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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 amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media Prepare the perpetual inventory schedule for the above transactions using LIFO. (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 amount $enter a dollar amount June 1 $enter a dollaramount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final 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 amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amount
Solutions
Expert Solution
| FIFO | |||||||||
| Product E2-D2 | |||||||||
| Goods Purchased | Cost of Goods sold | Closing Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| May-07 | 205.00 | 12.00 | 2,460.00 | 205.00 | 12.00 | 2,460.00 | |||
| Jun-01 | 107.00 | 12.00 | 1,284.00 | 98.00 | 12.00 | 1,176.00 | |||
| Jul-28 | 123.00 | 15.00 | 1,845.00 | 98.00 | 12.00 | 1,176.00 | |||
| 123.00 | 15.00 | 1,845.00 | |||||||
| 221.00 | 3,021.00 | ||||||||
| Aug-27 | 98.00 | 12.00 | 1,176.00 | 57.00 | 855.00 | ||||
| 66.00 | 15.00 | 990.00 | |||||||
| 164.00 | 2,166.00 | 57.00 | 855.00 | ||||||
| LIFO | |||||||||
| Product E2-D2 | |||||||||
| Goods Purchased | Cost of Goods sold | Closing Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| May-07 | 205.00 | 12.00 | 2,460.00 | 205.00 | 12.00 | 2,460.00 | |||
| Jun-01 | 107.00 | 12.00 | 1,284.00 | 98.00 | 12.00 | 1,176.00 | |||
| Jul-28 | 123.00 | 15.00 | 1,845.00 | 98.00 | 12.00 | 1,176.00 | |||
| 123.00 | 15.00 | 1,845.00 | |||||||
| 221.00 | 3,021.00 | ||||||||
| Aug-27 | 123.00 | 15.00 | 1,845.00 | 57.00 | 684.00 | ||||
| 41.00 | 12.00 | 492.00 |
 ekkarill92 answered 1 year agoRelated SolutionsFlint 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...
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
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method
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...
Culver Corporation uses a perpetual inventory system reports the following for the month of June. Date...Culver Corporation uses a perpetual inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
140
$6
$840
12
Purchases
360
7
2,520
23
Purchases
230
8
1,840
30
Inventory
245
Calculate the average cost per unit, using a perpetual inventory
system. Assume a sale of 430 units occurred on June 15 for a
selling price of $9 and a sale of 55 units on June 27 for $10.
(Round...
Flounder Corp. uses a perpetual inventory system reports the following for the month of June. Date...Flounder Corp. uses a perpetual inventory system reports the
following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
130
$4
$520
12
Purchases
390
5
1,950
23
Purchases
220
6
1,320
30
Inventory
240
Partially correct answer iconYour answer is partially
correct.
Calculate the average cost per unit, using a perpetual inventory
system. Assume a sale of 450 units occurred on June 15 for a
selling price of $7 and a sale of...
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product...Beech Soda, Inc. uses a perpetual inventory system. The
company's beginning inventory of a particular product and its
purchases during the month of January were as follows:
Quantity
Unit Cost
Total Cost
Beginning inventory (Jan. 1)
20
$
15
$
300
Purchase (Jan. 11)
16
$
21
336
Purchase (Jan. 20)
27
$
23
621
Total
63
$
1,257
On January 14, Beech Soda, Inc. sold 29 units of this product.
The other 34 units remained in inventory at January...
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...
Arizona Inc. uses the perpetual inventory system, and recorded the following data pertaining to raw material...Arizona Inc. uses the perpetual inventory system, and recorded
the following data pertaining to raw material X during January
2018:
Units
Date Received Cost Issued On
Hand
Jan
1
Inventory
$4.50
3,200
Jan
11 Sale
($18)
1,600
1,600
Jan
15
Purchase
1,000
$4.70
2,600
Jan
17 Sale
($18)
1,100
1,500
Jan
25
Purchase
1,500
$4.90
3,000
Round your answer to two
decimals.
Instructions:
Determine the cost of sales, gross profit and inventory value
of raw material...
Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There...Q3-
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 goods...
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