Question
In: Accounting
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory...
beginning inventory, purchases and sales data for the month of august are as follows beginning inventory 10 units @ 25 august 5 sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13 units August 27 purchase 10 units @ 30 assuming the business maintains a perpetual inventory system, calculate the cost of goods sold and Ending inventory using FIFO, LIFO , Weighted Average
Solutions
ekkarill92 answered 3 months agoRelated Solutions
Beginning inventory, purchases, and sales data for tennis rackets are as follows:
Beginning inventory, purchases, and sales data for tennis
rackets are as follows:April 3 Inventory 20 units @ $15.0011 Purchase 18 units @ $14.0014 Sale 11 units21 Purchase 10 units @ $22.0025 Sale 12 unitsAssuming the business maintains a perpetual inventory system,
calculate the cost of goods sold and ending inventory using
FIFO.Select the correct answer.a)cost of goods sold $772.00 ending inventory $430.00b)cost of goods sold $430.00 ending inventory $342.00c)cost of goods sold $342.00 ending inventory $772.00d)cost of goods sold $342.00...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory for Midnight Supplies and data on
purchases and sales for a three month period are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
7,500
$ 75.00
$ 562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb.
5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar.
5
Purchase
45,000
89.50
4,027,500
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows:
Date
Transaction
Number of Units
Per
Unit
Total
Jan.
1
Inventory
2,500
$70.00
$175,000
10
Purchase
8,000
78.00
624,000
28
Sale
3,800
140.00
532,000
30
Sale
1,250
140.00
175,000
Feb.
5
Sale
500
140.00
70,000
10
Purchase
17,000
80.00
1,360,000
16
Sale
9,100
145.00
1,319,500
28
Sale
8,700
145.00
1,261,500
Mar.
5
Purchase
14,300
81.60
1,166,880
14...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory for Midnight Supplies and data on
purchases and sales for a three month period are as follows:
Date
Transaction
Number of Units
Per
Unit
Total
Jan.
1
Inventory
7,500
$
75.00
$
562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb.
5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar.
5
Purchase
45,000
89.50
4,027,500
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
7,500
$ 75.00
$ 562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb.
5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar.
5
Purchase
45,000
89.50...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
2,600
$54.00
$140,400
10
Purchase
7,000
62.00
434,000
28
Sale
3,850
108.00
415,800
30
Sale
1,300
108.00
140,400
Feb.
5
Sale
500
108.00
54,000
10
Purchase
17,500
64.00
1,120,000
16
Sale
8,700
113.00
983,100
28
Sale
8,600
113.00
971,800
Mar.
5
Purchase
14,000
65.60
918,400
14...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
2,600
$58.00
$150,800
10
Purchase
7,200
66.00
475,200
28
Sale
3,950
116.00
458,200
30
Sale
1,300
116.00
150,800
Feb.
5
Sale
500
116.00
58,000
10
Purchase
17,500
68.00
1,190,000
16
Sale
9,200
121.00
1,113,200
28
Sale
8,000
121.00
968,000
Mar.
5
Purchase
14,400
69.60
1,002,240
14...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows: Date Transaction Number of Units Per Unit Total Jan. 1
Inventory 7,500 $ 75.00 $ 562,500 10 Purchase 22,500 85.00
1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00
562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50
4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00
4,080,000 Mar. 5 Purchase 45,000 89.50...
The beginning inventory for Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory for Midnight Supplies and data on
purchases and sales for a three month period are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
7,500
$ 75.00
$ 562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb.
5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar.
5
Purchase
45,000
89.50
4,027,500
14
Sale...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three month...
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three month period ending March 31 are as
follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
7,500
$ 75.00
$ 562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb.
5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar.
5
Purchase
45,000
89.50...
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