Use the following information to answer Short Exercises S6-3 through S6-6.Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—Weighted-average Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the weighted-average inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory   Purchases   Sales   Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units     Dec. 20 1,710 units at $27 Dec. 14 2,280 units         Dec. 31 1,140 units Question Content Area a.  Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…

Please make a LIFO chart

Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer

Sant Summa is a retailer that purchases merchandise inventory from Lee Co.  Sant Summa record inventory purchases using the gross method and the perpetual inventory system.  Sant Summa started the month of July with $2,000 in inventory. Required:  Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information.                                     2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point.      (Inventory cost Lee $4,000)               3-Jul Paid $350 for shipping charges for the May 2 purchase.             4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co.            (inventory cost to Lee of $170)               13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts.         (Lee…

Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.

Carla Vista Lighting had a beginning inventory of 29 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 34 units at $8 August 11 44 units at $9 August 23 39 units at $10 Purchases 1. 2. Ending inventory Cost of goods sold $ Sales Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. $ August 2 August 10 August 19 August 21 24 units FIFO 29 units 59 units 29 units $ LIFO

Top Purse Company applies the periodic inventory system using the specific identification method.  The company had the following transactions related to its best selling purse. Date                 Transaction                  Units     Unit Cost      Total Cost November 1     Beginning inventory         5          300              1,500 November 3     Sale                                 2 November 8     Purchase                         9           320              2,880 November 10   Sale                                 4 November 17   Purchase                         3           340              1,020 Compute the cost of ending inventory for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.