Perpetual Inventory using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows April 1st inventory 120 units at $26  April 10th sale 90 units April 15th purchase 140 units at $28 April 20th sale 110 units April 24th sale 40 units April 30th purchase 160 units at $30 The business maintains a perpetual inventory system,costing by the first- in,first- out method. A. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.Uder FIFO, if units are in inventory at two different costs, enter the units with the lower unit cost first in the cost of the merchandise sold unit cost column and inventory unit cost column. B. Based upon the proceeding data, would you expect the inventory to be higher or lower using the last in, first out method?

Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…

Perpetual inventory using LIFO and FIFO                                   In the spaces provided below, determine the cost of good sold and ending inventory under                 the FIFO and LIFO method for Kimbrell Corporation which uses a perpetual inventory system.                                   Below is the data for the October:                                   Beginning inventory   120 units @ $39 each             October 2 purchase   100 units @ $41 each             October 8 sale   80 units             October 15 purchase   200 units @ $42 each             October 22 sale   250 units                               FIFO                 Purchases Cost of Goods Sold Inventory Balance Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost…

Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $16 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 8 units @ $18 25 Sale 12 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value 00

Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1   Inventory 35 units @ $72 10   Sale 25 units 15   Purchase 46 units @ $75 20   Sale 26 units 24   Sale 8 units 30   Purchase 28 units @ $80 The business maintains a perpetual inventory system, costing by the last-in, first-out 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 Portable Game Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost…

sanjay

Required information [The following information applies to the questions displayed below.] Total Date March 1 March 5 March 9 March 18 March 25 March 29 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Saved Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Cost per Unit Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 130 units @ $96.00 per unit 390 units Subn