ACC 201/202 MYACCLAB E-TEXT ONLY >I<
16th Edition
ISBN: 9781323118047
Author: Pearson
Publisher: PEARSON C
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Textbook Question
Chapter 6, Problem 6.17E
Use the following information to answer Exercises E6-16 through E6-18.
Putter’s Choice 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 Putter’s Choice putters:
| Date | Item | Quantity | Unit Cost |
| Nov. 1 | Balance | 22 | $ 60 |
| 6 | Sale | 12 | |
| 8 | Purchase | 25 | 81 |
| 17 | Sale | 25 | |
| 30 | Sale | 5 |
Measuring ending inventory and cost of goods sold in a perpetual inventory system-LIFO
Requirements
- 1. Prepare Putter’s Choice’s perpetual inventory record for the putters assuming Putter’s Choice uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month.
- 2. Journalize Putter's Choice’s inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.)
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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-
Golf Haven Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $144. Company records indicate the following for a particular line of Golf Haven
Superstore's putters
View the records.
Read the requirements.
Requirement 1. Prepare Golf Haven Superstore's perpetual inventory record for the putters assuming Golf Haven Supersto
Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar. Then identify the cost
Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory
been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the
Date
Jun. 1
Jun 6
Jun 8
Quantity
12
Purchases
Unit
Cost
75
Total
Cost
900
Cost of Goods Sold
Unit
Cost
Quantity
Total
Cost
2 $ 72 $ 144
Inventory on Hand
Unit
Quantity Cost
8 $
65
6
72 S
72 S
Total
Cost
576
432
450
Records
Date
Jun. 1
Jun. 6
Jun. 8…
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
35
80
130
75
90
180
1. FIFO
2. Moving weighted average
Unit Cost
$ 60
$65
$ 70
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
$70
Ending
Inventory
I
Chapter 6 Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
Ch. 6 - Which principle or concept states that businesses...Ch. 6 - Which inventory costing method assigns to ending...Ch. 6 - Assume Nile.com began April with 14 units of...Ch. 6 - Suppose Nile.com used the weighted-average...Ch. 6 - Which inventory costing method results in the...Ch. 6 - Prob. 6QCCh. 6 - At December 31, 2016, Stevenson Company overstated...Ch. 6 - Suppose Maestros had cost of goods sold during the...Ch. 6 - Suppose Nile.com used the LIFO inventory costing...Ch. 6 - Prob. 1RQ
Ch. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - What is the goal of conservatism?Ch. 6 - Prob. 5RQCh. 6 - Under a perpetual inventory system, what are the...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - What does the lower-of-cost-or-market (LCM) rule...Ch. 6 - What account is debited when recording the...Ch. 6 - What is the effect on cost of goods sold, gross...Ch. 6 - When does an inventory error cancel out, and why?Ch. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15ARQCh. 6 - Prob. 16ARQCh. 6 - Determining inventory accounting principles Ward...Ch. 6 - Determining inventory costing methods Ward Hard...Ch. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Comparing Cost of Goods Sold under FIFO, UFO, and...Ch. 6 - Applying the lower-of-cost-or-market rule Assume...Ch. 6 - Determining the effect of an inventory error...Ch. 6 - Computing the rate of inventory turnover and days...Ch. 6 - Use the following information to answer Short...Ch. 6 - Prob. 6.12SECh. 6 - Prob. 6.13SECh. 6 - Using accounting vocabulary Match the accounting...Ch. 6 - Comparing inventory methods Zippy, a regional...Ch. 6 - Prob. 6.16ECh. 6 - Use the following information to answer Exercises...Ch. 6 - Use the following information to answer Exercises...Ch. 6 - Comparing amounts for cost of goods sold, ending...Ch. 6 - Comparing cost of goods sold and gross...Ch. 6 - Prob. 6.21ECh. 6 - Prob. 6.22ECh. 6 - Prob. 6.23ECh. 6 - Prob. 6.24ECh. 6 - Prob. 6.25ECh. 6 - Prob. 6.26ECh. 6 - Prob. 6.27ECh. 6 - Accounting for inventory using the perpetual...Ch. 6 - Accounting for inventory using the perpetual...Ch. 6 - Prob. 6.30APCh. 6 - Correcting inventory errors over a three-year...Ch. 6 - Accounting for inventory using the periodic...Ch. 6 - Accounting for inventory using the perpetual...Ch. 6 - Prob. 6.34BPCh. 6 - Prob. 6.35BPCh. 6 - Prob. 6.36BPCh. 6 - Prob. 6.37BPCh. 6 - Prob. 6.38CPCh. 6 - Accounting for inventory using the perpetual...Ch. 6 - Suppose you manage Campbell Appliance. The stores...Ch. 6 - Ever since he was a kid, Carl Montague wanted to...Ch. 6 - The notes are an important part of a companys...
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