Ending inventory using FIFO?
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- e Acco Q Acco Unit Acco G the i G Whe G A me O Que: O Chap G A me + Accc ассо асco om Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending inventory Gross profit b. First-in, first-out (FIFO) Cost of goods sold %24 Ending inventory Gross profit c. Weighted-average (round the unit…Activities Units Acquired at Cost 3e0 units $14.00 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 18 Sales - $ 4, 200 250 units e $44.00 Mar.14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales Oct. 26 Purchase 520 units e $19.00 9,880 468 units e $44.00 see units a $24.00 12, 800 488 units e $44.00 200 units e $29.00 5,800 Totals 1,528 units $31,88e 1,198 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost per unit Inventory Balance Cost of Goode Sold TCost per unit Cost # of unite #…Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
- Date Activity #units cost/ea June 1 Beginning Inventory 5 $6 June 5 Purchased 12 7 June 10 Sold 10 units @$15 June 15 Purchased 12 8 June 25 Purchased 10 9 June 30 Sold 15 units @15 FIFO/ LIFOActivities Units Acquired at Cost Units Sold at Retail Date 3e0 units $14.00 Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July3e Purchase Oct. 5 Sales - $ 4, 200 258 units a $44.00 520 units e $19.00 9,88e 468 units e $44.00 see units $24.00 12, 000 f 2 488 units e $44.00 Oct. 26 Purchase 200 units e $29.00 5,800 Totals 1,520 units $31,888 1,198 units :13:51 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. Answer is not complete. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Coat Cost of Gooda sold Cost per unit Inventory Balance Cost # of unite #…Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
- Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68 Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would be decimal pisces and final enswer to the neerest doller amount)FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65C7 Exercises O eBook E E Print Item Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units Mаy 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances Check My Work 2 more Check My Work uses remaining. Previous…
- March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414Date Units Purchased Cost/Unit Total Cost Beginning Inventory, Jan. 1 275 $21.50 $5,912.50 Purchase, Apr 14 550 $19.89 $10,939.50 Purchase, July 17 900 $19.25 $17,325.00 Purchase, Oct 31 1,234 $19.50 $24,063.00 Total Goods Available for Sale(GAS) ________ ?Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April 15 purchase 420 41 17,220 April 23 purchase 270 44 11,880