Question
In: Accounting
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following
| Jan 1 | Beginning inventory | 900 | units | @ | $ | 3.50 | |
| Jan 12 | Purchase | 1000 | units | @ | $ | 3.30 | |
| Jan 18 | Sales | 1100 | units | @ | $ | 5.00 | |
| Jan 21 | Purchase | 900 | units | @ | $ | 3.60 | |
| Jan 25 | Purchase | 700 | units | @ | $ | 3.40 | |
| Jan 31 | Sales | 1050 | units | @ | $ | 5.00 |
Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is:
Select one:
A.
$4720.
B.
$3645.
C.
$3540.
D.
$3805.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following Jan 1 Beginning inventory
2200 units @ $ 6.10 Jan 12 Purchase 2300 units @ $ 5.90 Jan 18
Sales 2400 units @ $ 7.60 Jan 21 Purchase 2200 units @ $ 6.20
Jan 25 Purchase 2000 units @ $ 6.00 Jan 31 Sales 2350 units @ $
7.60 Assuming Chase uses a FIFO cost flow method, the cost of
goods sold for the sales...
Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The...
Emerald Co. uses a perpetual inventory system and records
purchases of merchandise at net cost. The company recently
purchased 200 compact discs at an invoice price of $6,000 and terms
of 2/10, n/30. Half of these discs had been mislabeled and were
returned immediately to the supplier. The journal entry to record
payment of this invoice after the discount period has expired will
include a:
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2019:
Date
Transaction
Number
of Units
Unit
Cost
Total
Cost
1/1
Beginning inventory
150
$
31
$
4,650
1/24
Purchase
70
34
2,380
2/22
Sale
(100
)
-
-
3/7
Purchase
90
38
3,420
4/10
Purchase
140
37
5,180
6/11
Sale
(100
)
-
-
9/28
Purchase
50
36
1,800
12/4
Sale
(100
)
-
-
b. Assume that Kuffel Co. uses a perpetual...
A company that uses the PERPETUAL inventory system has the following records for 2017 Beginging inventory...
A company that uses the PERPETUAL inventory system has the
following records for 2017
Beginging
inventory
Units
Unit cost
Purcahses:
120
$48
Febuary 8th
60
52
June 15th
70
54
22-Aug
55
57
Novemeber 29
45
61
Salkes:
30-Mar
145
20-Jul
90
December 15th
60
Please compute the cost of ending inventory and the cost of
goods sold using the follow methods: Please also show all
steps/work
A) FIFO
B) Weighted Average
c) LIFO
CP7-1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts receivable and...
CP7-1 (Perpetual
Method) Jeter Co. uses a perpetual inventory system and both an
accounts receivable
and an accounts payable subsidiary ledger. Balances related to both
the general ledger and the
subsidiary ledgers for Jeter are indicated in the working papers
presented below. