Question

Chapter 6 Inventory Costing Date Activity 1/1 Beg. Inventory 1/2 Purchase 1/5 Sale 1/16 Purchase Cost per unit Total Cost Tot
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Requirement 1 Weighted Average Method Perpetual inventory Record Purchases Cost of goods sold unit cost Total cost Quantity uRequirement 2 LIFO Method Perpetual inventory Record Purchases Cost of goods sold unit cost Total cost Quantity unit cost TotRequirement 3 FIFO Method Perpetual inventory Record Purchases Cost of goods sold unit cost Total cost Quantity unit cost Tot

Add a comment
Know the answer?
Add Answer to:
Chapter 6 Inventory Costing Date Activity 1/1 Beg. Inventory 1/2 Purchase 1/5 Sale 1/16 Purchase Cost...
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
  • 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...

  • 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...

  • INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...

    INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...

  • Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...

    Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units at $15 each Purchase 10 units at $7 each Sale 25 unites at $15 each 1. Find Cost of Goods Sold and Ending Inventory using the Weighted Average - Periodic 2. Find Cost of Goods Sold and Ending Inventory using the FIFO method 3. Find Cost of Goods Sold and Ending Inventory using the LIFO - Perpetual 4. Given the following information; prepare the...

  • ACCT 101 902 Archie Summer 2019 Homework: Chapter 6 Homework Assignment Score: 0 of 1 pt 1 of 1 (0 complete) HW Scor...

    ACCT 101 902 Archie Summer 2019 Homework: Chapter 6 Homework Assignment Score: 0 of 1 pt 1 of 1 (0 complete) HW Score: 06, 0 of 1 P6-28A (similar to) Question Help Fit Gym began October with merchandise inventory of 80 crates of vitamins that cost a total of $3,600 During the mon 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,...

  • units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January...

    units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....

  • Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...

    Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...

  • TH VOIR. IVICUUIU TI Score: 0 of 1 pt 6 of 6 (5 complete) P6-28A (similar...

    TH VOIR. IVICUUIU TI Score: 0 of 1 pt 6 of 6 (5 complete) P6-28A (similar to) Fit World began May with merchandise Inventory of 70 crates of vitamins that cost a total of $4,560. During the month, Fit World purchased and sold merchandise on account as follows: E! (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,...

  • 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...

  • 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...

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