Question
In: Accounting
I already asked this but didnt get a good response for FIFO perpetual or LIFO Perpetual....
I already asked this but didnt get a good response for FIFO perpetual or LIFO Perpetual. I need a more elaborate response.
Please show work and explain why!!! I'm super confused.
On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:
|
Date |
|
|
November 6 |
Purchased 100 units @ $75 per unit |
|
11 |
Sold 200 units |
|
17 |
Sold 85 units |
|
24 |
Purchased 100 units @ $125 per unit |
|
28 |
Purchased 50 units @ $110 per unit |
|
30 |
Sold 100 units |
Required:
Compute the cost of the inventory at the end of November under the
following alternatives:
|
a. |
FIFO periodic |
|
b. |
FIFO perpetual |
|
c. |
LIFO periodic |
|
d. |
LIFO perpetual |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
***I understand this question has already been asked, but could I possibly get a new answer?...
***I understand this question has already been asked,
but could I possibly get a new answer? I am trying to study a
variety of companies and answers so I will be more prepared for
whatever is on the test.***
DoorDash as the company.
1. Select a company that has undergone an initial public
offering within the last five years and obtain the prospectus
(these are usually available on the company’s website, EDGAR for
companies listed on the U. S. stock...
***I understand this question has already been asked, but could I possibly get a new answer?...
***I understand this question has already been asked,
but could I possibly get a new answer? I am trying to study a
variety of companies and answers so I will be more prepared for
whatever is on the test.***
DoorDash as the company.
1. Select a company that has undergone an initial public
offering within the last five years and obtain the prospectus
(these are usually available on the company’s website, EDGAR for
companies listed on the U. S. stock...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The
following units of an item were available for sale during the year:
Beginning inventory 23 units at $44 Sale 8 units at $68 First
purchase 23 units at $46 Sale 23 units at $69 Second purchase 11
units at $47 Sale 11 units at $69 The firm uses the perpetual
inventory system, and there are 15 units of the item on hand at the
end of the year. a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
45 units at $42
Sale
42 units at $59
First purchase
27 units at $44
Sale
15 units at $61
Second purchase
24 units at $46
Sale
20 units at $62
The firm uses the perpetual inventory system, and there are 19
units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The
following units of an item were available for sale during the
year:
Beginning inventory 20 units at $48
Sale 17 units at $72
First purchase 18 units at $51
Sale 6 units at $74
Second purchase 28 units at $53
Sale 13 units at $76
The firm uses the perpetual inventory system, and there are 30
units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
31 units at $42
Sale
24 units at $63
First purchase
39 units at $44
Sale
37 units at $64
Second purchase
28 units at $46
Sale
7 units at $65
The firm uses the perpetual inventory system, and there are 30
units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
8,100 units at $180
Sale
5,300 units at $300
First purchase
15,000 units at $185
Sale
13,000 units at $300
Second purchase
16,000 units at $192
Sale
14,000 units at $300
The firm uses the perpetual inventory system, and there are
6,800 units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
46 units at $41
Sale
32 units at $57
First purchase
40 units at $43
Sale
44 units at $58
Second purchase
16 units at $46
Sale
6 units at $59
The firm uses the perpetual inventory system, and there are 20
units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
24 units at $46
Sale
12 units at $74
First purchase
26 units at $48
Sale
25 units at $74
Second purchase
14 units at $51
Sale
13 units at $74
The firm uses the perpetual inventory system, and there are 14
units of the item on hand at the end of the year.
a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
47 units at $44
Sale
16 units at $62
First purchase
24 units at $47
Sale
30 units at $62
Second purchase
19 units at $50
Sale
10 units at $62
The firm uses the perpetual inventory system, and there are 34
units of the item on hand at the end of the year.
a. What is...
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