Quantity Unit Cost Total Cos 130 $25.00 $3,250 120 28.50 3,420 100 39.00 3,900
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- Mary's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree. First purchase (oldest) Second purchase Third purchase Total Quantity 130 120 100 350 Unit Cost $25.00 28.50 39.00 Total Cost $3,250 3,420 3,900 $ 10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mary's Nursery values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.) Required: a. Prepare the journal entries required to adjust the inventory records at year-end, assuming that Mary's Nursery uses (1) Average cost, (2) Last-in, first-out. b. Prepare the journal entries required to adjust the inventory records at year-end, assuming that Mary's Nursery uses the first-in,…2- Mary's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree. First purchase (oldest) Second purchase Third purchase Total Quantity 130 120 100 350 Unit Cost $25.00 28.50 39.00 Total Cost $3,250 3,420 3,900 $ 10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mary's Nursery values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.) Required: a. Prepare the journal entries required to adjust the inventory records at year-end, assuming that Mary's Nursery uses (1) Average cost, (2) Last- in, first-out.Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
- FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $41 10 units at $64 36 units at $43 34 units at $65 Second purchase 25 units at $46 Sale 20 units at $66 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. Sale First purchase Sale a. What is the total cost of the ending inventory according to FIFO? X b. What is the total cost of the ending inventory according to LIFO?Title Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a... Description Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the LIFO method?Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
- Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 ea Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7)…The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 8 units at $51 First purchase 19 units at $50 Second purchase 26 units at $56 Third purchase 16 units at $62 The firm uses the periodic inventory system, and there are 26 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using FIFO? a.$3,806 b.$1,552 c.$1,326 d.$3,780FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 33 units at $45 Sale 28 units at $63 First purchase 15 units at $48 Sale 6 units at $64 26 units at $51 24 units at $64 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. Second purchase Sale a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?
- FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning inventory 26 units at $49 Sale 22 units at $74 First purchase 37 units at $52 Sale 29 units at $75 Second purchase 29 units at $53 Sale 20 units at $77 The firm uses the perpetual inventory system, and there are 21 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using FIFO? a. $620 b. $659 O c. $655 O d. $690 4The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the LIFO method? Oa. $1,575 Ob. $3,815 Oc. $1,685 Od. $1,805