Homework Answers
Cost of ending inventory under First in first out is 1182 (such as invontory purchase on July 1st is July 7,July 18 . Inventory purchased on July 3 sold only 12 qty only (20-12 *51)+(15*52) = 1158
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4. Beginning inventory and purchases and sales data for Commodity "X" for the month of July...
1 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of...
1 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of July are as follow Inventory 25 units Br 50 Sales July 7 15 units rss 18 10 G Br 58 27 12 units Br 62 Purchases 20 units 51 20 15 units 52 1) Compute the cost of ending inventory and cost of goods sold using FIFO and AVC under a) Periodic inventory system b) Perpetual inventory system 2) Pass the necessary journal entry...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory Purchases Sales July 1 4,100 units at $26 July 10 2,050 units at $28 July 12 2,870 units July 20 1,845 units at $30 July 14 2,460 units July 31 1,230 units Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 55 units @ $23 9 Sale 43 units 13 Purchase 49 units @ $26 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 $
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 49 units @ $52 10 Sale 32 units Purchase 63 units @ $55 36 units Sale 24 Sale 9 units 30 Purchase 24 units @ $58 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the...
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 46 units at $50 10 Sale 36 units 15 Purchase 24 units at $52 20 Sale 17 units 24 Sale 9 units 30 Purchase 23 units at $55 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...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 59 units @ $52 10 Sale 42 units 15 Purchase 26 units @ $54 20 Sale 21 units 24 Sale 15 units 30 Purchase 37 units @ $57 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item...
eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88 HX are as follows: WIU July 1 Inventory 90 units at $52 8 Sale 75 units 15 Purchase 125 units at $58 27 Sale 100 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27...
Question 2. (60 points) Given below is inventory information for the month of July obtained from...
Question 2. (60 points) Given below is inventory information for the month of July obtained from the records of Green Co. PURCHASES Date Description July 1 Beginning Inventory 11 Purchased 20 Purchased Unit cost 10 Units 40 80 30 SALES Date Description Units Unit price July 10 Sold 30 30 15 Sold 50 30 27 Sold 20 30 12 15 Required: Compute COGS and ENDING INVENTORY COST under the following cost flow assumptions: a) FIFO - Perpetual Inventory System (25...
Tamarisk has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale 21 Purchases...
Tamarisk has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 31 units at $62 187 units at $58 125 units 94 units at $60 87 units Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? (Round intermediate calculations to 3 decimal places, e.g. 12.531.) $5973 $5929 $5241 $5997
1 4. Beginning inventory and purchases and sales data for Commodity "X" for the month of July are as follow Inventory 25 units Br 50 Sales July 7 15 units rss 18 10 G Br 58 27 12 units Br 62 Purchases 20 units 51 20 15 units 52 1) Compute the cost of ending inventory and cost of goods sold using FIFO and AVC under a) Periodic inventory system b) Perpetual inventory system 2) Pass the necessary journal entry...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 49 units @ $52 10 Sale 32 units Purchase 63 units @ $55 36 units Sale 24 Sale 9 units 30 Purchase 24 units @ $58 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the...
eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88 HX are as follows: WIU July 1 Inventory 90 units at $52 8 Sale 75 units 15 Purchase 125 units at $58 27 Sale 100 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27...
Question 2. (60 points) Given below is inventory information for the month of July obtained from the records of Green Co. PURCHASES Date Description July 1 Beginning Inventory 11 Purchased 20 Purchased Unit cost 10 Units 40 80 30 SALES Date Description Units Unit price July 10 Sold 30 30 15 Sold 50 30 27 Sold 20 30 12 15 Required: Compute COGS and ENDING INVENTORY COST under the following cost flow assumptions: a) FIFO - Perpetual Inventory System (25...
Tamarisk has the following inventory data: July 1 Beginning inventory 5 Purchases 14 Sale 21 Purchases 30 Sale 31 units at $62 187 units at $58 125 units 94 units at $60 87 units Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? (Round intermediate calculations to 3 decimal places, e.g. 12.531.) $5973 $5929 $5241 $5997
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