Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.DateMay 7July 28DateMay 7On June 1, Swifty sold 26 units, and on August 27, 43 more units.June 1Number of UnitsPrepare the perpetual inventory schedule for the above transactions using FIFO.July 28Aug. 27$$50$30$Unit Cost$1515Purchases75003600Product E2-D2$$$$Cost of Goods Sold03900$$$$Balance750360360285 Prepare the perpetual inventory schedule for the above transactions using LIFO.DateMay 7June 1July 28Aug. 27DateMay 7June 1July 28$Aug. 27$$$$$$Purchases$750Purchases750000Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.)$$LAProduct E2-D2$$Product E2-D2$$$Cost of Goods SoldCost of Goods SoldD0D0$$$$$$$$BalanceBalance750750

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Number of Units 50 30 Unit Cost $15 15 On June 1, Swifty sold 26 units, and on August 27, 43 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2

Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Number of Units 50 30 Unit Cost $15 15 On June 1, Swifty sold 26 units, and on August 27, 43 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2

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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Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
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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 $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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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 $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
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