Danielle Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August: 10 units @ $10 each. Purchases: Aug 3 10 units @ $12 Aug 12 8 units @ $11 Aug 25 12 units @ $11
Sales: Aug 17 24 units Aug 27 10 units
The value of the stock of product C at 31 August using the moving average method inventory is (rounding to the nearest dollar value):
Select one: a. $124 b. $54 c. $64 d. $66
Danielle Ltd uses perpetual inventory system. The following is a summary of the purchases and sales...
Sunland Company uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 July 28 51 15 On June 1, Sunland sold 44 units, and on August 27,68 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to decimal places, es 1.250.) Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $ 765 $ June 1 $ July 28 $ Aug. 27...
Oriole Company began operations on July 1. It uses a perpetual
inventory system. During July, the company had the following
purchases and sales.
Purchases
Date
Units
Unit Cost
Sales Units
July 1
10
$58
July 6
8
July 11
6
$62
July 14
6
July 21
8
$66
July 27
7
Determine the ending inventory under a perpetual inventory
system using (1) FIFO, (2) moving-average, and (3) LIFO.
(For calculation and answers purpose round unit costs
to 2 decimal places,...
Sandhill Co. uses a perpetual inventory system. Data for
product E2-D2 includes the following purchases.
Date
Number of Units
Unit Price
May 7
48
$14
July 28
36
19
On June 1, Sandhill sold 24 units, and on August 27, 36 more units.
Calculate the average cost of the goods sold in the sale.
(Round answers to 3 decimal places, e.g.
5.125.)
June 1 sale:
$enter a dollar amount
Aug. 27 sale:
$enter a dollar amount
Compute the cost of...
Marquis Company uses a weighted average perpetual inventory system and has the following purchases and sales: August 2 August 18 August 29 0 19 units were purchased at $10 per unit. 24 units were purchased at $12 per unit. 21 units were sold. What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 660 units @ $35 per unit 330 units @ $32 per unit 110 units @ $20 per unit Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 760 units @ $75 per unit 180 units @ $40 per unit 570...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 76 units @ $23 9 Sale 62 units 13 Purchase 87 units @ $26 28 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 $ b. Inventory on August 31 $...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...
Whispering Winds Corp. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 9 $60 July 6 7 July 11 6 $64 July 14 6 July 21 8 $68 July 27 7 Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.) July 1 $ July 6 $ July 11...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...