The following transactions occurred for the month of May.
Date | Units | Cost | Total | Sales Price | ||
1-May | Beginning Balance | 70 | 15 | $1,050 | ||
2-May | Purchase | 75 | 11 | $825 | ||
3-May | Purchase | 85 | 12 | $1,020 | ||
10-May | Sale | 150 | $35 | |||
15-May | Purchase | 40 | 18 | $720 | ||
17-May | Sale | 50 | $35 | |||
30-May | Sale | 40 | $35 |
Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO
Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
---|---|---|---|---|---|---|---|---|---|
Dates | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
May 1 | |||||||||
May 2 | |||||||||
May 3 | |||||||||
May 10 | |||||||||
May 15 | |||||||||
May 17 | |||||||||
May 30 | |||||||||
End of the month totals
Cost of Goods Sold | $ |
Ending Inventory | $ |
Gross Profit | $ |
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Ba...
The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Units Cost Total Sales Price 75 10 $750 60 11 $660 80 16 $1,280 $40 19 $855 60 $40 40 $40 Calculate the cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction....
The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Units Cost Total Sales Price 75 10 $750 60 11 $660 80 16 $1,280 125 $40 45 19 $855 60 $40 $40 $40 40 Calculate the cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. End of the month totals Cost of Goods Sold $ [ Ending Inventory $[ Gross...
please help 1-May Beginning 5-May Purchase Units 40 15 Unit cost sale price $ 15.00 $ 20.00 $ $ Total 600.00 300.00 • 10-May Sale 30 $35 $ 1,050.00 15-May Purchase 20 25.00 $ 500.00 $ 1.000.00 20-May Sale LIFO Avg FIFO Cost of Goods Sold Ending inventory Gross Profit
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory 50 $10.00 $500...
The Total Cost of May PURCHASES using the FIFO method is $_________ The Total Cost of May PURCHASES using the LIFO method is $_________ Thank you! HW 1: Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales price of each racket is S140. Company records indicate the following activity for a particular line of rackets. Unit Cost $ 80 Item Balance Date Quantity May May 6 May 8 May 17 May 29 20 Sale...
LIFO Perpetual Inventory The beginning inventory at 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 66 $ 300 $ 19,800 8 Purchase 132 360 47,520 11 Sale 88 1,000 88,000 30 Sale 55 1,000 55,000 May 8 Purchase 110 400 44,000 10 Sale 66 1,000 66,000 19 Sale 33 1,000 33,000 28 Purchase 110 440 48,400 June 5 Sale 66 1,050 69,300...
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...
Weighted Average Cost Method with 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...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 84 $450 $37,800 Purchase 168 540 90,720 11 Sale 113 1,500 169,500 Sale 30 71 1,500 106,500 May 8 Purchase 140 600 84,000 Sale 10 84 1,500 126,000 19 Sale 42 1,500 63,000 28 Purchase 140 660 92,400 June 5 Sale 84 1,575 132,300 16 Sale 112...