1.
Cost of goods sold | $1,161 |
Ending inventory | $648 |
Calculations:
FIFO | Cost of goods sold | ||
Units | Cost/Unit | Total | |
Oct.1 Inventory | 32 | $21 | $672 |
Oct.1 Inventory | 13 | $21 | $273 |
Oct.15 Purchase | 9 | $24 | $216 |
Total | 54 | $1,161 | |
FIFO | Ending inventory | ||
Units | Cost/Unit | Total | |
Oct.15 Purchase | 27 | $24 | $648 |
Total | 27 | $648 |
2.
Cost of goods sold | $290 |
Ending inventory | $100 |
Calculations
LIFO | Cost of goods sold | ||
Units | Cost/Unit | Total | |
Sept.1 Inventory | 17 | $10 | $170 |
Sept.17 Purchase | 8 | $15 | $120 |
Total | 25 | $290 | |
LIFO | Ending inventory | ||
Units | Cost/Unit | Total | |
Sept.1 Inventory | 7 | $10 | $70 |
Sept.17 Purchase | 2 | $15 | $30 |
Total | 9 | $100 |
3.
Cost of goods sold | $434 |
Ending inventory | $268 |
Calculations:
LIFO | Cost of goods sold | ||
Units | Cost/Unit | Total | |
Sept.1 Inventory | 15 | $14 | $210 |
Sept.17 Purchase | 14 | $16 | $224 |
Total | 29 | $434 | |
LIFO | Ending inventory | ||
Units | Cost/Unit | Total | |
Sept.1 Inventory | 10 | $14 | $140 |
Sept.17 Purchase | 8 | $16 | $128 |
Total | 18 | $268 |
4.
October 31 | |
Sales | $28 |
Cost of goods sold | ($5) |
Gross profit | $23 |
Ending Inventory ($13+$15) | $28 |
5.
Cost of goods sold | $978 |
Ending inventory | $240 |
Calculations:
FIFO | Cost of goods sold | ||
Units | Cost/Unit | Total | |
Sept.1 Inventory | 18 | $18 | $324 |
Sept.1 Inventory | 13 | $18 | $234 |
Sept.17 Purchase | 21 | $20 | $420 |
Total | 52 | $978 | |
FIFO | Ending inventory | ||
Units | Cost/Unit | Total | |
Sept.17 Purchase | 12 | $20 | $240 |
Total | 12 | $240 |
Ch 6 Assignment (Not Graded) Calculator Perpetual Inventory Using FIFO 1 BE.06.02 ALGO Beginning inventory, purchases,...
Chapter 6. Quiz Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 29 units 5 Sale 17 units 17 Purchase 32 units $16 30 Sale 31 units Assuming a perpetual inventory system and the first in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30 a. Cost of goods sold b. Inventory, September 30 $ 192
EMR Netflix eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as Oct. 1 Inventory 88 units $17 8 Sale 15 Purchase 98 units $21 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the a. Cost of godds sold on Oct. 27 70 units b. Inventory on Oct. 31 on EMR...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units $17 5 Sale 14 units 17 Purchase 25 units $18 30 Sale 27 units Assuming a perpetual Inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold $ 170 b. Inventory, September 30
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 34 units $16 5 Sale 20 units 17 Purchase 37 units $19 30 Sale 35 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 14 units 17 Purchase 26 units @ $17 30 Sale 27 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $11 5 Sale 13 units 17 Purchase $13 25 units 15 units 30 Sale Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 71 units @ $23 Oct. 1 Inventory 7 Sale 51 units 45 units @ $27 15 Purchase 24 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31 $
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 67 units @ $25 Oct. 1 7 Inventory Sale 51 units 15 Purchase 69 units @ $26 24 Sale 21 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 9 b. Inventory on October 31...
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $17 Oct 7th 7 Sale 39 units Oct 15th Purchase 36 units @ $20 Oct 24th Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October...