Accounting LIFO, FIFO Question

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Accounting Homework involving FIFO and LIFO Income Statment

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inventory mcqs.docx Multiple Choice Use the following information for questions 1 through 3: A company purchased merchandise to be resold at increasing costs during the year 2016. The purchases were made at the following costs... The company sold 10 items at the end of each month. 1. What are the number of units and the cost of the goods available for sale? ____________ units $_____________ cost of goods available for sale. 2. Assuming...
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Accounting questions , needs FIFO LIFO,WEIGHTED AVARAGE, SPECIFIC IDENTIFICATION
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...

What are FIFO and LIFO?

What are FIFO and LIFO?
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...
FIFO & LIFO Inventory Study the FIFO and LIFO explanations in Chapter 8. 1) Compute ending...

FIFO & LIFO Inventory Study the FIFO and LIFO explanations in Chapter 8. 1) Compute ending FIFO inventory and cost of goods sold. Assume $90,000 sales; beginning inventory 500 units @$50; purchases of 400 units @$50; 100 units @$65; 400 units @$80. 2) Compute the cost of goods sold percentage of sales. 3) Compute ending LIFO inventory and cost of goods sold, using same assumptions. 4) Compute the cost of goods sold percentage of sales. 5) Comment on the difference...

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periodic inventory using FIFO, LIFO, and weighted average cost methods Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...