Question
In: Accounting
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system. Inventory:...
The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system.
Inventory: 1st March = 200 units @ $4.00 (purchased)
Purchases: 12th March = 500 units @ $4.50 (purchased)
15th March = 400 units @ $4.75 (purchased)
17th March = 828 units @ $5.00 (purchased)
Sales: 20th March = 1928 units sold
Instructions
Under a perpetual inventory system, determine the cost of goods sold and ending inventory for the month of March under FIFO method
Solutions
Expert Solution
| FIFO | |||
| Opening | Units | p.u cost | Total cost |
| Mar-01 | 200.00 | $ 4.00 | $ 800.00 |
| Mar-12 | 500.00 | $ 4.50 | $ 2,250.00 |
| Mar-15 | 400.00 | $ 4.75 | $ 1,900.00 |
| Mar-17 | 828.00 | $ 5.00 | $ 4,140.00 |
| Sale | |||
| Mar-20 | (200.00) | $ 4.00 | $ (800.00) |
| (500.00) | $ 4.50 | $ (2,250.00) | |
| (400.00) | $ 4.75 | $ (1,900.00) | |
| (828.00) | $ 5.00 | (4,140.00) | |
| March closing inventory | - | $ - | $ - |
| COGS | $ (9,090.00) |
For any clarification, please comment. Kindly Up Vote!
ekkarill92 answered 1 year agoRelated Solutions
The Lippert Company uses the perpetual inventory system. The following July data are for an item...
The Lippert Company uses the perpetual inventory system. The
following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
60
units @
$11
per unit
10
Purchased
80
units @
$12
per unit
15
Sold
90
units @
26
Purchased
55
units @
$13
per unit
Calculate the cost of goods sold for the July 15 sale using (a)
first-in, first-out, (b) last-in, first-out, and (c) the
weighted-average cost methods.
Round your final answers to the...
Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information...
Headland Company is a multiproduct firm that uses the perpetual
inventory system. Presented below is information concerning one of
its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
Jan. 1
Beginning inventory
960
$14
Feb. 4
Purchase
1,920
20
Feb. 20
Sale
2,400
36
Apr. 2
Purchase
2,880
25
May 4
Sale
2,112
39
Compute cost of goods sold under LIFO.
Cost of goods sold
$
Ending inventory
$
Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information...
Headland Company is a multiproduct firm that uses the perpetual
inventory system. Presented below is information concerning one of
its products, the Hawkeye.
Date
Transaction
Quantity
Price/Cost
Jan. 1
Beginning inventory
960
$14
Feb. 4
Purchase
1,920
20
Feb. 20
Sale
2,400
36
Apr. 2
Purchase
2,880
25
May 4
Sale
2,112
39
Compute cost of goods sold under moving-average.
Cost of goods sold
$
Ending inventory
$
Arizona Inc. uses the perpetual inventory system, and recorded the following data pertaining to raw material...
Arizona Inc. uses the perpetual inventory system, and recorded
the following data pertaining to raw material X during January
2018:
Units
Date Received Cost Issued On
Hand
Jan
1
Inventory
$4.50
3,200
Jan
11 Sale
($18)
1,600
1,600
Jan
15
Purchase
1,000
$4.70
2,600
Jan
17 Sale
($18)
1,100
1,500
Jan
25
Purchase
1,500
$4.90
3,000
Round your answer to two
decimals.
Instructions:
Determine the cost of sales, gross profit and inventory value
of raw material...
Inventory Costing Methods-Perpetual Method Kali Company uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods-Perpetual Method
Kali Company uses the perpetual inventory system for its
merchandise inventory. The June 1 inventory for one of the items in
the merchandise inventory consisted of 60 units with a unit cost of
$45. Transactions for this item during June were as follows:
June
5
Purchased
40
units @
$50 per unit
13
Sold
50
units @
$95 per unit
25
Purchased
40
units @
$53 per unit
29
Sold
20
units@
$110 per unit
Required...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
[The following information applies to the questions
displayed below.]
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
Mar.
1
Beginning inventory
140
units
@ $51.80 per unit
Mar.
5
Purchase
245
units
@ $56.80 per unit
Mar.
9
Sales
300
units
@ $86.80 per unit
Mar.
18
Purchase
105
units
@ $61.80 per unit
Mar.
25
Purchase
190
units
@...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
[The following information applies to the questions
displayed below.]
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
Mar.
1
Beginning inventory
150
units
@ $52.00 per unit
Mar.
5
Purchase
250
units
@ $57.00 per unit
Mar.
9
Sales
310
units
@ $87.00 per unit
Mar.
18
Purchase
110
units
@ $62.00 per unit
Mar.
25
Purchase
200
units
@...
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
[The following information applies to the questions
displayed below.]
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
Mar.
1
Beginning inventory
150
units
@ $52.00 per unit
Mar.
5
Purchase
250
units
@ $57.00 per unit
Mar.
9
Sales
310
units
@ $87.00 per unit
Mar.
18
Purchase
110
units
@ $62.00 per unit
Mar.
25
Purchase
200
units
@...
The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system....
The following information applies to the questions displayed
below.]
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
Mar.
1
Beginning inventory
150
units
@ $52.00 per unit
Mar.
5
Purchase
250
units
@ $57.00 per unit
Mar.
9
Sales
310
units
@ $87.00 per unit
Mar.
18
Purchase
110
units
@ $62.00 per unit
Mar.
25
Purchase
200
units
@...
Instructions Hahn Flooring Company uses a perpetual inventory, system.
Hahn Flooring Company uses a perpetual inventory, system. A. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount. B. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. Journalize the December 31 adjusting entries based on the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- DELSING CANNING COMPANY IS CONSIDERING AN EXPANSION OF ITS FACILITIES. ITS CURRENT INCOME STATEMENT IS AS...
- urgent please provide 3 multiple choice questions with correct answers from the article below. Strategy and...
- Quantitative Problem 3: Assume today is December 31, 2019. Imagine Works Inc. just paid a dividend...
- FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
- How would you develop a S.M.A.R.T goals for a hospital which is memorial Sloane Kettering that...
- 6. You are considering replacing the plastic extrusion machine that create basic moldings of the outdoor...
- The United States has better health care for its citizens than any other country in the...
ADVERTISEMENT