Question
In: Accounting
Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company’s perpetual inventory...
Beginning inventory, purchases, and sales data on Commodity A, as taken from Rich Company’s perpetual inventory account, were as follows:
July 1 Beginning inventory 5 units @4 =$20
15 units $5 =$75
6 SALE 16 UNITS
10 PURCHASE 15 UNITS @$6
20 SALE 11 UNITS
30 PURCHASE 10 UNITS @$7
31 SALE 7 UNITS
Determine the cost of the ending inventory at JULY 31, by: (a) the first- in-first- out method, and (b) the last-in- first- out method.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account:
June 1
Balance
25 units at $60
6
Sale
20 units
8
Purchase
20 units at $61
16
Sale
10 units
20
Purchase
20 units at $62
23
Sale
25 units
30
Purchase
15 units at $63
Calculate the cost of the ending inventory at June 30, using (a)
the first-in, first-out (FIFO) method and (b) the last-in,
first-out (LIFO) method. Identify...
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account: (30
points)
June 1
Balance
25 units at $60
6
Sale
20 units at $70
8
Purchase
20 units at $61
16
Sale
10 units at $70
20
Purchase
20 units at $62
23
Sale
25 units at $70
30
Purchase
15 units at $63
Record the inventory, purchases, cost of goods sold and sales...
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account: (30
points) June 1 Balance 25 units at $60 6 Sale 20 units at $70 8
Purchase 20 units at $61 16 Sale 10 units at $70 20 Purchase 20
units at $62 23 Sale 25 units at $70 30 Purchase 15 units at $63
Record the inventory, purchases, cost of goods sold and sales in a
perpetual inventory record similar...
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account: (30
points) June 1 Balance 25 units at $60 6 Sale 20 units at $70 8
Purchase 20 units at $61 16 Sale 10 units at $70 20 Purchase 20
units at $62 23 Sale 25 units at $70 30 Purchase 15 units at $63
Record the inventory, purchases, cost of goods sold and sales in a
perpetual inventory record similar...
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account: June 1
Balance 25 units at $60 6 Sale 20 units 8 Purchase 20 units at $61
16 Sale 10 units 20 Purchase 20 units at $62 23 Sale 25 units 30
Purchase 15 units at $63 Calculate the cost of the ending inventory
at June 30, using (a) the first-in, first-out (FIFO) method and (b)
the last-in, first-out (LIFO) method. Identify...
The following data regarding purchases and sales of a commodity were taken from the related perpetual...
The following data regarding purchases and sales of a commodity
were taken from the related perpetual inventory account:
June 1
Balance
25 units at $60
6
Sale
20 units
8
Purchase
20 units at $61
16
Sale
10 units
20
Purchase
20 units at $62
23
Sale
25 units
30
Purchase
15 units at $63
Calculate the cost of the ending inventory at June 30, using (a)
the first-in, first-out (FIFO) method and (b) the last-in,
first-out (LIFO) method. Identify...
Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a...
Perpetual Inventory
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
4,027,500...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
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
Numberof 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
...
LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Dunne Co. and data on purchases and
sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Apr. 3
Inventory
78
$300
$23,400
8
Purchase
156
360
56,160
11
Sale
105
1,000
105,000
30
Sale
66
1,000
66,000
May 8
Purchase
130
400
52,000
10
Sale
78
1,000
78,000
19
Sale
39
1,000
39,000
28
Purchase
130
440
57,200
June 5
Sale
78
1,050
81,900
16
Sale...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
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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