Question

Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Total CType or paste question here

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer:

Date Purchase Rate Total AVERAGE COST METHOD Sale Unit Rate Total Unit 1 2,430 7 6.64 Balance Unit 1,370 3,800 1,260 5,330 6,

Add a comment
Know the answer?
Add Answer to:
Type or paste question here Blue Ltd. uses the perpetual inventory system and reports the following...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...

    Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (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 to 2 decimal places,...

  • Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...

    Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (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 to 2 decimal...

  • Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...

    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...

  • Show your calculations. Riverbed Corp uses a perpetual inventory system reports the following for the month...

    Show your calculations. Riverbed Corp uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $750 12 Purchases 2,100 350 240 Purchases 1,680 Inventory 260 - Your answer is partially correct. Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $8 and a sale of 60 units on June...

  • Sandhill Co. uses a perpetual inventory system reports the following for the month of June. Unit...

    Sandhill Co. uses a perpetual inventory system reports the following for the month of June. Unit Cost Date Explanation Units Total Cost $5 $575 June 1 Inventory 115 12 Purchases 345 2,070 6 Purchases 23 190 1,330 7 30 200 Inventory LLIE! Calculate the average cost per unit, using a perpetual inventory system. (Round answers to 3 decimal places, e.g. 5.125.) $ June 1 $ June 12 $ June 15 $ June 23 $ June 27 eTextbook and Media Calculate...

  • . Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this...

    . Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks):                                                                       Purchases                                  Sales                                                                Units   Unit Cost                     Units   Selling Price/Unit Apr      1          Beginning inventory   90        $ 16             25       Purchase                      300      18 May     4          Purchase                      130      20             16        Sale                                                                             240      $32 Jun       4          Purchase                      100      24 Instructions (a)        Using the FIFO cost formula, calculate the cost of goods sold for...

  • Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of...

    Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $650 12 Purchases 370 2,220 Purchases 200 7 1,400 Inventory 240 Calculate weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers...

  • 4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this...

    4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks):                                                                       Purchases                                  Sales                                                                Units   Unit Cost                     Units   Selling Price/Unit Apr      1          Beginning inventory   90        $ 16             25       Purchase                      300      18 May     4          Purchase                      130      20             16        Sale                                                                             240      $32 Jun       4          Purchase                      100      24 Instructions (a)        Using the FIFO cost formula, calculate the cost of goods sold for...

  • Kaleta Company uses the perpetual inventory system and reports the following for the month of June....

    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...

  • Question 13 Carla Vista Co. uses a periodic inventory system reports the following for the month...

    Question 13 Carla Vista Co. uses a periodic inventory system reports the following for the month of June. Explanation Date Units Unit Cost Total Cost June 1 Inventory 117 $5 $585 12 Purchases 333 6 1,998 Purchases 200 7 1,400 250 Inventory A sale of 350 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. Calculate cost of the ending inventory and the cost of goods sold...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT