I need help finding Ending Inventory, cost of goods sold, and gross profit for LIFO FIFO and AVERAGE Cost
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40$ 54
June
4
Purchase
13557
June
10
Sale
11084
June
11
Sale return
1584
June
18
Purchase
5560
June
18
Purchase return
1060
June
25
Sale
6590
June
28
Purchase
3564
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I need help finding Ending Inventory, cost of goods sold, and gross profit for LIFO FIFO and AVERAGE Cost
I need to find the ending inventory, cost of goods sold, and gross profit for LIFO,...
I need to find the ending inventory, cost of goods sold, and
gross profit for LIFO, FIFO and Average-cost. How do I do
this?
*Problem 6-5A (Part Level Submission) You are provided with the following information for Whispering Winds Inc. for the month ended June 30, 2019. Whispering Winds uses the periodic system for inventory Unit Cost or Description Beginning inventory Quantity Selling Price Date 38 $42 June 1 Purchase 137 46 June 4 June 10 Sale 115 69 Sale...
Find ending inventor, cost of goods sold, and gross profit using LIFO and FIFO You are provided with the following infor...
Find ending inventor, cost of goods sold, and gross profit using
LIFO and FIFO
You are provided with the following information for Cullumber Inc. for the month ended June 30, 2020. Cullumber uses the periodic method for inventory. Unit Cost or Quantity Selling Price 38 $38 135 42 105 Date Description June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 12 67...
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $ enter the weighted-average cost per unit in dollars rounded to 2 decimal places
You have the following information for Lily Inc. for the month ended June 30, 2022. Lily uses a periodic inventory system.DateDescriptionQuantityUnit Cost or Selling PriceJune1Beginning inventory40$ 60June4Purchase13563June10Sale11090June11Sale return1590June18Purchase5566June18Purchase return1066June25Sale6596June28Purchase3570Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)Weighted-average cost per unit$ enter the weighted-average cost per unit in dollars rounded to 2 decimal places
Calculate ending inventory and cost of goods sold using Specific Identification, FIFO, LIFO, and Weighted Average....
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. ...
Determine cost of goods sold and ending inventory using FIFO,
LIFO, and average-cost with analysis.
Financial Accounting, 8th Edition by Weygandt, Kieso, and
Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A
Schildhouse
Problem: Doom's Day Distribution markets CDs of the performing
artist Marilynn. At...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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 of merchandise inventory purchased, sold, and on hand at the end...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
You are provided with the following information for Splish Brothers Inc. for the month ended June 30, 2020. Splish Brothers uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 45 $4
You are provided with the following information for Splish Brothers Inc. for the month ended June 30, 2020. Splish Brothers uses the periodic method for inventory.DateDescriptionQuantityUnit Cost or Selling PriceJune1Beginning inventory45$42June4Purchase13546June10Sale11573June11Sale return1373June18Purchase5448June18Purchase return948June25Sale6878June28Purchase2552(a1)Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 5.25.)Weighted-average cost per unit$(a2)Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0...
can I please have explanations as well P6-5A You are provided with the following information for...
can I please have explanations as well
P6-5A You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory Unit Cost or Date Quantity Selling Price Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase $40 40 135 110 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 70 70 46 46 75 50 65 30 Instructions...
Weighted average method cost LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases...
Weighted average method cost
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 8 Purchase 1,240 $30,000 93,000 80,000 60,000 11 Sale 2,000 30 Sale May 8 10 2,000 1,260 2,000 Sale 19 28 June 5 Sale Purchase Sale 2,000 1,260 75,600 100,000 40,000 100,800 90,000 16 Sale 56,250 2,250 252,250 1,264 2,250 21 Purchase 44,240 28 Sale 99,000 Legg...
I need to find the ending inventory, cost of goods sold, and
gross profit for LIFO, FIFO and Average-cost. How do I do
this?
*Problem 6-5A (Part Level Submission) You are provided with the following information for Whispering Winds Inc. for the month ended June 30, 2019. Whispering Winds uses the periodic system for inventory Unit Cost or Description Beginning inventory Quantity Selling Price Date 38 $42 June 1 Purchase 137 46 June 4 June 10 Sale 115 69 Sale...
Find ending inventor, cost of goods sold, and gross profit using
LIFO and FIFO
You are provided with the following information for Cullumber Inc. for the month ended June 30, 2020. Cullumber uses the periodic method for inventory. Unit Cost or Quantity Selling Price 38 $38 135 42 105 Date Description June 1 Beginning inventory June 4 Purchase June 10 Sale June 11 Sale return June 18 Purchase June 18 Purchase return June 25 Sale June 28 Purchase 12 67...
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
Determine cost of goods sold and ending inventory using FIFO,
LIFO, and average-cost with analysis.
Financial Accounting, 8th Edition by Weygandt, Kieso, and
Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A
Schildhouse
Problem: Doom's Day Distribution markets CDs of the performing
artist Marilynn. At...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO 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 of merchandise inventory purchased, sold, and on hand at the end...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
can I please have explanations as well
P6-5A You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory Unit Cost or Date Quantity Selling Price Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase $40 40 135 110 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 70 70 46 46 75 50 65 30 Instructions...
Weighted average method cost
LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a Number of Units Date Transaction Per Unit Total Apr. 3 Inventory $1,200 8 Purchase 1,240 $30,000 93,000 80,000 60,000 11 Sale 2,000 30 Sale May 8 10 2,000 1,260 2,000 Sale 19 28 June 5 Sale Purchase Sale 2,000 1,260 75,600 100,000 40,000 100,800 90,000 16 Sale 56,250 2,250 252,250 1,264 2,250 21 Purchase 44,240 28 Sale 99,000 Legg...
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