owsham Ltd. reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory 200 E5 Purchase 300 Purchase 500 Inventory 160 Periodic Inventory System The cost of the ending inventory The cost of goods sold Perpetual Inventory System 6 7 Total Cost €1,000 1,800 3.500 FIFO AVERAGE-COST £1,120 €5,180 €1.008 £5,292

owsham Ltd. reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory 200 E5 Purchase 300 Purchase 500 Inventory 160 Periodic Inventory System The cost of the ending inventory The cost of goods sold Perpetual Inventory System 6 7 Total Cost €1,000 1,800 3.500 FIFO AVERAGE-COST £1,120 €5,180 €1.008 £5,292

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

Me How Calculator Print Item Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item FK7 are as follows: Sept. 1 Inventory 115 units at $255 10 Sale 100 units 18 Purchase 110 units at $260 27 Sale 105 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $4 b. Inventory on September 30 2:09 PM 10/23/2020 Cop 8.
On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Cost Retail May 1 Inventory $22,670 $37,790 May 1-31 Purchases 41,000 78,140 May 1-31 Sales 94,860 Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a.$31,190 b.$11,270 c.$22,842 d.$11,572
Do not give image format
Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 104 15 9 Sale 95 16 Purchase 130 23 25 Sale 77 Assuming a perpetual inventory system and using the Last-in, first-out (LIFO) method, determine the Cost of Goods Sold in November.
pre.22
The following units of a particular item were available for sale during the calendar year:Jan. 1 Inventory 4,000 units at $20Apr. 19 Sale 2,500 unitsJune 30 Purchase 6,000 units at $24Sept. 2 Sale 4,500 unitsNov. 15 Purchase 1,000 units at $25The firm uses the weighted average cost method with a perpetual inventory system.Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( Sol # of units Available for units unit unit Sale sold December 7 10 at $ 9.00 2$ 90.00 %3D 20 at $ 15.00 $ 300.00 %3D December 14 Total December 14 15 at $ 23.00 = 2$ December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals $ :
Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $4 12 Purchase 450 $6 23 Purchase 750 $5 30 Ending Inventory 222 Compute the cost of the ending inventory and the cost of goods sold under • FIFO • LIFO average-cost method. Answer:
Please do not give solution in image format
please answer question