Question
In: Accounting
Flint Corporation uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below....
Flint Corporation uses a perpetual inventory system. Data for
product E2-D2 include the purchases shown below.
|
Date |
Number of Units |
Unit Price |
||
| May 7 | 52 | $17 | ||
| July 28 | 37 | 22 |
On June 1, Flint Corporation sold 26 units, and on August 27, 37
more units.
1) Calculate the average cost for June 1 sale and August 27 sale. (Round answers to 3 decimal places, e.g. 5.125.)
2) Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Metlock, Inc. uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date...
Metlock, Inc. uses a perpetual inventory system. Data for
product E2-D2 include the following purchases. Date Number of Units
Unit Price May 7 205 $12 July 28 123 15 On June 1, Metlock sold 107
units, and on August 27, 164 more units. Prepare the perpetual
inventory schedule for the above transactions using FIFO. (Round
answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Date
Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount
$enter a dollar...
Wolfpack Corp. uses the perpetual inventory system. Shown below are its “Inventory” and “Cost of Goods...
Wolfpack Corp. uses the perpetual inventory system. Shown below
are its “Inventory” and “Cost of Goods Sold” account balances at
the end of 2018 just before its year-end physical
inventory count:
Inventory
Cost of Goods Sold
12/31/18 77,000
12/31/18 800,000
Wolfpack’s physical inventory count at the end of 2018 shows the
cost of inventory still on hand to be $85,000.
On 12/31/18, what will be the year-end entry Wolfpack makes to
adjust its ending inventory balance to agree to the...
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
A company uses a perpetual inventory system. The company's beginning inventory of shoes and the purchases...
A company uses a perpetual inventory system. The company's
beginning inventory of shoes and the purchases during a month as as
follows:
Beginning Inventory Jan 1: 16 pairs at $10 ea
Purchase Jan 11: 14 pairs @ $12 ea
Purchase Jan 20: 23 pairs at $15 ea
On Jan 14 the company sold 25 units of shoes. The other 28 units
remained in inventory at Jan 31.
Question 1: Assuming the company uses the average cost flow
assumption what is...
Yang Corporation uses the periodic inventory system. The following sales and purchases of the same product...
Yang Corporation uses the periodic inventory system. The
following sales and purchases of the same product were made during
20x1 at Yang Corporation. The opening inventory consisted of 50
units at $2 each.
Purchases
Sales
Date
Units
$ per unit
Date
Units
Unit $Price
Total
March 15
200
3
April 25
250*
5
June 15
600
5
June 30
500**
6
*for specific identification, sold 50 units of opening inventory
and 200 units of March 15 purchase
**for specific identification,...
A company that uses the gross method of recording purchases and a perpetual inventory system made...
A company that uses the gross method of recording purchases and
a perpetual inventory system made a purchase of $2,200 with terms
of 2/10, n/30. The entry to record the purchase would be:
Debit Merchandise Inventory $2,156; credit Accounts Payable
$2,156. Debit Merchandise Inventory $2,200; credit Accounts Payable
$2,200. Debit Merchandise Inventory $2,156; credit Cash for $2,156.
Debit Merchandise Inventory $2,156; debit Discounts Lost $44;
credit Accounts Payable $2,200. Debit Accounts Payable $2,200;
credit Discounts Lost $44; credit Cash $2,156.
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out.
C.
Compute gross profit under for
a...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out
Compute gross profit under for a and b....
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
January 1:
Purchased 30 units at SAR11 per unit
February 5:
Purchased 30 units at SAR 13 per unit
March 16:
Sold 50 Units for SAR 15 per unit
A.Prepare general journal entries to record the March 16 sale using the
FIFO inventory valuation method.
LIFO inventory valuation method.
Weighted average valuation method.
B. What is the cost of...
A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.
Q1-
A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark)
Q2-
Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the journal entry using the percent of sales method. (1Mark)
Q3-
A company that uses a perpetual inventory system made the following cash purchases and sales. There was...
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