Perpetual inventory using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,900 units at $41Apr. 19Sale2,600 unitsJune 30Purchase4,900 units at $46Sept. 2Sale5,600 unitsNov. 15Purchase2,000 units at $48This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.Open spreadsheetThe firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data inthe form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round youranswers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.Schedule of Cost of Goods SoldLIFO MethodPurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityIlnit CostTotal CostQuantityIUnit CostTotal Cost Open spreadsheetThe firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data inthe form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round youranswers for guantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar.Schedule of Cost of Goods SoldLIFO MethodPurchasesCost of Goods SoldInventoryDateQuantityUnit CostTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostJan. 1Apr. 19June 30Sept. 2Nov. 15Dec. 31Balances

LIFO is last in first out inventory valuation method in which inventories which are purchased last…

Answered: Perpetual inventory using LIFO The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,300 units at $42 Apr. 19 Sale 2,000 units June 30 Purchase 4,800 units at $47 Sept. 2 Sale 6,600 units Nov. 15 Purchase 2,400 units at $49 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $38 Apr. 19 Sale 2,700 units June 30 Purchase 4,000 units at $42 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,400 units at $43 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent,…
Periodic inventory by three methods The units of an item available for sale during the year were as follows: Nov. 23 Purchase 1,400 units at $10 There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Jan. 1 Inventory 2,200 units at $7 Feb. 17 Purchase 3,700 units at $8 Jul. 21 Purchase 2,700 units at $9 X Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. 000
Periodic inventory by three methodsDymac Appliances uses the periodic inventory system. Details regarding the inventory ofappliances at January 1, purchases invoices during the next 12 months, and the inventorycount at December 31 are summarized as follows:Instructions1. Determine the cost of the inventory on December 31 by the first-in, first-out method.Present data in columnar form, using the following headings:Model Quantity Unit Cost Total CostIf the inventory of a particular model comprises one entire purchase plus a portion of another r purchase acquired at a different unit cost, use a separate line for each purchase.2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1).3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1).4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in…
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Oct. 7 Oct. 15 60 units @ $16 48 units 64 units@ $18 Oct. 24 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 Inventory Sale Purchase a. Cost of goods sold on October 24 b. Inventory on October 31
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,700 units at $7 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,400 units at $9 Nov. 23 Purchase 1,100 units at $10 There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. st dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the ne C. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.
Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $4 Feb. 17 Purchase 3,700 units at $5 Jul. 21 Purchase 2,600 units at $6 Nov. 23 Purchase 1,500 units at $7 There are 1,800 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. $ fill in the blank 2 Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. $ Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. $
eBook Show Me How Jan. 1 Aug. 13 Nov. 30 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Inventory 16 units at $46 Purchase 9 units at $49 Purchase 15 units at $50 Available for sale 40 units $1,927 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost $736 441 750
eBook Show Me How Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. S 167,700 b. Determine the inventory cost by the last-in, first-out method. $ 145,600 C. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. s 657,500 X Accounting numeric field Check My Work Previous Next Check My Work 1:17 AM Co个萨国 4/18/2021
Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:InventoryPurchasesSalesDec. 13,300 units at $31Dec. 101,650 units at $33Dec. 122,310 unitsDec. 201,485 units at $35Dec. 141,980 unitsDec. 31990 unitsa. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell PhonesDateQuantity PurchasedPurchases Unit CostPurchases Total CostQuantity SoldCost of Goods Sold Unit CostCost of Goods Sold Total CostInventory QuantityInventory Unit CostInventory Total CostDec. 1 $$Dec. 10 $$…
Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory 57 units @ $21Oct. 7 sales 43 unitsOct. 15 Purchase 46 units @ $24Oct. 24 Sale 23 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the inventory value on October 31.Cost of the goods sold on October 24Inventory value on October 31.

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