Fill in the missing numbers in the inventory schedule using the first in ,fill out (fifo) inventory valuation method for the month .this company uses the perpetual inventory system xatrios student gateway-Sea x trios GatewayDr Theory Exam - Intermediate XXTheory ExamXdi(1) AChttps://www.ameengage.com/mod/quiz/attempt.php?attempt=3958111&cmid=1071690&page=23a) Fill in the missing numbers in the inventory schedule using the first in, first out (FIFO) inventory valuation method for the month. This company usesthe perpetual inventory system.Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places.For transactions 4 and 5, always put the previously purchased items in the first row and put the newly purchased items in the second row.Inventory SchedulePurchasesSalesBalanceQuantityAmountQuantityTransaction DescriptionOpening Balance:0# 1Purchase from CDE Co.#2Sale to QRS Co.#3Sale to FGH Co.#4Purchase from LMN Co.#5Sale to VUW Co.ISb) What is the total value of the COGS for the month?COGS = $ffee quiz - Search270119$$49Amount$3,510.00$1,904.00QuantityOOLS$$40 $$S50 $52 SF790$$$S$Amount$0$1,170.00

Under the FIFO method of inventory valuation, goods purchased first are sold out first.

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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The beginning inventory at ABC Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: (See attached dates/transactions/units/totals list attached) 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. (I have attached an example of how the table should look as I had a hard time formatting the blank table I provided below) Date Purchases Cost of Merchandise sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 10 10 28 28 30 Feb. 5 10 10 16 16…
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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO Units 1,870 LIFO 5,030 2,980 4,090 Unit Cost $4 Average Cost
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Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($46 each) Units Unit Cost 160 $ 30 32 210 (60) 36 280 (310) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…
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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,850 $ 3 5,040 2,930 56 4,140 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost

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