I am reading a review for my accounting exam and it says: Be able to compute...
I am reading a review for my accounting exam and it says:
Be able to compute the cost of goods sold, cost of ending inventory, and gross profit using the FIFO or LIFO method.
What does this mean?
Thank you!
Homework Answers
FIFO and LIFO are the methods for inventory cost flow assumption on the basis of this methods company makes a record in its cost register when goods are sold
FIFO = First in First out
that means older goods in inventory is used first for sale
LIFO = Last in First out
that means newly purchase of inventory sold first
cost of goods sold, cost of ending inventory and gross profit are changed with the method that the company applied
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I am reading a review for my accounting exam and it says:
Be able to compute...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods s...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory?...
I need this question answered for me. No matter what I can't figure out how to...
I need this question answered for me. No matter what I can't figure out how to input it into my professor's answer. Assume that JavaJava Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 24 units @ $26 each 12 Purchase 10 units @ $29 each 20 Sale 14 units @ $32 each 24 Purchase 15 units @ $30 each 29 Sale 21 units @ $32 each Requirements 1. Compute...
i need a detail explanation of how to solve this problem because i dont understand it....
i
need a detail explanation of how to solve this problem because i
dont understand it. thank you
Current Attempt in Progress Inventory information for Part 311 of Vaughn Corp. discloses the following information for the month of June. June 1 11 Balance Purchased 297 units @ $14 803 units @ $17 505 units @ $19 June 10 15 27 Sold Sold Sold 204 units @ $35 497 units @ $36 296 units @ $39 20 Purchased Assuming that the...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
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...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21...
Dec. 1 Beginning merchandise inventory 12 units @ $8 each 8 Sale 8 units @ $21 each 14 Purchase 16 units @ $14 each 21 Sale 15 units @ $21 each 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher...
Please explain your answer. Thank you. Learning Objectives 2, 3 P6-28A Accounting for inventory using the...
Please explain your answer. Thank you.
Learning Objectives 2, 3 P6-28A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average Fit Gym began January 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: 2. Ending Merch. Inv., $990 Jan. 5 Purchase 156 crates @ $ 64 each 180 crates @ $ 100 each 13 Sale 18 Purchase 26...
Please explain your answer. Thank you. Learning Objectives 2, 3 P6-28A Accounting for inventory using the...
Please explain your answer. Thank you.
Learning Objectives 2, 3 P6-28A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average Fit Gym began January 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: 2. Ending Merch. Inv., $990 Jan. 5 Purchase 156 crates @ $ 64 each 180 crates @ $ 100 each 13 Sale 18 Purchase 26...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toys Galore store bought and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 units @ $ 9 each 8 units @ $ 22 each 16 units @ $ 14 each 14 units @ $ 22 each Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory,...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
e of dolls during December as follows: i Requirements ost of of end saction chre 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory?...
i
need a detail explanation of how to solve this problem because i
dont understand it. thank you
Current Attempt in Progress Inventory information for Part 311 of Vaughn Corp. discloses the following information for the month of June. June 1 11 Balance Purchased 297 units @ $14 803 units @ $17 505 units @ $19 June 10 15 27 Sold Sold Sold 204 units @ $35 497 units @ $36 296 units @ $39 20 Purchased Assuming that the...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
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...
Please explain your answer. Thank you.
Learning Objectives 2, 3 P6-28A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average Fit Gym began January 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: 2. Ending Merch. Inv., $990 Jan. 5 Purchase 156 crates @ $ 64 each 180 crates @ $ 100 each 13 Sale 18 Purchase 26...
Please explain your answer. Thank you.
Learning Objectives 2, 3 P6-28A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average Fit Gym began January 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: 2. Ending Merch. Inv., $990 Jan. 5 Purchase 156 crates @ $ 64 each 180 crates @ $ 100 each 13 Sale 18 Purchase 26...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toys Galore store bought and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 units @ $ 9 each 8 units @ $ 22 each 16 units @ $ 14 each 14 units @ $ 22 each Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory,...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
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