Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and th ending inventory. Date of purchase Beginning inventory Units Cost per purchased unit 40 $850 Total cost $ Retail price Total retail per unit value $965

Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and th ending inventory. Date of purchase Beginning inventory Units Cost per purchased unit 40 $850 Total cost $ Retail price Total retail per unit value $965

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

See similar textbooks

Similar questions

FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average method
C Cengage NOWv2 | Onlin Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 44 units @ $15 9 Sale 30 units 13 Purchase 25 Sale 30 units @ $17 23 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory c July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 402 X 348 X Incorrect Feedback Check My Work
Required information E Ending inventory Cost of goods available for sale $ 1:33 1:33 R Knowledge Check 01 A company has beginning inventory of $20,000, purchases of $15,000, and ending inventory of $2,500. The cost of goods available for sale is % available for sale 5 T + 6 Y Cost of goods sold O ➤ 11 O P
Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
ule Three Assignment - ACC X A My Home * CengageNOWv2 | Online teachir x m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogre. eBook 4 Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7 Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 1,418 X b. Inventory on October 31 1,116 V Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases Previous Next Check My Work 10:40 AM (?)…
M&M Inventory Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange $12 24 5th Yellow 4 $14 56 Sold SALE 6th 3 #1 Units 8th Green $16 32 10th Blue 3 $18 54 Sold SALE 11th 4 #2 Units 12th Brown 3 $20 60 Sold SALE 15th # 3 Units Calculate COGS for each sale and Ending Inventory under FIFO, LIFO, and Wtd. Avg. Methods %23 2.
3. EX.07.04.ALGO (Algorithmic) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 69 units @ $93 10 Sale 52 units 15 Purchase 84 units @ $99 20 Sale 48 units 24 Sale 13 units 30 Purchase 37 units @ $103 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is ending inventory under the FIFO method for Discount Company? Select one: a. $35 b. $47 c. $56 d. $32 e. $50 f. $26 PreviousSave AnswersNext
Date 1/1 Beginning Balance 3/27 5/2 8/15 Inventory Costing method: 11/16 12/10 12/31 Ending Balance Transaction ACCT 205 Chapter 6 In-class Practice Purchase Sell Purchase Purchase Sell Ending Balance Quantity 0 80 50 30 50 70 Price Unit $0 $12 $10 $13 Total Cost 1. Specific Identification Method: keep tracking the exact inventory that been sold (used high value inventory, Dimond, vehicles, etc.)
Module Three Assignment - ACC X * CengageNOWv2 | Online teachir x v.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. O eBook Show Me How Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $42 $210 Aug. 13 Purchase 18 units at $45 810 Nov. 30 Purchase 17 units at $46 782 Available for sale 40 units $1,802 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and vour final answer to the nearest whole dollar). First-in, first-out (FIFO) a. b. Last-in, first-out (LIFO) C. Weighted average cost Previous Next Check My Work 5:39 AM 46°E A O E D a 40) 11/13/2021
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
( Appendix 6B) Inventory Costing Methods Grencia Company uses a periodic inventory system. For 2018 and 2019, Grencia has the following data (assume all purchases and sales are for cash): Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using the average cost method. ( Note: Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68B, compare your answers. What are the differences? Be sure to explain why any differences occurred.