FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ques Quest Quest Ques Ques Data table Date Item Nov. 1 Nov. 6 Nov. 8 Nov. 17. Nov. 30 Balance Sale Purchase Sale Sale Print Quantity 8 $ 2 12 Unit Cost 72 12 3 Done 75 I Requirements 1. Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) Print Done X SUGE
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Transcribed Image Text:Ques Quest Quest Ques Ques Data table Date Item Nov. 1 Nov. 6 Nov. 8 Nov. 17. Nov. 30 Balance Sale Purchase Sale Sale Print Quantity 8 $ 2 12 Unit Cost 72 12 3 Done 75 I Requirements 1. Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) Print Done X SUGE
Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $120. Company records indicate the following for a particular line of Putter's Paradise's putters: (Click the icon to view the records.) Read the requirements. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Inventory on Hand Unit Cost 8 $ 72 $ Date Quantity Nov. 1 Nov. 6 Purchases: Unit Cost Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Quantity Total Cost 576
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Transcribed Image Text:Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $120. Company records indicate the following for a particular line of Putter's Paradise's putters: (Click the icon to view the records.) Read the requirements. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Inventory on Hand Unit Cost 8 $ 72 $ Date Quantity Nov. 1 Nov. 6 Purchases: Unit Cost Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Quantity Total Cost 576
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