Transactions for the month of June were: Purchases: Sales: June 1: 800 @ 3.20 June 2:...
Transactions for the month of June were:
Purchases: Sales:
June 1: 800 @ 3.20 June 2: 600 @ 5.50
June 3: 2200 @ 3.10 June 6: 1600 @ 5.50
June 7: 1200 @ 3.30 June 9: 1000 @ 5.50
June 15: 1800 @ 3.40 June 10: 400 @ 6.00
June 22: 500 @ 3.5 June 18: 1400 @ 6.00
June 25: 200 @ 6.00
Assuming that perpetual inventory system is adopted, the ending inventory on a LIFO basis:
(Please show work and reasoning)
Homework Answers
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Transactions for the month of June were:
Purchases: Sales:
June 1: 800 @ 3.20 June 2:...
Transactions for the month of June were:  ...
Transactions for the month of June were: Purchases Sales Quantity Price Q. Price June 1 (balance) 2,200 @ $3.00 June 2 900 @ $5.50 3 3,300 @ 3.20 6 2,400 @ 5.50 7 1,800 @ 3.30 9 1,500 @ 5.50 15 2,700 @ 3.50 10 600 @ 6.00 22 750 @ 3.80 18 2,100 @ 6.00 25 300 @ 6.00 Assuming that periodic inventory, the ending inventory and COGS on a...
Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.10 June 2 2330 @ $5.70 3...
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3130 @
$3.10
June 2
2330 @
$5.70
3
8820 @
3.00
6
6410 @
5.70
7
4850 @
3.20
9
4030 @
5.70
15
7210 @
3.30
10
1520 @
6.00
22
2020 @
3.40
18
5590 @
6.00
25
830 @
6.00
Assuming that periodic inventory records are kept in units only,
the ending inventory on a LIFO basis is
$17024.
$16273.
$17758.
$16492.
Transactions for the month of June were: June 1 June 2 Purchases (balance) 3110 @ $3.10...
Transactions for the month of June were: June 1 June 2 Purchases (balance) 3110 @ $3.10 8850 3.00 4830 @ 3.20 7140 @ 3.30 1930 @ 3.40 Sales 2430 @ $5.40 6490 @ 5.40 3970 @ 5.40 1660 @ 4.00 5520 @ 4.00 770 @ 4.00 10 18 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $16064. $15562. $16759. $15371.
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230...
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230 @ $3.20 June 2 8900@ 3.10 6320@ 3 6 5.70 4780@ 7 3.30 9 4080 @ 5.70 7300@ 10 1510 @ 15 3.40 7.00 2100 @ 3.50 22 18 5570 @ 7.00 780 @ 25 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is $18453 $16846 $17046 $19216
Transactions for the month of June were: Purchases Sales June 1 (balance) 3270 @ $3.20 June...
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3270 @
$3.20
June 2
2340 @
$5.60
3
8750 @
3.10
6
6450 @
5.60
7
4900 @
3.30
9
4040 @
5.60
15
7180 @
3.40
10
1620 @
7.00
22
2030 @
3.50
18
5530 @
7.00
25
750 @
7.00
Assuming that perpetual inventory records are kept in units
only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round...
Transactions for the month of June were: Purchases&nbs
Transactions for the month of June were: Purchases Sales June 1 (balance) 2,200 @ $3.00 June 2 900 @ $5.50 3 3,300 @ 3.20 6 2,400 @ 5.50 7 1,800 @ 3.30 9 1,500 @ 5.50 15 2,700 @ 3.50 10 600 @ 6.00 22 750 @ 3.80 18 2,100 @ 6.00 25 300 @ 6.00 Assuming that perpetual inventory records are kept, the ending inventory and COGS on a...
Transactions for the month of June were Purchases Sales June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.60 8740 @ 3.00 3...
Transactions for the month of June were Purchases Sales June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.60 8740 @ 3.00 3 6 6310@ 5.60 4760 @3.20 7 4060 @ 5.60 1680 @ 6.00 15 7290 @ 3.30 10 22 1990 @ 3.40 18 5650 @ 6.00 25 760 @ 6,00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per...
Transactions for the month of June were:PurchasesSales (units)June 1(balance) 2,200 @$3.20June 21,200 33,700 @3.1063,200 73,400 @3.3092,000...
