12 The following information isprovided for the sales of.2021merchandise item in alof Janthe firstpurchasedSold 700 units.Jan I Rep Purchased 900 units 610600gDan 3purchasedCan y sold 1000 unitsJan 5Sold 50 units.andGana400 units & la12Record in the prepetual invertorysheet for the above transactionclearly show the inventory balanceusers fifo method ofpricing merchandise issuanceTTTTTTANOO

FIFO Method is a inventory valuation method where a company utilizes the inventory that purchased…

Answered: 12 The following information is…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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Similar questions

Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 700 $1.00 $0.80 1 300 1.50 1.55 200 4.90 5.15 2 100 6.50 6.40 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B Product C Product D Product E Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value 24 %24 B.
Sales-related transactions using perpetual inventory systemThe following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalers andoccasionally to retail customers: Mar. 2 Sold inerchandi.se on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold merchandise for 511.350 plus 6% sales tax to retail cashcustomers. The cost of merchandise sold was $7,000.Sold merchandise on account to Empire Co., $55,400, terms FOB 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point. n/com. The cost of merchandise sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retailcustomers who used MasterCard. The cost of merchandise sold was $19,400. 12. Received check for amount due from Equinox Co. for sale onMarch 2. 14. Sold merchandise to customers who used American Expresscards, $ 13,700. The cost of merchandise sold was…
Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:May 1Inventory42 units @ $249Sale35 units13Purchase31 units @ $2828Sale15 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.a. Cost of merchandise sold on May 28$b. Inventory on May 31$
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
Q/ Here are the inventory records for AT Co for the month of Mar. Date Account name Quantity Unit Cost 1- Mar Balance 100 10 17- Mar Purchase 70 14 19- Mar 23- Mar Sale 60 Sale 50 25- Mar Purchase 40 15 27- Mar Purchase 30 17 31- Mar Sale 50 Required: Using LIFO method under the perpetual system to find Cost of Goods sold and ending inventory.
ABC Ltd. Uses the periodic inventory system and provided the following data: Cost Per Unit Date 1/2 4/3 5/9 9/18 10/17 11/5 $29,780 O $29,990 O $29,660 Beginning Inventory Purchase Sale Purchase Sale Purchase What is Cost of Goods Sold using the FIFO cost flow assumption? O $30,675 Units 120 150 175 140 180 120 $80 $85 $86 $88
Calculaie inventory and cosi of goods sold using nva cosn flow inerhods in a perperual inventory system. E6. (LO 5) Howsham Ltd. reports the following for the month of June. Date Units Unit Cost Total Cost Explanation Inventory Purchase June 1 200 £5 £1,000 12 300 6. 1,800 23 Purchase 500 3,500 30 Inventory 160 instructions a. Calculate the cost of the ending inventory and the cost of goods sold for (1) FIFO and (2) moving- average cost, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of £8 and a salc of 440 units on June 27 for £9. E Why is the average unit cost noi £6 (£5 + £6 + £7) + 3 = £6]? *E6. 16 (LO S) Information about Zhu Boaids is presented in E6.4. Additional data regarding Zhu's sates of Xpert snowboards are provided below. Assume that Zhu uses a perpetual inventory system. Apply cast flow merhods to perperual records. Date Unit Price Total Revenue Explanation Sale Units HKS1,990 Sept. 5 Sept. 16 Sept. 29 12 HKS 23,880…
Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as follow s: Oct 1132220 Inventory SalePurchaseSale 320 units at $10180 units360 units at $12300 units Assuming a perpetual inventory system and using the weighted averagemethod, determine (a) the weighted average unit cost after the October22 purchase, (b) the cost of goods sold on October 29, and (c) theinventory on October 31.

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