FIFO inventory method: What is the gross sales for the month is? The gross profit on sales is?The amount of inventory on December 31, 2019 is?BalanceDecember 14,000 units at P 253,000 units at P 263500 units at P281, 500 units at P 27December 4December 15December 25December 16 ( December 15purchase)December 3PurchasesPurchase return300 unitsSales:3,000 units at P 352,000 units at P 361,000 units at P 37December 16December 28Sales returnDecember 17 (December 16 sale)200 units

FIFO is the first in first out inventory method in which inventory purchased first will be sold…

FIFO inventory method: What isthe gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? December 1 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 4,000 units at P 25 3,000 units at P 26 3,500 units at P 28 1, 500 units at P 27 Balance Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units

FIFO inventory method: What isthe gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? December 1 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 4,000 units at P 25 3,000 units at P 26 3,500 units at P 28 1, 500 units at P 27 Balance Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,000 units at $29 May 10 1,500 units at $31 May 12 2,100 units May 20 1,350 units at $33 May 14 1,800 units May 31 900 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold…
savita
Perpetual Inventory Using FIFO ITE The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $44 Sept. 2 Sale 5,100 units Nov. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 4,200 v 39 V $ 163,800 Apr. 19 2,600 $ 39 V $ 101,400 v 1,600 V June 30 4,400 44 $ 193,600 Sept. 2 900 V…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $41 Apr. 19 Sale 2,400 units June 30 Purchase 4,300 units at $44 Sale 5,100 units Purchase 1,800 units at $46 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity LIFO Method Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity 00 Inventory Unit Cost Inventory Total Cost $ 000
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 5 Inventory Sale 104 units @ $22 83 units 11 Purchase 115 units @ $24 21 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 May 10 20 14 31 2,000 units at $27 1,000 units at $29 900 units at $31 1,400 units 1,200 units. 600 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
answer in text form please (without image)
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.