Transactions for the month of June
were:PurchasesSales (units)June 1(balance) 2,200 @$3.20June 21,200
33,700 @3.1063,200 73,400 @3.3092,000 152,600 @3.4010800 221,800
@3.50182,800 25400 Assuming that perpetual inventory records are
kept in units only, the cost of goods sold on a LIFO basis is
12. Transactions for the month of June were: June 1 Purchases (balance) 2,200 @ $3.20 3,700 @ 3.10 3,400 @ 3.30 2,600 @ 3.40 1,800 @ 3.50 Sales (units) June 2 1,200 3,200 2,000 800 18 2,800 25 400...
Moving-Average Inventory Question: Assuming that perpetual inventory records are kept in units only, the ending inventory...
Moving-Average Inventory Question: Assuming that perpetual
inventory records are kept in units only, the ending inventory on
an average-cost basis, rounded to the nearest dollar, is
The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
Transactions for the month of June were: Purchases June 1 (balance) 800 a $3.20 2,200 @ 3.10 1,200 @ 3.30 1,800 @ 3.40...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.40 May 3 240 @ $7.00 4 1,350 @ $5.30 6 1,000 @ 7.00 8 800 @ $5.50 12 900 @ 7.50 14 700 @ $5.60 18 500 @ 7.50 22 1,290 @ $5.70 25 1,300 @ 8.00 29 600 @ $5.75 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory...
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3130 @
$3.10
June 2
2330 @
$5.70
3
8820 @
3.00
6
6410 @
5.70
7
4850 @
3.20
9
4030 @
5.70
15
7210 @
3.30
10
1520 @
6.00
22
2020 @
3.40
18
5590 @
6.00
25
830 @
6.00
Assuming that periodic inventory records are kept in units only,
the ending inventory on a LIFO basis is
$17024.
$16273.
$17758.
$16492.
Transactions for the month of June were: June 1 June 2 Purchases (balance) 3110 @ $3.10 8850 3.00 4830 @ 3.20 7140 @ 3.30 1930 @ 3.40 Sales 2430 @ $5.40 6490 @ 5.40 3970 @ 5.40 1660 @ 4.00 5520 @ 4.00 770 @ 4.00 10 18 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $16064. $15562. $16759. $15371.
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230 @ $3.20 June 2 8900@ 3.10 6320@ 3 6 5.70 4780@ 7 3.30 9 4080 @ 5.70 7300@ 10 1510 @ 15 3.40 7.00 2100 @ 3.50 22 18 5570 @ 7.00 780 @ 25 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is $18453 $16846 $17046 $19216
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3270 @
$3.20
June 2
2340 @
$5.60
3
8750 @
3.10
6
6450 @
5.60
7
4900 @
3.30
9
4040 @
5.60
15
7180 @
3.40
10
1620 @
7.00
22
2030 @
3.50
18
5530 @
7.00
25
750 @
7.00
Assuming that perpetual inventory records are kept in units
only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round...
Transactions for the month of June were Purchases Sales June 1 (balance) 3120 @ $3.10 June 2 2330 @ $5.60 8740 @ 3.00 3 6 6310@ 5.60 4760 @3.20 7 4060 @ 5.60 1680 @ 6.00 15 7290 @ 3.30 10 22 1990 @ 3.40 18 5650 @ 6.00 25 760 @ 6,00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per...
Transactions for the month of June
were:PurchasesSales (units)June 1(balance) 2,200 @$3.20June 21,200
33,700 @3.1063,200 73,400 @3.3092,000 152,600 @3.4010800 221,800
@3.50182,800 25400 Assuming that perpetual inventory records are
kept in units only, the cost of goods sold on a LIFO basis is
12. Transactions for the month of June were: June 1 Purchases (balance) 2,200 @ $3.20 3,700 @ 3.10 3,400 @ 3.30 2,600 @ 3.40 1,800 @ 3.50 Sales (units) June 2 1,200 3,200 2,000 800 18 2,800 25 400...
Moving-Average Inventory Question: Assuming that perpetual
inventory records are kept in units only, the ending inventory on
an average-cost basis, rounded to the nearest dollar, is
The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
Transactions for the month of June were: Purchases June 1 (balance) 800 a $3.20 2,200 @ 3.10 1,200 @ 3.30 1,800 @ 3.40...
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