Q4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30 12 32 Inventory at Des. 31, 2018 First purchased Jan / 8 Second purchased Jan / 14 Third purchased Jan/21 Sold 10 unit 19 34 24 36 10 Required: using FIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.

Q4: These are amounts and prices of Ahmed company store: Account name Quantity Cost per unit 10 30 12 32 Inventory at Des. 31, 2018 First purchased Jan / 8 Second purchased Jan / 14 Third purchased Jan/21 Sold 10 unit 19 34 24 36 10 Required: using FIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.

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 answer with good presentation
Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
pr.2
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 8 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21
Please do not give solution in image format thanku
Please do not give solution in image format thanku
1. If Miller Inc. uses a LIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as 2. If Miller Inc. uses a FIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Please do not give solution in image format thanku
Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.