Option #2: LIFO Perpetual vs. LIFO Periodic Below is a record of the purchases and sales...
Option #2: LIFO Perpetual vs. LIFO Periodic
Below is a record of the purchases and sales of inventory throughout the first four months.
|
Units |
Cost/Price Per Unit |
|
|
1/1/x7 Beginning Balance |
100 |
$3.50 |
|
1/31/x7 Purchase |
125 |
$4.00 |
|
2/15/x7 Purchase |
250 |
$4.50 |
|
2/25/x7 Sale |
150 |
$7.75 |
|
3/10/x7 Purchase |
300 |
$5.00 |
|
3/31/x7 Purchase |
75 |
$5.50 |
|
4/10/x7 Sale |
225 |
$8.25 |
|
4/15/x7 Purchase |
100 |
$6.00 |
|
4/30/x7 Sale |
350 |
$8.50 |
Requirement
- Calculate the cost of goods sold under the LIFO Perpetual Method for each of the below sales.
|
Units |
Cost Per Unit |
Total |
|
|
2/25/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
4/10/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
4/30/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
Total |
- Calculate the cost of goods sold under the LIFO Periodic Method for each of the below sales.
|
Units |
Cost Per Unit |
Total |
|
|
2/25/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
4/10/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
4/30/x7 Sale |
|||
|
Show Detail |
|||
|
Show Detail |
|||
|
Total |
- What is the main reason for the differences in the two methods?
Homework Answers
Add Answer to:
Option #2: LIFO Perpetual vs. LIFO Periodic
Below is a record of the purchases and sales...
Option #2: LIFO Perpetual vs. LIFO Periodic Below is a record of the purchases and sales...
Option #2: LIFO Perpetual vs. LIFO Periodic Below is a record of the purchases and sales of inventory throughout the first four months. Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase 250 $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350 $8.50 Requirement Calculate the cost of goods sold under the LIFO Perpetual Method for each of the...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of inventory throughout the first four months: Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase 250 $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350 $8.50 Requirements: How many units were available for sale throughout the year? What was the total value of...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of inventory throughout the first four months: Cost/Price Per Units Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350 $8.50 Requirements: 1. How many units were available for sale throughout the year? 2. What was the total value...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of inventory throughout the first four months: Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase 250 $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350 $8.50 Requirements: How many units were available for sale throughout the year? What was the total value of...
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50...
..................... LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales...
.....................
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Total of Units Date Transaction Per Unit 375 24,750 Apr. 3 Inventory 66 Purchase 8 132 450 59,400 11 Sale 88 1,250 110,000 30 Sale 55 1,250 68,750 Purchase 55,000 May 8 110 500 Sale 10 66 1,250 82,500 Sale 19 33 1,250 41,250 550 Purchase 28 110 60,500 Sale June 5 66 1,315 86,790 Sale...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 66 $ 300 $ 19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 44 units at $53 10 Sale 36 units 15 Purchase 54 units at $55 20 Sale 31 units 24 Sale 9 units 30 Purchase 28 units at $57 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 72 units at $59 10 Sale 60 units 15 Purchase 92 units at $62 20 Sale 52 units 24 Sale 14 units 30 Purchase 27 units at $64 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data...
Option #1: Inventory Entries Practice Exercises Below is a record of the purchases and sales of inventory throughout the first four months: Cost/Price Per Units Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase $4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350 $8.50 Requirements: 1. How many units were available for sale throughout the year? 2. What was the total value...
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
.....................
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Total of Units Date Transaction Per Unit 375 24,750 Apr. 3 Inventory 66 Purchase 8 132 450 59,400 11 Sale 88 1,250 110,000 30 Sale 55 1,250 68,750 Purchase 55,000 May 8 110 500 Sale 10 66 1,250 82,500 Sale 19 33 1,250 41,250 550 Purchase 28 110 60,500 Sale June 5 66 1,315 86,790 Sale...
Most questions answered within 3 hours.
-
a) The frequency of light coming out from a laser source is 297
MHz. What is...
asked 19 minutes ago -
LABORATORY EXERCISES:
Using nested for loops, write a java program to print the
pattern as shown...
asked 19 minutes ago -
Assume that the correlation coefficient between achievement test
scores (X) and grade point averages (Y) among...
asked 32 minutes ago -
In Chapter 1 titled "So Close and Yet So Different", in "Why
Nations Fail" authors bring...
asked 29 minutes ago -
Leadership Philosophy
Write a two-page paper identifying your personal leadership
philosophy based on your new perspective...
asked 26 minutes ago -
Which of these function correctly defines the function g(),
which should return a pointer to a...
asked 35 minutes ago -
Pickett Industries just paid a dividend of D0 = $1.10. Analysts
expect the company's dividend to...
asked 35 minutes ago -
Suppose a random sample of 900 measurements is taken from an
unknown population. The average of...
asked 38 minutes ago -
Suppose we add another SRC instruction xor ra, rb, rc that xors
the contents of registers...
asked 39 minutes ago -
Hello, I need some help creating this class in Java. This is for
a larger project....
asked 1 hour ago -
Why does entrepreneurs trying to employ AI into their
business organizations? What are the advantages and...
asked 58 minutes ago -
// This program is supposed to display every fifth year
// starting with 2017; that is,...
asked 1 hour ago