Homework Answers
| Date | Purchases | sales | balance |
| Aug-01 | beginning balance | 50U * $35 = $1750 | |
| Aug-03 | 45U * $35 = $1575 | 5U * $35 = $175 | |
| Aug-08 | 90U * $54 = $4860 | 5U * $35 = $175 | |
| 90U * $54 = $4860 | |||
| Aug-21 | 5U * $35 = $175 | ||
| 80U * $54 = $4320 | 10U * $54 = $540 | ||
| Aug-30 | 15U * $58 = $870 | 10U * $54 = $540 | |
| 15U * $58 =$870 | |||
| Total units purchased = 105 | total units sold = 130 | ||
| total purchase costs = $5730 | total sale costs = $6070 |
Where U stands for number of units
Add Answer to:
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing...
Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing meth...
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...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Aug. Inventory on Hand Unit Total Quantity Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 90 $ 54 $ 4,860 45 $ 35 $ 1,575 8 90 $ 54$ 4,860 5 $ 80 $ 35 $ 54$ 175 4,320 540 30 15 $ 58 $ 870 $ . $ 54 $ 54$ 58 $ 870...
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...
data table requirements part 1 part 2 Requirement 2. Prepare a perpetual inventory record using FIFO...
data table
requirements
part 1
part 2
Requirement 2. Prepare a perpetual inventory record using
FIFO
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 inventory purchased, sold, and on hand
at the end of the period. For cost of goods sold, enter the first
layer out under...
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...
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 transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
1. 2. Requirement 2. Determine the amount that would be reported in ending merchandise inventory on...
1.
2.
Requirement 2. Determine the amount that would be reported in ending merchandise inventory on May 15 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 of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $450 $18,900 8 Purchase 84 540 45,360 11 Sale 56 1,500 84,000 30 Sale 35 1,500 52,500 May 8 Purchase 70 600 42,000 10 Sale 42 1,500 63,000 19 Sale 21 1,500 31,500 28 Purchase 70 660 46,200 June 5 Sale...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method...
Requirement 2. Compute cost of goods sold 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 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...
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...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Aug. Inventory on Hand Unit Total Quantity Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 90 $ 54 $ 4,860 45 $ 35 $ 1,575 8 90 $ 54$ 4,860 5 $ 80 $ 35 $ 54$ 175 4,320 540 30 15 $ 58 $ 870 $ . $ 54 $ 54$ 58 $ 870...
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 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...
data table
requirements
part 1
part 2
Requirement 2. Prepare a perpetual inventory record using
FIFO
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 inventory purchased, sold, and on hand
at the end of the period. For cost of goods sold, enter the first
layer out under...
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...
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 transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
1.
2.
Requirement 2. Determine the amount that would be reported in ending merchandise inventory on May 15 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 of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter...
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 42 $450 $18,900 8 Purchase 84 540 45,360 11 Sale 56 1,500 84,000 30 Sale 35 1,500 52,500 May 8 Purchase 70 600 42,000 10 Sale 42 1,500 63,000 19 Sale 21 1,500 31,500 28 Purchase 70 660 46,200 June 5 Sale...
Requirement 2. Compute cost of goods sold 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 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...
Most questions answered within 3 hours.
-
Oxford Company has limited funds available for investment and
must ration the funds among four competing...
asked 4 seconds from now -
Put your name on the first line in camelCase. Write a JavaScript
function to generate a...
asked 10 minutes ago -
Chapter 7 Telecommunications, the Internet, and Wireless
Technology:
Discuss some of the Internet services available to...
asked 13 minutes ago -
1. The college bookstore tells prospective students
that the average cost of its textbooks is $52...
asked 15 minutes ago -
A 2.5 kg block rests on a 30 ∘ slope and is attached by a string...
asked 25 minutes ago -
In C++ code language please:
1. Created a linked list
2. Insert 5 values: 1, 10,...
asked 29 minutes ago -
By analogy with automobiles, defects in cancer critical genes
have been likened to broken brakes and...
asked 49 minutes ago -
Supposing Delta is an example of a very large US commercial
airline, how does the magnitude...
asked 54 minutes ago -
The total amount of shares that a corporation's charter allows
it to issue is:
Issued.
Authorized....
asked 55 minutes ago -
Which of the following statements is false? Explain what is
wrong with the statement.
a. A...
asked 1 hour ago -
Vincent Simmons appeals from the trial court's order awarding to
his wife, Dorothy Simmons, a one-half...
asked 1 hour ago -
A group of researchers has developed a method that they
hypothesize will improve the reading ability...
asked 1 hour ago