XYZ Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in youranswer.)Jun 1Beginning inventory 20 units @ $19.00 per unitPurchaseJun 5100 units @ $22.00 per unitJun 8Sale70 units@ selling price $30 per unit80 units @ 22.31 per unitJun 9PurchaseJun 10SaleJun 22 SaleAssuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be:OCashCashSalesCashSalesSales25 units @ selling price $30 per unit40 units @ selling price $30 per unitCost of Goods Sold 549.96InventoryCost of Goods SoldInventoryCost of Goods SoldInventoryNone of the above.750750750550.00750750750549.96750550.00750

Name: XYZ Inc. uses the average cost formula in a perpetual inventory syste
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Description: XYZ Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in youranswer.)Jun 1Beginning inventory 20 units @ $19.00 per unitPurchaseJun

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Business

Accounting

XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Sale Jun 22 Sale Beginning inventory 20 units @ $19.00 per unit Purchase 100 units @ $22.00 per unit Sale Purchase 70 units@ selling price $30 per unit 80 units @ 22.31 per unit 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales 750 Cost of Goods Sold 549.96 Inventory Sales 750 750 Cost of Goods Sold Inventory Cost of Goods Sold 750 Inventory None of the above. 550.00 750 750 549.96 750 550.00 750

XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Sale Jun 22 Sale Beginning inventory 20 units @ $19.00 per unit Purchase 100 units @ $22.00 per unit Sale Purchase 70 units@ selling price $30 per unit 80 units @ 22.31 per unit 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales 750 Cost of Goods Sold 549.96 Inventory Sales 750 750 Cost of Goods Sold Inventory Cost of Goods Sold 750 Inventory None of the above. 550.00 750 750 549.96 750 550.00 750

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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< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year:: Beginning inventory 34 units at $45 Sale 23 units at $68 First purchase 21 units at $46 Sale 18 units at $69 Second purchase 23 units at $48 22 units at $69 Sale The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? x b. What is the total cost of the ending inventory according to LIFO?
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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…
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Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit