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6. The following data regarding purchases and sales of a commodity were taken from the related...
6. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance Sale Purchase Sale Purchase Sale Purchase 25 units at $60 20 units 20 units at $61 10 units 20 units at $62 25 units 15 units at $63 Determine the cost of the inventory balance at June 30, using (1) the first-in, first-out method and (2) the last-in, first-out method. Identify the quantity, unit price, and total cost...
#6 and #7 Question 6 The following items of a particular commodity were available for sale...
#6 and #7
Question 6 The following items of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $50 25 units at $53 30 units at $54 15 units at $60 The firm uses the PERIODIC system and there are 18 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the...
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $29 $203 Purchase 13 units at $30 390 Nov. 30 Purchase 13 units at $32 416 Available for sale 33 units $1,009 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the...
950 Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item...
950 Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $49 $980 Aug. 13 Purchase 19 units at $50 Nov. 30 Purchase 20 units at $52 1,040 Available for sale 59 units $2,970 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $35 $350 Aug. 13 Purchase 18 units at $36 648 Nov. 30 Purchase 13 units at $38 494 Available for sale 41 units $1,492 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a)...
Hi I would like some help with answering the problems and a brief explanation on how...
Hi I would like some help with answering the problems and a brief explanation on how its done so I'm able to study, thank you Question 2 Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on cost of goods sold and net income? cost of goods sold understated, net income is overstated cost of goods sold no change, net income is no change cost of...
CHAPTER 6 QUESTION 1: QUESTION 2: QUESTION 3: QUESTION 4: QUESTION 5: Periodic Inventory Using FIFO,...
CHAPTER 6
QUESTION 1:
QUESTION 2:
QUESTION 3:
QUESTION 4:
QUESTION 5:
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method The units of an item available for sale during the year were as follows Jan. 1 Aug. 13 Purchase 260 units at $342 Nov. 30 Purchase40 units at $357 Inventory 20 units at $360 $7,200 88,920 14,280 $110,400 Available for sale 320 units There are 57 units of the item in the physical inventory at December 31. The...
eBook Show Me How Calculator Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Method. The...
eBook Show Me How Calculator Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $32 $448 Aug. 13 Purchase 16 units at $34 544 Nov. 30 Purchase 10 units at $36 360 Available for sale 40 units $1.352 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $28 $420 Aug. 7 Purchase 18 units at $31 558 Dec. 11 Purchase 14 units at $33 462 47 units $1,440 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
6. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance Sale Purchase Sale Purchase Sale Purchase 25 units at $60 20 units 20 units at $61 10 units 20 units at $62 25 units 15 units at $63 Determine the cost of the inventory balance at June 30, using (1) the first-in, first-out method and (2) the last-in, first-out method. Identify the quantity, unit price, and total cost...
#6 and #7
Question 6 The following items of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $50 25 units at $53 30 units at $54 15 units at $60 The firm uses the PERIODIC system and there are 18 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the...
LIFO Perpetual Inventory
The beginning inventory for Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per
Unit
Total
Apr. 3
Inventory
25
$1,200
$30,000
8
Purchase
75
1,240
93,000
11
Sale
40
2,000
80,000
30
Sale
30
2,000
60,000
May 8
Purchase
60
1,260
75,600
10
Sale
50
2,000
100,000
19
Sale
20
2,000
40,000
28
Purchase
80
1,260
100,800
June 5
Sale
40
2,250
90,000
16
Sale...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $29 $203 Purchase 13 units at $30 390 Nov. 30 Purchase 13 units at $32 416 Available for sale 33 units $1,009 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the...
950 Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at $49 $980 Aug. 13 Purchase 19 units at $50 Nov. 30 Purchase 20 units at $52 1,040 Available for sale 59 units $2,970 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the...
CHAPTER 6
QUESTION 1:
QUESTION 2:
QUESTION 3:
QUESTION 4:
QUESTION 5:
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method The units of an item available for sale during the year were as follows Jan. 1 Aug. 13 Purchase 260 units at $342 Nov. 30 Purchase40 units at $357 Inventory 20 units at $360 $7,200 88,920 14,280 $110,400 Available for sale 320 units There are 57 units of the item in the physical inventory at December 31. The...
eBook Show Me How Calculator Periodic Inventory Using FIFO, UFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $32 $448 Aug. 13 Purchase 16 units at $34 544 Nov. 30 Purchase 10 units at $36 360 Available for sale 40 units $1.352 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $28 $420 Aug. 7 Purchase 18 units at $31 558 Dec. 11 Purchase 14 units at $33 462 47 units $1,440 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
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10. Complete the table below
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