Homework Answers
| LIFO METHOD - PERPETUAL INVENTORY ACCOUNTING | ||||||||||
| COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
| Date | Particulars | No. of Units | Cost Per unit | Total | No. of Units | Cost Per unit | Cost of Goods Sold | No. of Units | Cost Per unit | Ending invetory |
| May, 01 | Beginning inventory | 400 | $ 4.20 | $1,680.0 | ||||||
| May, 03 | Sales | 200 | $ 4.20 | $840.0 | 200 | $ 4.20 | $840.0 | |||
| May, 04 | Purchases | 1300 | $ 4.10 | $5,330.0 | 200 | $ 4.20 | $840.0 | |||
| 1300 | $ 4.10 | $5,330.0 | ||||||||
| May, 06 | Sales | 1000 | $ 4.10 | $4,100.0 | 200 | $ 4.20 | $840.0 | |||
| 300 | $ 4.10 | $1,230.0 | ||||||||
| May, 08 | Purchases | 800 | $ 4.30 | $3,440.0 | 200 | $ 4.20 | $840.0 | |||
| 300 | $ 4.10 | $1,230.0 | ||||||||
| 800 | $ 4.30 | $3,440.0 | ||||||||
| May, 12 | Sales | 800 | $ 4.30 | $3,440.0 | ||||||
| 100 | $ 4.10 | $410.0 | 200 | $ 4.20 | $840.0 | |||||
| 200 | $ 4.10 | $820.0 | ||||||||
| May, 14 | Purchases | 700 | $ 4.40 | $3,080.0 | 200 | $ 4.20 | $840.0 | |||
| 200 | $ 4.10 | $820.0 | ||||||||
| 700 | $ 4.40 | $3,080.0 | ||||||||
| May, 18 | Sales | 400 | $ 4.40 | $1,760 | 200 | $ 4.20 | $840.0 | |||
| 200 | $ 4.10 | $820.0 | ||||||||
| 300 | $ 4.40 | $1,320.0 | ||||||||
| May, 22 | Purchases | 1200 | $ 4.50 | $5,400.0 | 200 | $ 4.20 | $840.0 | |||
| 200 | $ 4.10 | $820.0 | ||||||||
| 300 | $ 4.40 | $1,320.0 | ||||||||
| 1200 | $ 4.50 | $5,400.0 | ||||||||
| May , 25 | Sales | 1200 | $ 4.50 | $5,400 | ||||||
| 200 | $ 4.40 | $880 | 200 | $ 4.20 | $840.0 | |||||
| 200 | $ 4.10 | $820.0 | ||||||||
| 100 | $ 4.40 | $440.0 | ||||||||
| May , 29 | Purchases | 500 | $ 4.55 | $2,275.0 | 200 | $ 4.20 | $840.0 | |||
| 200 | $ 4.10 | $820.0 | ||||||||
| 100 | $ 4.40 | $440.0 | ||||||||
| 500 | $ 4.55 | $2,275.0 | ||||||||
| Total | 4,500 | $19,525 | 3,900 | $16,830 | 1,000 | $4,375 | ||||
| Units | Amount | |||||||||
| Answer = Ending inventory = | 1000 Units | $4,375 | ||||||||
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Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May...
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...
Determine Monsoon's ending inventory in dollars using Perpetual FIFO. Round to the nearest dollar. Determine Monsoon's...
Determine Monsoon's ending
inventory in dollars using Perpetual
FIFO. Round to the nearest dollar.
Determine Monsoon's ending inventory in dollars
using Perpetual LIFO. Round to the nearest
dollar.
Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 200 $7.00 1,100 600 $4.10 $4.30 800 $7.00 900 $4.40 800 $7.50 500 $7.50 1,450 550 $4.50...
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 $
I Need help with the next parts, please. B: C: D: Use the following information to...
I Need help with the next parts, please.
B:
C:
D:
Use the following information to answer the next 4 questions Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May May # Cost Price 4. 1,100 $4.10 3 $7.00 200 $4.30 $7.00 600 800 12 14 $4.40 $7.50 900 800 18 22 $4.50 $7.50 1,450 500 25 29...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 1,100 $4.10 3 200 $7.00 600 $4.30 800 $7.00 14 900 $4.40 12 800 $7.50 22 1,450 $4.50 18 500 $7.50 29 550 $4.50 25 1,450 $8.00 Determine Monsoon's ending inventory...
E8.18 (LO3,5) (FIFO, LIFO, and Average-Cost Determination) Keyser Company's record of transactions for the month of...
E8.18 (LO3,5) (FIFO, LIFO, and Average-Cost Determination) Keyser Company's record of transactions for the month of April is as follows. Purchases Sales April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,300 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 21 700 @ 6.60 27 900 @ 12.00 29 500 @ 6.79 4,500 5,300 Instructions a. Assuming that periodic inventory records...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2)...
E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) transactions for the month of April was as...
E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) transactions for the month of April was as follows. John Adams Company's record of Purchases Sales April 1 (balance on hand) April 3 600 @ $6.00 1,500 @ 500 @ $10.00 1,400 10.00 600 11.00 1,200 11.00 900 12.00 4 6,08 9 800@ 6.40 11 1,200 @ 6.50 700 @ 6.60 13 23 21 27 29 500 @ 6.79 4,600 5,300 Instructions a. Assuming that periodic inventory records are kept in units...
Some of the information found on a detail inventory card for Tamarisk Inc. for the first month of operations is as follo...
Some of the information found on a detail inventory card for Tamarisk Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 1a) Calculate average-cost per unit. 1b) From...
E6.4 (LO 2) AP On May 1, Black Bear Company had 400 units of inventory on...
E6.4 (LO 2) AP On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales 300@ $7.00 1,000 @ $7.00 400 @ $7.50 May 4 May 3 1,300@ $4.10 700 @ $4.40 14 16 29 500@ $4.75 18 Instructions a....
Determine Monsoon's ending
inventory in dollars using Perpetual
FIFO. Round to the nearest dollar.
Determine Monsoon's ending inventory in dollars
using Perpetual LIFO. Round to the nearest
dollar.
Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 200 $7.00 1,100 600 $4.10 $4.30 800 $7.00 900 $4.40 800 $7.50 500 $7.50 1,450 550 $4.50...
I Need help with the next parts, please.
B:
C:
D:
Use the following information to answer the next 4 questions Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May May # Cost Price 4. 1,100 $4.10 3 $7.00 200 $4.30 $7.00 600 800 12 14 $4.40 $7.50 900 800 18 22 $4.50 $7.50 1,450 500 25 29...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 1,100 $4.10 3 200 $7.00 600 $4.30 800 $7.00 14 900 $4.40 12 800 $7.50 22 1,450 $4.50 18 500 $7.50 29 550 $4.50 25 1,450 $8.00 Determine Monsoon's ending inventory...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2)...
E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) transactions for the month of April was as follows. John Adams Company's record of Purchases Sales April 1 (balance on hand) April 3 600 @ $6.00 1,500 @ 500 @ $10.00 1,400 10.00 600 11.00 1,200 11.00 900 12.00 4 6,08 9 800@ 6.40 11 1,200 @ 6.50 700 @ 6.60 13 23 21 27 29 500 @ 6.79 4,600 5,300 Instructions a. Assuming that periodic inventory records are kept in units...
E6.4 (LO 2) AP On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales 300@ $7.00 1,000 @ $7.00 400 @ $7.50 May 4 May 3 1,300@ $4.10 700 @ $4.40 14 16 29 500@ $4.75 18 Instructions a....
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