Homework Answers
|
LIFO (perpetual) |
|||||||||
|
purchase |
cost of goods sold |
balanced inventory |
|||||||
|
date |
unit |
rate per unit |
total |
unit |
rate per unit |
total |
unit |
rate per unit |
total |
|
01-Aug |
50 |
35 |
1,750 |
||||||
|
03-Aug |
45 |
35 |
1,575 |
5 |
35 |
175 |
|||
|
08-Aug |
90 |
54 |
4,860 |
5 |
35 |
175 |
|||
|
90 |
54 |
4,860 |
|||||||
|
21-Aug |
85 |
54 |
4,590 |
5 |
35 |
175 |
|||
|
5 |
54 |
270 |
|||||||
|
30-Aug |
15 |
58 |
870 |
5 |
35 |
175 |
|||
|
5 |
54 |
270 |
|||||||
|
15 |
58 |
870 |
|||||||
|
total |
105 |
5,730 |
130 |
6,165 |
25 |
1,315 |
|||
Add Answer to:
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost...
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing...
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand E merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Cost Quantity Cost Quantity Cost Cost Quantity Cost Cost 50...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing meth...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost...
Steel Mill began August with 50 units of iron inventory that cost $35 each. During August,...
Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered...
Omamental Iron Works began August with 70 units of iron inventory that cost $25 each. During...
Omamental Iron Works began August with 70 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been...
Steel Mill began August with 60 units of iron inventory that cost $ 25 each. During...
Steel Mill began August with 60 units of iron inventory that
cost $ 25 each. During August the company completed the following
inventory transactions:
Units
Unit Cost
Unit Sales Price
Aug.
3
Sale
45
$72
8
Purchase
65
$41
21
Sale
55
86
30
Purchase
20
56
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory...
5 Steel Mill began August with 55 units of iron inventory that cost $35 each. During...
5 Steel Mill began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements ple-29 Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have...
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45...
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45 8/8 Purchase 8/21 Sale $88 8/30 Purchase 15 58 Prepare and inventory control record using each of the following methods: FIFO, LIFO and Weighted average costing. Afterwards, answer the following questions: 1. What is the total cost of goods sold under the FIFO method? a. $6,070 b. $5,730 C. $1,410 d. $4,860 e. $4,495 2. What is the total cost of goods sold under...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. Enter the
transactions in chronological order, calculating new inventory on
hand balances after each transaction. Once all of the transactions
have been entered into the perpetual record, calculate the
quantity and total cost of merchandise inventory purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand E merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Cost Quantity Cost Quantity Cost Cost Quantity Cost Cost 50...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost...
Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered...
Omamental Iron Works began August with 70 units of iron inventory that cost $25 each. During August, the company completed the following inventory transactions (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been...
Steel Mill began August with 60 units of iron inventory that
cost $ 25 each. During August the company completed the following
inventory transactions:
Units
Unit Cost
Unit Sales Price
Aug.
3
Sale
45
$72
8
Purchase
65
$41
21
Sale
55
86
30
Purchase
20
56
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory...
5 Steel Mill began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements ple-29 Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have...
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45 8/8 Purchase 8/21 Sale $88 8/30 Purchase 15 58 Prepare and inventory control record using each of the following methods: FIFO, LIFO and Weighted average costing. Afterwards, answer the following questions: 1. What is the total cost of goods sold under the FIFO method? a. $6,070 b. $5,730 C. $1,410 d. $4,860 e. $4,495 2. What is the total cost of goods sold under...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. Enter the
transactions in chronological order, calculating new inventory on
hand balances after each transaction. Once all of the transactions
have been entered into the perpetual record, calculate the
quantity and total cost of merchandise inventory purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
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