FIFO METHOD | ||||||||||
PURHASES | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
Date | Particulars | Units | Rate | Total | Units | Rate | Total | Units | Rate | Total |
Aug, 01 | Beginning inventory | 50 | $ 35 | $1,750 | ||||||
Aug, 03 | Sales | 45 | $ 35 | $1,575 | 5 | $ 35 | $175 | |||
Aug, 08 | Purchases | 90 | $ 54 | $4,860 | 5 | $ 35 | $175 | |||
90 | $ 54 | $4,860 | ||||||||
Aug, 21 | Sales | 5 | $ 35 | $175 | ||||||
80 | $ 54 | $4,320 | 10 | $ 54 | $540 | |||||
Aug, 30 | Purchases | 15 | $ 58 | $870 | 10 | $ 54 | $540 | |||
15 | $ 58 | $870 | ||||||||
105 | $5,730 | 130 | $6,070 | 25 | $1,410 | |||||
Steel Mill began August with 50 units of iron inventory that cost $35 each. During August,...
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...
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...
Iron R Us began August with 65 units of bronventory that cost $30 each. During August, the company completed the lowing inventory transactions 110 (Click the icon to view the transactions) Read the requirements Requirement 1. Prepare a perpetual ventory 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 perpetual record, calculate the quantity and...
45 85 g. L C00 9. Steel Mill began august with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Aug. 3 Sale $85 8 Purchase se 90 $54 21 Sale 88 30 Purchase 15 58 a. Prepare a perpetual inventory record for the inventory using the FIFO inventory costing method, then determine cost of goods sold, ending inventory and gross profit. Inventory on Hand...
Iron Man began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) i Data Table Units Unit Cost Unit Sales Price $ 59 Aug. 3 Sale 8 Purchase 21 Sale $ 28 70 60 75 30 Purchase Print Done Requirem Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual inventory...
Shepherd Cycles started August with 25 bicycles that cost $65 each. On August 16, Shepherd bought 50 bicycles at $80 each. On August 31, Shepherd sold 40 bicycles for $99 each. Requirements Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. 1. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company...
Mountain Cycles started August with 25 bicycles that cost $65 each. On August 16, Mountain bought 50 bicycles at S80 each. On August 31, Mountain sold 42 bicycles for $99 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2.Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses...
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...
Dec. 1 Beginning merchandise inventory 13 units @ $9 each 8 Sale 8 units @ $22 each 14 Purchase 16 units @ $14 each 21 Sale 14 units @ $22 each Requirement 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 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...