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Perpetual Inventory Jacques Company reported the following current-year purchases and sales data for its only product: Date Jan. I Beginning inventory Sales. Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Purchase Sales... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10 = $ 2,000 350 units @ $15 = 450 units @ $20= 100 units @ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Jacques uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. For weighted average, round unit cost amounts to the nearest tenth of a cent (three decimal places).

Perpetual Inventory Jacques Company reported the following current-year purchases and sales data for its only product: Date Jan. I Beginning inventory Sales. Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Activities Purchase Sales... Purchase Sales.. Purchase Totals Units Acquired at Cost 200 units @ $10 = $ 2,000 350 units @ $15 = 450 units @ $20= 100 units @ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Jacques uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. For weighted average, round unit cost amounts to the nearest tenth of a cent (three decimal places).

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...
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Date Purchases Cost of Merchandise Sold Ending Inventory 4
Transcribed Image Text:Date Purchases Cost of Merchandise Sold Ending Inventory 4
Perpetual Inventory Jacques Company reported the following current-year purchases and sales data for its only product: Date Jan. I Beginning inventory Jan. 10 Sales... Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Activities Units Acquired at Cost 200 units @ $10- $ 2,000 350 units@ $15 = 450 units @ $20= 100 units 1,100 units $25= 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Jacques uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. For weighted average, round unit cost amounts to the nearest tenth of a cent (three decimal places).
Transcribed Image Text:Perpetual Inventory Jacques Company reported the following current-year purchases and sales data for its only product: Date Jan. I Beginning inventory Jan. 10 Sales... Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Activities Units Acquired at Cost 200 units @ $10- $ 2,000 350 units@ $15 = 450 units @ $20= 100 units 1,100 units $25= 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Jacques uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. For weighted average, round unit cost amounts to the nearest tenth of a cent (three decimal places).
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