FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I will send two exercises because you will need the EX 6-5 to complete the second exercise, I need only the EX 6-6 , please and thank you!
Transcribed Image Text:EX 6-3 Perpetual inventory using FIFO
V Inventory balance,
November 30, $7,480
Total Cost of goods
sold, $315,000
Beginning inventory, purchases, and sales data for DVD players are as follov
120 units at S39
Inventory
Sale
Purchase
Nov.
1
90 units
10
140 units at $40
15
110 units
SHOW ME HOW
20
Sale
45 units
24
Sale
160 units at $43
30
Purchase
The business maintains a perpetual inventory system, costing by the first-in, first-out method
4. Determine the cost of goods sold for each sale and the inventory balance after ena
presenting the data in the form illustrated in Exhibit 3.
D. Based upon the preceding data, would you expect the inventory to be higher or lower
the last-in, first-out method?
using
V Inventory balance,
November 30, $7,465
Obj. 2, 3
EX 6-4 Perpetual inventory using LIFO
Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costine
the last-in, first-out method. Determine the cost of goods sold for each sale and the inventor
balance after each sale, presenting the data in the form illustrated in Exhibit 4.
V Total Cost of goods
sold, $314,000
(X)
SHOW ME HOW
EXCEL TEMPLATE
EX 6-5 Perpetual inventory using LIFO
beginning inventory, purchases, and sales data for prepaid cell phones for December are as follo
Obj. 2, 3
V Inventory balance,
December 31, $8,064
V Total Cost of goods
sold, $318,000
Inventory
Purchases
Sales
144 units at $90
240 units at $96
Dec. 1
310 units at $88
Dec. 10
Dec. 12
240 units
SHOW ME HOW
20
14
166 units
EXCEL TEMPLATE
31
200 units
V b. $7,500
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.
b. Based upon the preceding data, would you expect the inventory to be higher or lower usino
the first-in, first-out method?
SHOW ME HC
V Inventory balance,
December 31, $8,448
EX 6-6 Perpetual inventory using FIFO
Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the
first-in, first-out 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 3
Obj. 2, 3
(X)
SHOW ME HOW
EXCEL TEMPLATE
EX 6-7 FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale durg e vear:
V a. Inveni
V b. $1,258,000
Obj. 2, 3
$24
Beginning inventory
Sale
5,300 5300
SHOW ME HOW
First purchase
15,000 uns E $185
SHOW
Sale
13,000 units at $300
16,000 units at $192
14,000 units at $300
Second purchase
Sale
The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the
end of the year. What is the total cost of the ending inventory according to (a) FIFO and (b) LIFO?
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