A record of transactions for the month of May was as follows: Purchases Sales May 1...
A record of transactions for the month of May was as
follows:
| Purchases | Sales | |||||||||
| May | 1 | (balance) | 430 @ | $5.40 | May | 3 | 215 @ | $7.00 | ||
| 4 | 1,300 @ | $5.30 | 6 | 1,030 @ | 7.00 | |||||
| 8 | 880 @ | $5.50 | 12 | 980 @ | 7.50 | |||||
| 14 | 780 @ | $5.60 | 18 | 430 @ | 7.50 | |||||
| 22 | 1,260 @ | $5.70 | 25 | 1,430 @ | 8.00 | |||||
| 29 | 600 @ | $5.75 | ||||||||
Assuming that perpetual inventory records are kept in dollars,
determine the ending inventory using LIFO.
| Ending inventory | $ |
Homework Answers
LIFO Method - Perpetual inventory.
Ending inventory = ( 215 * $ 5.4 ) + ( 170 * $ 5.3 ) + ( 180 * $ 5.6 ) + ( 600 * 5.75 ) .
Ending inventory = $ 6520.
Add Answer to:
A record of transactions for the month of May was as follows: Purchases Sales May 1...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.40 May 3 240 @ $7.00 4 1,350 @ $5.30 6 1,000 @ 7.00 8 800 @ $5.50 12 900 @ 7.50 14 700 @ $5.60 18 500 @ 7.50 22 1,290 @ $5.70 25 1,300 @ 8.00 29 600 @ $5.75 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230...
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230 @ $3.20 June 2 8900@ 3.10 6320@ 3 6 5.70 4780@ 7 3.30 9 4080 @ 5.70 7300@ 10 1510 @ 15 3.40 7.00 2100 @ 3.50 22 18 5570 @ 7.00 780 @ 25 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is $18453 $16846 $17046 $19216
Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Exercise 8-11 Sheffield Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Sheffield Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,260
@
$6.00
April 3
1,050
@
$10.00
4
3,150
@
6.08
9
2,940
@
10.00
8
1,680
@
6.40
11
1,260
@
11.00
13
2,520
@
6.50
23
2,520
@
11.00
21
1,470
@
6.60
27
1,890
@
12.00
29
1,050
@
6.79
9,660
11,130
Assuming that periodic inventory records are kept in units
only, calculate the...
Transactions for the month of June were: Purchases Sales June 1 (balance) 3270 @ $3.20 June...
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3270 @
$3.20
June 2
2340 @
$5.60
3
8750 @
3.10
6
6450 @
5.60
7
4900 @
3.30
9
4040 @
5.60
15
7180 @
3.40
10
1620 @
7.00
22
2030 @
3.50
18
5530 @
7.00
25
750 @
7.00
Assuming that perpetual inventory records are kept in units
only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round...
(1 points) A record of transactions for the month of May was as follows: Purchases Sales...
(1 points) A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 200 May 3 4 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 1,000 500 1) Assuming that a periodic inventory system is used, compute the End dollars for the month of May using FIFO. stem is used, compute the Ending Inventory balance in
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Exercise 8-11 Swifty Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Swifty Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11 Sheffield Company's record of transactions for the month of April was as follows. Purchases...
Exercise 8-11 Sheffield Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 726 @ $6.00 April 3 605 @ $10.00 1,815 @ 6.08 9 1,694 @ 10.00 968 @ 6.40 11 726 @ 11.00 1,452 @ 6.60 23 1,452 @ 11.00 847 @ 6.80 27 1,089 @ 12.00 605 @ 7.00 5,566 6,413 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Transactions for the month of June were Purchases Sales 2460 @ $5.70 June 1 (balance) 3230 @ $3.20 June 2 8900@ 3.10 6320@ 3 6 5.70 4780@ 7 3.30 9 4080 @ 5.70 7300@ 10 1510 @ 15 3.40 7.00 2100 @ 3.50 22 18 5570 @ 7.00 780 @ 25 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is $18453 $16846 $17046 $19216
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Exercise 8-11
Sheffield Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,260
@
$6.00
April 3
1,050
@
$10.00
4
3,150
@
6.08
9
2,940
@
10.00
8
1,680
@
6.40
11
1,260
@
11.00
13
2,520
@
6.50
23
2,520
@
11.00
21
1,470
@
6.60
27
1,890
@
12.00
29
1,050
@
6.79
9,660
11,130
Assuming that periodic inventory records are kept in units
only, calculate the...
Transactions for the month of June were:
Purchases
Sales
June 1
(balance) 3270 @
$3.20
June 2
2340 @
$5.60
3
8750 @
3.10
6
6450 @
5.60
7
4900 @
3.30
9
4040 @
5.60
15
7180 @
3.40
10
1620 @
7.00
22
2030 @
3.50
18
5530 @
7.00
25
750 @
7.00
Assuming that perpetual inventory records are kept in units
only, the ending inventory on an average-cost basis, rounded to the
nearest dollar, is (Round...
(1 points) A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 200 May 3 4 400 @ $5.10 1,400 @ $5.20 600 @ $5.30 1,000 500 1) Assuming that a periodic inventory system is used, compute the End dollars for the month of May using FIFO. stem is used, compute the Ending Inventory balance in
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
Exercise 8-11
Swifty Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11 Sheffield Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 726 @ $6.00 April 3 605 @ $10.00 1,815 @ 6.08 9 1,694 @ 10.00 968 @ 6.40 11 726 @ 11.00 1,452 @ 6.60 23 1,452 @ 11.00 847 @ 6.80 27 1,089 @ 12.00 605 @ 7.00 5,566 6,413 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer...
Most questions answered within 3 hours.
-
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 1 hour ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 2 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 2 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 2 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 2 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 3 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 2 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 2 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 3 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 2 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 3 hours ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 3 hours ago