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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!

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!

FINANCIAL ACCOUNTING
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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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!
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?
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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