Use the following information to answer Exercises E6- Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Unit Cost Quantity Date Item $ 53 24 Nov. 1 Balance 20 6. Sale 70 30 8 Purchase 30 17 Sale 30 Sale 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited usee the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. ucing the FIFO inventory cost-

Use the following information to answer Exercises E6- Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: Unit Cost Quantity Date Item $ 53 24 Nov. 1 Balance 20 6. Sale 70 30 8 Purchase 30 17 Sale 30 Sale 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited usee the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. ucing the FIFO inventory cost-

Name: Use the following information to answer Exercises E6-Golf Unlimited c
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Use the following information to answer Exercises E6-Golf Unlimited carries an inventory of putters and other golf clubs. The sales priceof each putter is $119. Company records indicate the following for a particular line ofGolf Unlimited's putters:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 21 66 116 61 62 152 1. FIFO 2. Moving weighted average Unit Cost $ 46 $51 $ 56 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $56 Ending Inventory
Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below) Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 10 20 March 14 March 15 July 30 October 5 October 261 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Less Equals Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following Activity Beginning Inventory Purchase Purchase Purchase b Gross Margin using Specific Identification of units 220 330 420 Units Acquired at Cost @$10.00- @$15.00- $20.00- @$25.00- 120 1,090 220…
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $14 11 Purchase 14 units @ $15 14 Sale 26 units 21 Purchase 14 units @ $19 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 20 %24 14 11 14 15 20 $4 14 14 %24 $ 15 14 20 14 $ 21 14 19 24 %24 25 Total Cost of goods sold Ending inventory value
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $12 11 Purchase 16 units @ $14 14 Sale 23 units 21 Purchase 10 units @ $21 25 Sale 15 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value SAMSUNG SC DII 女 %23 $ &. 2 3 5 6 8 e t y a S C V alt alt
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 22 units @ $18 11 Purchase 17 units @ $16 14 Sale 28 units 21 Purchase 12 units @ $18 25 Sale 15 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and computes the cost of merchandise sold and ending inventory using FIFO. Cost of Merchandise Sold Unit Cost Date April 3 11 14 21 25 Qty. 17 12 $ Purchases Unit Cost 16 18 Total Cost $ $ 396 216 Qty. 28 16 Total cost of merchandise sold Total Cost 448 Qty. 22 22 17 $ $ $ Inventory Unit Cost 18 18 16 Ending inventory value $ $ $ Total Cost 396 272 396
S Mountain Country Inc. sells an Xpert skateboard that is popular with skateboard enthusiasts. The following information shows Mountain Country's purchases and sales of Xpert skateboards during November: Date Nov. 1 5 12 19 I 22 25 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases Cost of goods sold $ Units 34 24 (42) 43 FIFO (49) 35 45 Unit Cost/Price $299 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to 0 decimal places, eg. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25. Do not round intermediate calculations.) 304 467 309 519 314 68 L Average Cost
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 79 units @ $97 10 Sale 54 units 15 Purchase 32 units @ $102 20 Sale 30 units 24 Sale 14 units 30 Purchase 27 units @ $106 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Question Content Area a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory AccountFirst-in, First-out MethodPortable Game Players Date QuantityPurchased PurchasesUnitCost PurchasesTotalCost QuantityCost ofMerchandiseSold Cost ofMerchandiseSoldUnit Cost Cost ofMerchandiseSoldTotal…
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $16 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 8 units @ $18 25 Sale 12 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value 00
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex