FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Teradyne Labs uses the perpetual inventory system and recorded the following transactions last year: Date Units Unit Cost May 2 Beginning Inventory 100 1 May 8 Purchase # 1 6 2 May 10 Sale #
1 45 May 22 Purchase #2 72 4 May 25 Sale #2 83 Build a table for the purchases and sales during the month of May. Find ending cost of goods sold using LIFO.
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- Oriole Company completed the following transactions in October: Oriole uses a perpetual inventory system. Credit Sales Sales Returns Date Amount Terms Date Amount Date of Collection Oct. 3 $800 2/10,n/30 Oct. 11 1,500 3/10, n/30 Oct. 14 $300 Oct. 17 5,500 1/10, n/30 Oct. 20 1,250 Oct. 21 1,740 2/10, n/30 Oct. 23 440 Oct. 23 6,900 2/10, n/30 Oct. 27 500 (a) Indicate the cash received for each collection. Show your calculations. Oct. 8 Oct. 16 Oct. 29 Oct. 27 Oct. 28arrow_forwardSeif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost 3/1 Beginning inventory 150 $40 3/3 Purchase 50 $50 3/10 Purchase 250 $55 3/30 Purchase 100 $65 Instruction (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to…arrow_forwardPLEASE FILL OUT THE CHART. use the following information to complete it. Thank you! Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 160 units @ $52.20 per unit March 5 Purchase 255 units @ $57.20 per unit March 9 Sales 320 units @ $87.20 per unit March 18 Purchase 115 units @ $62.20 per unit March 25 Purchase 210 units @ $64.20 per unit March 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 unitsarrow_forward
- The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Soldarrow_forwardHelp pleasearrow_forwardAircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. July 1 July 5 Units Unit Cost Beginning Inventory 2,700 $ 47 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 July 27 Purchased Sold 8,700 57 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. Beginning Inventory Purchases July 13 FIFO (Perpetual) Units Cost per Unit Total $ 0 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units…arrow_forward
- Use the following information (M) from Marvel Company for the month of July to answer the question: Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?arrow_forwardAircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 S 3,000 8,000 5,000 $ Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Unit Cost $ 45 47 Answer is complete but not entirely correct. LIFO Weighted Average Cost 764,000 194,250 147,000 FIFO 764,000 $ 343,000 421,000 $ 49 764,000 343,000 147,000arrow_forwardUsing a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 10 @ $40 400 5 @ $42 210 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 14 Aug Purchased 540 8 Jan Purchased 3 March Purchased 350arrow_forward
- Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 540 8 Jan Purchased 10 @ $40 400 3 March Purchased 5 @ $42 210 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 350arrow_forwardJessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. units cost/unit total Cost Inventory, Dec. 1 - 300 250 75000 Purchases, Dec. 8 - 600 275 165000 900 240000 Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.arrow_forwardFIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year:The firm uses the perpetual inventory system, and there are 8, 100 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar.$ fill in the blank 2What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar.$ fill in the blank 3arrow_forward
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