Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1   Inventory 49 units @ $49 10   Sale 41 units 15   Purchase 60 units @ $51 20   Sale 34 units 24   Sale 10 units 30   Purchase 39 units @ $54 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 Inventory Total Cost Apr. 1               $ $ Apr. 10         $ $       Apr. 15   $ $                                 Apr. 20                                       Apr. 24                                       Apr. 30                                                           Apr. 30 Balance         $     $

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…

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Simply Sewing Inc. had the folowing account balances on December 31: • Retained Earnings, January 1 $50.000 • Supplies • Unearned Sewing Revenue • Prepaid Rent 8,000 5,000 12,000 Prepare the following adjusting journal entries for the year end December 31. a) A physical count of supplies at December 31 shows the balance on hand is $3.000. bị The company earned $2,000 of the sewing work that was paid for in advance. c) The prepaid rent listed above was paid for by the company on June 1 and represents one year of rent. It has not been adjusted since it was paid on June 1. Prepare the journal entry to adjust the Prepaid Rent account to the correct amount as of December 31. (Write journal entries in proper journal entry format. Do not abbreviate when writing journal entries and make sure you identify which line is the Debit (DR) and which line is a Credit (CR) using one of the following two examples) Example 1: DR Cash 4,000 CR Revenue 4.000 OR Debit Credit 4.000 Example 2: Cash 4,000…

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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex

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