With the perpetual method for inventory the costing assumption, such as FIFO, is applied to: Select...
With the perpetual method for inventory the costing assumption, such as FIFO, is applied to: Select one:
a. Cost of sales at the end of the accounting year
b. Each sale via stock cards or computer records
c. Inventory at the end of the month
d. The current asset inventory in the balance sheet
Homework Answers
Ans is B. In perpetual system costing assumption applied each time the sale is made. In periodic system cost Flow assumption is only applied when physical inventory count is taken.
Add Answer to:
With the perpetual method for inventory the costing assumption,
such as FIFO, is applied to: Select...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO,...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price $ 81 Aug. 3 8 85 $50 Sale Purchase Sale Purchase 75 45 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO,...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $85 8 Purchase 90 $54 21 Sale 85 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record...
Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume...
Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume also a sales price to customers of S126 per unit. Company records indicate the following for the month: EEB (Click the icon to view the records.) For calculations round per unit costs to the nearest cent and all other amounts to the nearest whole dollar Calculate the cost of ending inventory. Data Table The cost of ending inventory using the weighted-average inventory costing method...
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...
1-6 WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted...
1-6
WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price 585 $ 54 Aug. 3 8 21 30 Sale Purchase Sale Purchase 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO...
fifo method using the chart ? Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue...
fifo method using the chart ?
Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300...
Please complete all of P6-29A 06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and...
Please complete all of P6-29A
06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Sale 50 $ 81 $ 50 Aug. 3 8 21 30 Purchase Sale Purchase 80 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 56 units at $41 10 Sale 43 units 15 Purchase 31 units at $43 20 Sale 19 units 24 Sale 19 units 30 Purchase 37 units at $46 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 25 Purchase 10 @ $18= $180 Jan 10 Sale 11 units x $50 each Jan 30 Sale 3 units x $55 each
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price $ 81 Aug. 3 8 85 $50 Sale Purchase Sale Purchase 75 45 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $85 8 Purchase 90 $54 21 Sale 85 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record...
Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume also a sales price to customers of S126 per unit. Company records indicate the following for the month: EEB (Click the icon to view the records.) For calculations round per unit costs to the nearest cent and all other amounts to the nearest whole dollar Calculate the cost of ending inventory. Data Table The cost of ending inventory using the weighted-average inventory costing method...
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...
1-6
WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price 585 $ 54 Aug. 3 8 21 30 Sale Purchase Sale Purchase 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO...
fifo method using the chart ?
Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300...
Please complete all of P6-29A
06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Sale 50 $ 81 $ 50 Aug. 3 8 21 30 Purchase Sale Purchase 80 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using...
Most questions answered within 3 hours.
-
List and compare different forms of passive transport and active
transport.
asked 1 minute ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 7 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 22 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 25 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 32 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 33 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 38 minutes ago -
how
to use a for loop to iterate over the string below and print each
character...
asked 40 minutes ago -
Please type answer, Thanks.
Respond to the following in a minimum of 175
words:
Research industry...
asked 40 minutes ago -
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 49 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 55 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 1 hour ago