Purchases September 1 (balance on hand) 3 (a1) 12 16 22 26 part VVMD TOT the mu Average-cost per unit $ 300 200 @ 13.10 300 @ 300 @ 13.30 500 @ 13.30 300 @ 13.40 @$13.00 13.25 September was as Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76.)

Purchases September 1 (balance on hand) 3 (a1) 12 16 22 26 part VVMD TOT the mu Average-cost per unit $ 300 200 @ 13.10 300 @ 300 @ 13.30 500 @ 13.30 300 @ 13.40 @$13.00 13.25 September was as Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?
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A-7
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
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Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
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A1
Date Jan. Mar. 12 Sep. 17 Jan. 1-Dec. 31 y lupy yo dinom s Transaction Beginning inventory Purchase Purchase Sales Units p120 90 de 60 270 170 Unit Cost $21 16 9 shol Total Cost $2,520 1,440 540 $4,500 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates the net realizable value of the 100 units of unsold inventory to be $500. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adjusting entry. 09.10