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3. Beginning inventory, purchases, and sales of a commodity are presented below:
Inventory: | July 1 15 units at $55 |
Sold | July 6 10 units at $57 |
Purchased | July 9 30 units at $60 |
Sold | July 12 30 units at $58 |
Purchased | July 18 50 units at $65 |
Sold | July 22 40 units at $59 |
Assuming that the perpetual inventory system is used, determine the Total Cost of the Merchandise Sold and the Total
Cost of the Ending Inventory using a) FIFO b) LIFO c) Weighted Average
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Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a suppl...
Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a supplier on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009. If 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, is.. Beginning...
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies...
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. Unit Units Cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold 2,500 1,250 6,500 3,500 8.500 55 200CE Calculate the cost of ending inventory...
Steel Mill began August with 60 units of iron inventory that cost $ 25 each. During...
Steel Mill began August with 60 units of iron inventory that
cost $ 25 each. During August the company completed the following
inventory transactions:
Units
Unit Cost
Unit Sales Price
Aug.
3
Sale
45
$72
8
Purchase
65
$41
21
Sale
55
86
30
Purchase
20
56
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory...
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...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6 (0 complete) HW Score: 0%, 0 of 6 p P6-32A (similar to) Question Help Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases: EEB (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 75 units at $56 10 Sale 59 units 15 Purchase 99 units at $58 20 Sale 57 units 24 Sale 15 units 30 Purchase 32 units at $60 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...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of putterrs and other golf clubs. The sales pce of cach putrer is $119. Company records indicate the following for a particular o E6-19 Ce pr Golf Unlimited's putters: Ass foll Unit Cost Quantity Item Date $ 53 24 Balance Nov. 1 20 Sale 6 70 30 Purchase 8 30 Sale 17 2 Sale 30 goods E6-16 Measuring and journalizing merchandise inventory and cost of...
this is all the details in the question Homework: Chapter 6 Homework HW SO core: 0...
this is all the details in the question
Homework: Chapter 6 Homework HW SO core: 0 of 50 pts < 6 of 6 5 complete P6A-32A (similar to) 25th Century Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the wore made the following purchases Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory...
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 65 units @ $52 Sale 49 units 15 79 units $55 Purchase Sale 20 46 units 24 Sale 11 units Purchase 38 units $57 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 form illustrated...
Dy the average cost method iS 5. A purchase order for $7,000 of merchandise was mailed to a supplier on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009. If 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, is.. Beginning...
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. Unit Units Cost $45 July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold 2,500 1,250 6,500 3,500 8.500 55 200CE Calculate the cost of ending inventory...
Steel Mill began August with 60 units of iron inventory that
cost $ 25 each. During August the company completed the following
inventory transactions:
Units
Unit Cost
Unit Sales Price
Aug.
3
Sale
45
$72
8
Purchase
65
$41
21
Sale
55
86
30
Purchase
20
56
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory...
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...
Homework: Week 4 - Chapter 06 problems Save Score: 0 of 1 pt 4 of 6 (0 complete) HW Score: 0%, 0 of 6 p P6-32A (similar to) Question Help Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each. During July, the store made the following purchases: EEB (Click the icon to view the purchases.) Tomorrows uses the periodic inventory system, and the physical count at July 31 indicates that 140 units of merchandise...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 75 units at $56 10 Sale 59 units 15 Purchase 99 units at $58 20 Sale 57 units 24 Sale 15 units 30 Purchase 32 units at $60 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...
Exercises Se the perpetual interessed as some ter started 14 Using accounting vocabulary ch che accounting terms with the corresponding definitions a. Treats the oldest inventory purchases as the first units sold, Specific identification 2. Materiality concept Latin, first-out (LIFO) Conservatism Consistency principle Weighted average Disclosure principle First-in, first-out (FIFO) b. Requires that a company report enough information for outsiders to make knowledgeable decisions. c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory. d. Calculates...
Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of putterrs and other golf clubs. The sales pce of cach putrer is $119. Company records indicate the following for a particular o E6-19 Ce pr Golf Unlimited's putters: Ass foll Unit Cost Quantity Item Date $ 53 24 Balance Nov. 1 20 Sale 6 70 30 Purchase 8 30 Sale 17 2 Sale 30 goods E6-16 Measuring and journalizing merchandise inventory and cost of...
this is all the details in the question
Homework: Chapter 6 Homework HW SO core: 0 of 50 pts < 6 of 6 5 complete P6A-32A (similar to) 25th Century Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the wore made the following purchases Click the icon to view the purchases.) 25th Century uses the periodic inventory system, and the physical count at October 31 indicates that 80 units of merchandise inventory...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 65 units @ $52 Sale 49 units 15 79 units $55 Purchase Sale 20 46 units 24 Sale 11 units Purchase 38 units $57 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 form illustrated...
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