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

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Given the following: -0. F1 January 1 inventory April 1 June 1 November 1 Q Cost of ending inventory a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of goods sold @ 2 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units). -6 F2 W Number purchased 34 #3 80 F3 54 44 49 181 E $ ਵ 4 Cost per unit $4 7 8 9 00 F4 R de LO % 5 Total $ 136 378 352 441 $1,307 F 84 F7 H * 00 8 U DII FB J ( 9 F9 C K
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( Sol # of units Available for units unit unit Sale sold December 7 10 at $ 9.00 2$ 90.00 %3D 20 at $ 15.00 $ 300.00 %3D December 14 Total December 14 15 at $ 23.00 = 2$ December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals $ :
1 ) By using FIFO method: Post Journal entries for Sales and CGS?
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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…
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
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