Question

In: Accounting

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method

Perpetual Inventory Using FIFO 

Beginning inventory, purchases, and sales for Item Zeta9 are as follows: 

Oct. 1 Inventory 200 units at $30 

7 Sale 160 units 

15 Purchase 180 units at $33 

24 Sale 150 units 


Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. 

a. Cost of goods sold on October 24

b. Inventory on October 31

Solutions

Expert Solution


ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

7. FIFO Method: Perpetual Inventory System Assume the following data with regard to inventory for Vegan...
7. FIFO Method: Perpetual Inventory System Assume the following data with regard to inventory for Vegan Company: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50 units @ $11 per unit 550 22 Purchase 35 units @ $12 per unit 420 Goods available for sale 125 units $1,370 Aug. 15 Sale 45 units 28 Sale 25 units Inventory, Aug. 31 55 units Calculate the cost of ending inventory and cost of goods sold according to...
The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of...
The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded using the gross method for cash discounts. The $18,000 beginning balance of inventory consists of 200 units, each costing $90. During January 2018, the company had the following transactions: During January 2018, the following transactions occur: January 2 Lent $26,000 to an employee by accepting 6% note due in six months. January 5 Purchased 3,800 units of inventory on account for...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues salaries and payroll taxes on the last day of each month and pays all employment-related liabilities on the 5th day of the following month. Assume employees are in the 10% income tax bracket. Use the following tax rates: FICA OASDI, 6.2%; Medicare, 1.45%; Federal Unemployment Tax, 0.6%; and State Unemployment Tax, 5.4%. The expected useful life of the equipment and furniture is five years...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues...
Bulldog uses the first in, first out (FIFO) method to account for tire inventory. Bulldog accrues salaries and payroll taxes on the last day of each month and pays all employment-related liabilities on the 5th day of the following month. Assume employees are in the 10% income tax bracket. Use the following tax rates: FICA OASDI, 6.2%; Medicare, 1.45%; Federal Unemployment Tax, 0.6%; and State Unemployment Tax, 5.4%. The expected useful life of the equipment and furniture is five years...
C8-3 Recording Daily and Adjusting Entries Using FIFO in a Perpetual Inventory System (Chapters 3, 4,...
C8-3 Recording Daily and Adjusting Entries Using FIFO in a Perpetual Inventory System (Chapters 3, 4, 6, 7, and 8) (LO 3-3, 4-2, 4-3, 4-4, 6-3, 6-4, 6-5, 7-3, 8-2, 8-3) (General Ledger) One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31:   Cash $ 18,620   Accounts Receivable 9,650   Allowance for Doubtful Accounts 900*   Inventory 2,800   Unearned Revenue (30 units) 4,350   Accounts Payable 1,300   Notes Payable (long-term)...
Compute cost of goods sold, assuming Kingbird uses: 1.Perpetual system, FIFO cost flow 2.Perpetual system, LIFO...
Compute cost of goods sold, assuming Kingbird uses: 1.Perpetual system, FIFO cost flow 2.Perpetual system, LIFO cost flow 3. Perpetual system, moving-average cost flow Kingbird Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 3,500 $19 2/4 Purchase 4,500 28 2/20 Sale 5,000 47 4/2 Purchase 5,500 36 11/4 Sale 4,700 52   
Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 130 units with a unit cost of $335. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $355 per unit 14 Sold 80 units @ 560 per unit 23 Purchased 20 units @ 360 per unit 29 Sold 40 units Required a. Calculate the...
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...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1   Inventory 120 units at $39 10   Sale 90 units 15   Purchase 140 units at $40 20   Sale 110 units 24   Sale 45 units 30   Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT