For calculating inventory cost and cost of goods sold there are many methods
Problem 3 (25 points) er Inc. sells portable generators and uses a perpetual inventory system. Shown...
eu School Problem 3 (25 points) Shamrock Inc. sells high-definition televisions and uses a perpetual inventory system. are Shamrock's purchases during July Shown below Purchase Date Unit purchased July 3 July 7 July 25 Total Unit cost 190 195 $205 Total cost $1,710 $2,340 32 $6,305 On July 20, Shamrock Inc. sold 15 units. The other 17 units remained in inventory at July 31 1. Compute the cost of goods sold relating to the sale on July 20 and the...
Business School Problem 3 (25 points) Shamrock Inc. are Shamrock's purchases during Juy sells high-definition televisions and uses a perpetual inventory system. Shown below Purchase Date Unit purchased July 3 July 7 Unit cost 190 195 Total cost $1,710 $2,340 Total 32 $6,305 On July 20, Shamrock Inc. sold 15 units. The other 17 units remained in inventory at July 31 1. Compute the cost of goods sold relating to the sale on July 20 and the ending inventory July...
Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $60. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $70 per unit 13 Sold 50 units @ 110 per unit 25 Purchased 30 units @ 72 per unit 29 Sold 20 units Required a. Calculate the...
Problem 3 (25 points) Walmarket uses a periodic inventory system. It sells domestic appliances and one of the store's most popular products is a WM3 washing machine. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Number of Units 12 $ Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31...
Inventory flow assumptions Arrow, Inc. uses a perpetual inventory system. On January 22, 2018, the company had 200 units of a particular product on hand, with a total cost of $2,400. The per-unit costs were Date Purchase Unit Cost Total Cost tit Ending inventory, 2017 Jan. 10 purchase Total on hand 50 150 200 S 9 S13 S 450 1950 $2,400 On January 24, 2018, Arrow sold 65 units of this product. Using the three flow assumptions listed below, compute...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 78 units @ $99 10 Sale 52 units 15 Purchase 46 units @ $104 20 Sale 31 units 24 Sale 25 units 30 Purchase 39 units @ $108 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
Kaleta Company uses the perpetual inventory system and reports
the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$1,000
12
Purchase
400
6
2,400
23
Purchase
300
7
2,100
30
Inventory
100
Assume a sale of 440 units occurred on June 15 for a selling price
of $8 and a sale of 360 units on June 27 for $9.
Calculate the cost of the ending inventory and the cost of...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 38 units @ $97 Sale 32 units Purchase 22 units @ $101 20 Sale 13 units Sale 11 units Purchase 30 units @ $105 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form...