Bookmarks Window HelpeBookChapter 6 Homework12DateJan. 1Apr. 19June 30Perpetual Inventory Using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,900 units at $41Apr. 19Sale2,500 unitsJune 304,400 units at $45Sept. 24,800 unitsNov. 151,800 units at $47The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data inthe form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in theInventory Unit Cost column.Sept. 2Nov. 15Dec. 31Feedback0Check My WorkMPurchaseSalePurchaseQuantity4,4001,800 ✓BalancesPrint ItemBEPurchasesUnit CostMAR745v2.cengagenow.com47Total Cost$198,000 ✓84,600✔Schedule of Cost of Goods SoldFIFO MethodAll work saved.Quantity2,500 ✓2,500 X2,400 XnC CengageNOWv2 | Online teaching and learning resource from Cengage LearningCost of Goods SoldUnit CosttvB CsTotal Cost$12:25QuantityInventoryUnit CostATotal CostPrevious Next>Save and Exit Submit Assignment for Grading@-CA+ CGstnang inbertE okmarks Window HelpeBookChapter 6 Homework12Perpetual Inventory Using LIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory.3,800 units at $40Apr. 19Sale2,400 unitsJune 30Sept. 2Nov. 15DateJan. 1Apr. 19June 304,600 units at $454,900 units2,200 units at $48The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data inthe form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.Sept. 20Nov. 15Dec. 31Check My WorkPurchaseSalePurchasePrint ItemQuantityBalancesPurchasesUnit Costv2.cengagenow.com2MAR7Total CostSchedule of Cost of Goods SoldLIFO MethodQuantity[All work saved.nC CengageNOWv2 | Online teaching and learning resource from Cengage LearningCost of Goods SoldUnit Cost$B Ctv♫♬ JTotal Cost$QuantityI all12:25InventoryUnit CostTotal CostA✩ +Previous Next >Save and Exit Submit Assignment for GradingPSA

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Description: Bookmarks Window HelpeBookChapter 6 Homework12DateJan. 1Apr. 19June 30Perpetual Inventory Using FIFOThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory3,900 units at $41Apr. 19Sale2,500 unitsJune

First in first out method is also written as FIFO method and last in first out method is also…

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Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: 3,900 units at $41 2,500 units 4,400 units at $45 4,800 units Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 1,800 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Feedback Inventory Sale Purchase Sale Check My Work Purchase Quantity 4,400 1,800 Balances Purchases Unit Cost MAR 7 47 Total Cost 198,000 84,600 Schedule of Cost of Goods Sold FIFO Method All work saved. Quantity Cost of Goods Sold Unit Cost 2,500 ✓ 2,500 X 2,400 X #tv Total Cost 12:25 Quantity tory Unit Cost 10 A Next > Save and Exit Submit Assignment for Grading Total Cost Previous st na ng in bert

Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: 3,900 units at $41 2,500 units 4,400 units at $45 4,800 units Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 1,800 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Feedback Inventory Sale Purchase Sale Check My Work Purchase Quantity 4,400 1,800 Balances Purchases Unit Cost MAR 7 47 Total Cost 198,000 84,600 Schedule of Cost of Goods Sold FIFO Method All work saved. Quantity Cost of Goods Sold Unit Cost 2,500 ✓ 2,500 X 2,400 X #tv Total Cost 12:25 Quantity tory Unit Cost 10 A Next > Save and Exit Submit Assignment for Grading Total Cost Previous st na ng in bert

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,300 units at $42 Apr. 19 Sale 2,000 units June 30 Purchase 4,800 units at $47 Sept. 2 Sale 6,600 units Nov. 15 Purchase 2,400 units at $49 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $38 Apr. 19 Sale 2,700 units June 30 Purchase 4,000 units at $42 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,400 units at $43 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent,…
Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? Oa. $590 Ob. $580 Oc. C. $600 Od. $610 Previous Ne la
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1 Beginning inventory 10 units @ $120 Purchase 14 Sale 21 Purchase 30 Sale Use the inventory information for the month of June in the attachment to June 60 units @ $112 40 units 30 units @ $116 answer the question below. 28 units Q Zoom Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? (Round the answer to the nearest dollar.)
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Ow.com 20om eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $24 7. Sale 32 units Purchase II 15 45 units @ $29 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost inventory in terms of "layers". Determine how much in b. The ending inventory is made up of the
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS and ending inventory for November if the company uses LIFO? Select one: a. $600 b. $610 c. $400 d. $590
C7 Exercises O eBook E E Print Item Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units Mаy 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The 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. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances Check My Work 2 more Check My Work uses remaining. Previous…
Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In