Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 8 10 12 16 19 22 26 31 Received No. of Units 2,000 500 1,000 2,000 1,500 Unit Cost $6.00 6.05 a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost. 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar.

Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 8 10 12 16 19 22 26 31 Received No. of Units 2,000 500 1,000 2,000 1,500 Unit Cost $6.00 6.05 a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost. 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar.

Name: Problem 4- Compute FIFO, LIFO, and Average CostSome of the informatio
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 4- Compute FIFO, LIFO, and Average CostSome of the information found on a detail inventory card for Public's Supermarket for the firstmonth of operations is as follows:DateMarch 16810121619222631No. of Units2,0005001,0002,000Received1,500Uni

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

Please do not give solution in image format thanku
Please Do not Give image format
Please do not give solution in image format thanku
Question 32 Choose the correct answer from the choices.
20
January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
Question-based on, "using Weighted Average cost"... I have tried it but unable to get the correct answer. Any help would be appreciated.
Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. Determine the gross profit for April and ending inventory on April 30 using the (a) first -in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c)weighted average cost method a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c
Please do not give solution in image format thanku
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting 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. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 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. Schedule of Cost of Goods Sold LIFO Method Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2