Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time. In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items. In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items. Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand. To Compute: The ending inventory at September 30, and cost of goods sold using the FIFO method. The ending inventory at September 30, and cost of goods sold using the LIFO method.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Sales & COGS = 2,358,000 & 1,149,320

The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--: Cost Retail Inventory, start of the period, January 1, 20-- $ 33,700 $52,600 1,71,635 2,63,300 2,60,700 Net purchases during the period Net sales for the period 1. Estimate the ending inventory as of March 31 using the retail inventory method. 2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.

Do fast answer of this accounting questions

Answer 2

Question

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Answer 6

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

Answer 7

Chapter 6, Problem 6.15E

To determine

Perpetual Inventory System refers to the inventory system that maintains the detailed records of every inventory transactions related to purchases and sales on a continuous basis. It shows the exact on-hand-inventory at any point of time.

In First-in-First-Out method, the cost of initial purchased items are sold first. The value of the ending inventory consists the recent purchased items.

In Last-in-First-Out method, the cost of last purchased items are sold first. The value of the closing stock consists the initial purchased items.

Moving -average cost method: Under moving average cost method company calculate a new average after every purchases made. It is determined by dividing the cost of goods available for sale by the units on hand.

To Compute:

The ending inventory at September 30, and cost of goods sold using the FIFO method.

The ending inventory at September 30, and cost of goods sold using the LIFO method.

Answer 8

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Answer 9

To determine

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

Solution Summary: The author explains how to calculate the cost of goods sold and ending inventory using the moving average-cost method.

Concept explainers

Videos

To Compute: The ending inventory at September 30, and cost of goods sold using the moving average-cost method.

Want to see the full answer?

Chapter 6 Solutions