Homework Answers
| LIFO: | |||||||||
| Date | Purchases | Cost of Goods sold | Inventory on Hand | ||||||
| Quantity (a) | Unit cost (b) | Total cost (a*b) | Quantity (a) | Unit cost (b) | Total cost (a*b) | Quantity (a) | Unit cost (b) | Total cost (a*b) | |
| May . 2 | 8 | $1.80 | $14.40 | 8 | $1.80 | $14.40 | |||
| May. 6 | 1 | $2.25 | $2.25 | 8 | $1.80 | $14.40 | |||
| 1 | $2.25 | $2.25 | |||||||
| May. 8 | 1 | $2.25 | $2.25 | 6 | $1.80 | $10.80 | |||
| 2 | $1.80 | $3.60 | |||||||
| May. 13 | 2 | $2.65 | $5.30 | 6 | $1.80 | $10.80 | |||
| 2 | $2.65 | $5.30 | |||||||
| May. 14 | 2 | $2.65 | $5.30 | 4 | $1.80 | $7.20 | |||
| 2 | $1.80 | $3.60 | |||||||
| Totals | 11 | 7 | $14.75 | 4 | $7.20 | ||||
Therefore, ending inventory reported under LIFO is $7.20.
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Requirement 2. Determine the amount that would be reported in ending merchandise inventory on...
Requirement 3. Determine the amount that would be reported in ending merchandise inventory on May 15...
Requirement 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted average 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 all amounts to the nearest cent, $X.XX.) Fast Mart,...
Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the...
Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross protit. 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...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: EEB (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Please show answers clearly. Fit Gym began July with merchandise inventory of 76 crates of vitamins...
Please show answers clearly.
Fit Gym began July with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and delermine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
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...
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...
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...
Athletic world began January with merchandise inventory of 70 crates of vitamins that cost a total...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
Requirement 3. Determine the amount that would be reported in ending merchandise inventory on May 15 using the weighted average 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 all amounts to the nearest cent, $X.XX.) Fast Mart,...
Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross protit. 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...
Fit Gym began October with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows: EEB (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Please show answers clearly.
Fit Gym began July with merchandise inventory of 76 crates of vitamins that cost a total of $4,560. During the month, Fit Gym purchased and sold merchandise on account as follows: (Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and delermine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
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...
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...
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...
Athletic world began January with merchandise inventory of 70
crates of vitamins that cost a total of $4,550. During the month,
Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
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