View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC

Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Inventory, Dec 31st Number Of Units Cost per Total Unit Cost Sirths a 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3…

The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1   Inventory 2,000 units at $7 Feb. 17   Purchase 3,700 units at $9 Jul. 21   Purchase 2,800 units at $11 Nov. 23   Purchase 1,500 units at $13 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.   a. Determine the inventory cost by the first-in, first-out method.$___________ b. Determine the inventory cost by the last-in, first-out method.$___________ c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.$___________

Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31, 20Y7, of Amsterdam Appliances are summarized as follows:             Purchases Invoices           Model   Inventory,January 1   1st   2nd   3rd   Inventory Count,December 31 A10     —     4 at $ 64   4 at $ 70   4 at $ 76     6   B15     8 at $176     4 at 158   3 at 170   6 at 184     8   E60     3 at 75     3 at 65   15 at 68   9 at 70     5   G83     7 at 242     6 at 250   5 at 260   10 at 259     9   J34     12 at 240     10 at 246   16 at 267   16 at 270     15   M90     2 at 108     2 at 110   3 at 128   3 at 130     5   Q70     5 at 160     4 at 170   4 at 175   7 at 180     8   Instructions: 1.  Determine the cost of the inventory on December 31, 20Y7, by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different…

A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…

X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of

Journalize this transaction: Purchased from Kraft Co. $4,000 of inventory on account. Edit View Insert Format Tools Table 12pt v Paragraph |BIUAV O words MacBook Pro On-line F En ACCT 101 One Test O 10611 As Aes ferret Oul tntiers

eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38     $ 57     E41 18     180     G19 33     126     L88 18     550     N94 400     7     P24 90     18     R66 8     250     T33 140     20     Z16 15     752     Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:   LastPurchases Invoice   Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost   QuantityPurchased UnitCost B12 30     $ 60       30     $ 59     E41 35     178       20     180     G19 20     128       25     129     L88 10     563       10     560     N94 500     8       500     7     P24 80     22       50     21     R66 5     248       4     260     T33 100     21       100     19     Z16 10     750       9     745…

eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows:   Purchases Invoices   Model Inventory,January 1    1st    2nd    3rd    Inventory Count,December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6     B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8   E60 3 at 75 3 at 65 15 at 68 9 at 70 5   G83 7 at 242 6 at 250 5 at 260 10 at 259 9   J34 12 at 240 10 at 246 16 at 267 16 at 270 15   M90 2 at 108 2 at 110 3 at 128 3 at 130 5   Q70 5 at 160 4 at 170 4 at 175 7 at 180 8   Required: 1.  Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line…

Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is information on the purchases and sales of the power drills, "M1500." On November 1, Tool Depot had 150 units with a unit cost of $49. Date Nov. 4 Nov. 6 Nov. 16 Nov. 20 Nov. 24 Nov. 28 Nov. 30 Units 200 350 150 Purchases Unit Cost 47 45 40 Units 100 275 250 100 Sales Unit Price $100 $100 $110 $110 Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO