Question

Carla Vista Co. had a beginning inventory balance on July 1 of 410 units at a cost of $3.00 each. During the month, the following inventory transactions took place:

Purchases							Sales
Date		Units		Cost per unit			Date		Units		Price per unit
July 10		1,600		$3.10			July 2		270		$5.90
13		670		3.50			11		1,010		5.90
27		600		3.90			28		730		6.40

(a)

Correct answer iconYour answer is correct.

Calculate the cost of goods available for sale and the number of units of ending inventory.

Cost of goods available for sale		$
Number of units of ending inventory			units

eTextbook and Media

  

Attempts: 2 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(b)

Correct answer iconYour answer is correct.

Assume Carla Vista uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit.

Ending inventory		$
Cost of goods sold		$
Gross profit		$

eTextbook and Media

  

Attempts: 1 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(c)

Correct answer iconYour answer is correct.

Assume Carla Vista uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit.

Ending inventory		$
Cost of goods sold		$
Gross profit		$

eTextbook and Media

  

Attempts: 1 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(d)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpetual. Assume both the sale and purchase were for cash. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(1) FIFO periodic

Date	Account Titles and Explanation	Debit	Credit
July 10
	(To record cash purchase.)
July 11
	(To record cash sale.)

(2) FIFO perpetual

Date	Account Titles and Explanation	Debit	Credit
July 10
	(To record cash purchase.)
July 11
	(To record cash sales.)
July 11
	(To record cost of goods sold.)	Carla Vista Co. had a beginning inventory balance on July 1 of 410 units at a cost of $3.00 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per unit Date Units Price per unit July 10 1,600 $3.10 July 2 270 $5.90 13 670 3.50 11 1,010 5.90 27 600 3.90 28 730 6.40 (a) Correct answer iconYour answer is correct. Calculate the cost of goods available for sale and the number of units of ending inventory. Cost of goods available for sale $ Number of units of ending inventory units eTextbook and Media    Attempts: 2 of 5 used Using multiple attempts will impact your score. 20% score reduction after attempt 3 (b) Correct answer iconYour answer is correct. Assume Carla Vista uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $ eTextbook and Media    Attempts: 1 of 5 used Using multiple attempts will impact your score. 20% score reduction after attempt 3 (c) Correct answer iconYour answer is correct. Assume Carla Vista uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $ eTextbook and Media    Attempts: 1 of 5 used Using multiple attempts will impact your score. 20% score reduction after attempt 3 (d) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpetual. Assume both the sale and purchase were for cash. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (1) FIFO periodic Date Account Titles and Explanation Debit Credit July 10 (To record cash purchase.) July 11 (To record cash sale.) (2) FIFO perpetual Date Account Titles and Explanation Debit Credit July 10 (To record cash purchase.) July 11 (To record cash sales.) July 11 (To record cost of goods sold.)

Answer 1