FIFO METHOD On 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The following transactions occurred during the month Augs 4 Purchased 155 units at AED15 per unit Augs 5 Retumed 10 units from August 4 purchases Augs 6 Sold 175 units Augs8 40 of the units sold on Augs 6 were returned Augs10 Purchased 135 units al AED 17 per unit Augs 12 Returned 25 of the units that was purchased on Augs 10 a, Prepare the inventory valuation report using FIFO (First In-First Out) b. Compute the total cost of goods sold and ending inventory on Augs. 31.

FIFO METHOD On 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The following transactions occurred during the month Augs 4 Purchased 155 units at AED15 per unit Augs 5 Retumed 10 units from August 4 purchases Augs 6 Sold 175 units Augs8 40 of the units sold on Augs 6 were returned Augs10 Purchased 135 units al AED 17 per unit Augs 12 Returned 25 of the units that was purchased on Augs 10 a, Prepare the inventory valuation report using FIFO (First In-First Out) b. Compute the total cost of goods sold and ending inventory on Augs. 31.

Name: FIFO METHODOn 1 August L&T Co. had a balance in inventory of 120 unit
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Description: FIFO METHODOn 1 August L&T Co. had a balance in inventory of 120 units at AED14.25 per unit. The following transactions occurred during the month.Augs 4Purchased 155 units at AED15 per unitAugs 5Retumed 10 units from August 4 purchasesAugs 6Sold 175

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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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 = $ 2,184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 = 4,774 Mar. 15 Sales 270 units @ $40.40 July 30 Purchase 410 units @ $20.40 = 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 110 units @ $25.40 = 2,794 Totals 1,040 units $ 18,116 820 units Exercise 5-9A Periodic: Inventory costing system LO P3 Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.(c) Compute the gross margin for each method.
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Journal entries required
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