Unit Cost 000 Total Cost $ $ $ $ $ 000
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
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erpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 110 units @ $20 8 Sale 88 units 15 Purchase 122 units @ $23 27 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 $fill in the blank 1 b. Inventory on Mar. 31 $fill in the blank 2 I asked this before 42 is not being accepted as the answer.
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: 37 units @ $17 Oct. 1 7 15 24 Inventory Sale Purchase Sale 28 units 31 units @ $18 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the inventory value on October 31. a. Cost of the goods sold on October 24 b. Inventory value on October 31
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