beginning inventory, purchases, and sales for prodcut XCX as follows: sep 1: beginning inventory 22 units...

beginning inventory, purchases, and sales for prodcut XCX as follows:

sep 1: beginning inventory 22 units @ $14

sep 5: sale, 13 units

sep 17: purchase 27 units @ $17

sep 30: sale, 19 units

assuming a perpetual inventory system, and the last in, first out method, determine (a) the cost of the goods sold for the september 30 sale and (b) the inventory on september 30

Expert Solution

1. Last in First out:

Date	Purchases	Sales	Balance
Sep.1	Beginning balance		22$14=$308
Sep.5		13$14=$182	9$14=$126
Sep.17	27$17=$459		9$14=$126
			27$17=$459
Sept.30		19$17=$323	9$14=$126
			8$17=$136
Total		$505	$262

Cost of goods sold, September 30 = $505

Inventory, September 30 = $262

2. First in First out:

Date	Purchases	Sales	Balance
Sep.1	Beginning balance		22$14=$308
Sep.5		13$14=$182	9$14=$126
Sep.17	27$17=$459		9$14=$126
			27$17=$459
Sept.30		9$14=$126
		10$17=$170	17$17=$289
Total		$478	$289

Cost of goods sold, September 30 = $478

Inventory, September 30 = $289

ekkarill92 answered 1 year ago

Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at...

Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory system and using the weighted average cost method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method,...

Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units...

Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $ b. Inventory on September 30 $

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units @ $22 9 Sale 34 units 13 Purchase 40 units @ $24 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 Beginning inventory, purchases, and sales...

Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at...

Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. $per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $ c....

Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3rd inventory 12 units...

Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3rd inventory 12 units @ $15 11 purchase 13 units @ $17 14 sale 18 units 21 purchase 9 units @ $20 25 sale. 10 units assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of goods Sold and ending inventory under the following assumptions a. First–in, first-out Balances costs of goods sold $ ending inventory $ b. Last-in, first-out Balances...

Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26...

Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26 units @ $13 5 Sale 12 units 17 Purchase 23 units @ $16 30 Sale 15 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a) Cost of merchandise sold $ b) Inventory, September 30 $

Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods...

Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods Sold Inventory Event Unit Cost Total Cost Unit Cost Total Cost Total Cost QTY Bought Qty sold Qty Unit Cost Beginning Inventory 150 755 First Sale 120 First Purchase 400 785 Second Sale 200 Second Purchase 300 805 Sale 290 The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year A....

beginning inventory, purchases and sales data for the month of august are as follows beginning inventory...

beginning inventory, purchases and sales data for the month of august are as follows beginning inventory 10 units @ 25 august 5 sale 5 units august 10 purchase 18 units @ 27 august 12 sale 13 units August 27 purchase 10 units @ 30 assuming the business maintains a perpetual inventory system, calculate the cost of goods sold and Ending inventory using FIFO, LIFO , Weighted Average

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units...

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final...

Beginning inventory, purchases, and sales data for product A are as follows: Sept 1 Inventory &nbs

Beginning inventory, purchases, and sales data for product A are as follows: Sept 1 Inventory 240 units at $70 Sept 10 Sale 180 units Sept 15 Purchase 280 units at $72 Sept 20 Sale 220 units Sept 24 Sale 90 units Sept 30 Purchase 300 units at $75 Determine the number of units sold and the cost of units sold AND the quantity remaining in ending inventory and the cost of ending inventory. All units were sold...

Question