Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Description Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each

Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Description Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each

Name: Inventory data for an item for November are:DateDescription1-Nov4-Nov
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Inventory data for an item for November are:DateDescription1-Nov4-Nov15-Nov17-Nov28-Nov30-NovBeg. InventoryPurchasedSoldPurchasedPurchasedSoldUnits and Prices15 units at $10 each50 units at $12 each45 units for $40 each30 units at $15 each10 units a

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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Ending inventory value? Using LIFO proces Activities Units Acquired at Cost e $ 6.00- Date Units sold at Retail January 1 January 10 January 20 January 25 January 30 $ 840 Beginning inventory Sales Purchase Sales Purchase 140 units e $ 15 e $ 15 100 units 60 units e $ 5.00 - 300 80 units 180 units e $ 4.50 - 810 Totals 380 units $ 1,950 180 units
a1
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W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…