Sunshine Electronics Ltd records its inventory of Smile Luminous backpacks by using a perpetual inventory system on a FIFO basis. The following details are supplied for one particular popular make and model for the month of November. Complete the worksheet using FIFO, LIFO and Moving Average. 1 may Balance of 20 backpacks costed at $155 6 May Purchased 20 backpacks at $160 each 10 May Sold 15 backpacks at $300 each 15 May Purchased 10 backpacks at $180 each 18 May Sold 30 backpacks at $320 22 May Purchased 20 backpacks at $170 each 30 May Sold 12 backpacks at $310 each

Sunshine Electronics Ltd records its inventory of Smile Luminous backpacks by using a perpetual inventory system on a FIFO basis. The following details are supplied for one particular popular make and model for the month of November. Complete the worksheet using FIFO, LIFO and Moving Average. 1 may Balance of 20 backpacks costed at $155 6 May Purchased 20 backpacks at $160 each 10 May Sold 15 backpacks at $300 each 15 May Purchased 10 backpacks at $180 each 18 May Sold 30 backpacks at $320 22 May Purchased 20 backpacks at $170 each 30 May Sold 12 backpacks at $310 each

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Description: Sunshine Electronics Ltd records its inventory of Smile Luminous backpacks by using a perpetual inventory system on a FIFO basis. The following details are supplied for one particular popular make and model for the month of November. Complete the wor

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
(c) What is gross profit under each method? Gross profit $ Save for Later FIFO LIFO Attempts: 0 of 2 u
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. 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 Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units Dec. 20 1,710 units at $27 Dec. 14 2,280 units Dec. 31 1,140 units Question Content Area a. 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 Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…
Tamarisk's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Tamarisk's purchases of Xpert snowboards during September is shown below. During the same month, 157 Xpert snowboards were sold. Tamarisk's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 34 $101 $ 3,434 Sept. 12 Purchases 59 105 6,195 Sept. 19 Purchases 26 109 2,834 Sept. 26 Purchases 65 114 7,410 Totals 184 $19,873 x Your answer is incorrect. Try again. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 8173 Cost of goods sold 12463 00
Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory Cost of goods sold FIFO 2240 13242 $ LIFO 2000 11018
Tamarisk sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Tamarisk's purchases of WhiteOut snowboards during September. During the same month, 121 WhiteOut snowboards were sold at $168 each. Tamarisk uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost $99 Inventory Purchases Purchases Purchases Totals 27 42 25 52 146 106 110 112 Total Cost $2,673 4,452 2,750 5.824 $15,699 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
Futuristic Electronic Center began July with 60 units of merchandise inventory that cost $68 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Futuristic uses the periodic inventory system, and the physical count at July 31 indicates that 90 units of merchandise inventory are on hand. Read the requirements. Data table Jul. 3 Jul. 12 Jul. 18 40 units @ $72 each 50 units @ $90 each 30 units @ $92 each X Requirements 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. 2. Sales revenue for July totaled $23,000. Compute Futuristic's gross profit for July using each method. 3. Which method will result in the lowest income taxes for Futuristic? Why? Which method will result in the highest net income for Futuristic? Why?
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-10 Periodic: Assigning costs with FIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Next Visit question map Question 1 linked to 2 and 3 of 5 Total1 2 3 of 5 Prev
Patricia's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Patricia's purchases of Xpert snowboards during September is shown below. During the same month, 125 Xpert snowboards were sold. Patricia's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Inventory Purchases Purchases Purchases Totals 30 45 Cost of goods sold 20 50 145 Unit Cost The ending inventory at September 30 $96 100 102 103 $ Total Cost $ $2,880 4,500 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. 2,040 5,150 $14,570 FIFO $ $ LIFO
Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Next Visit question map
Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)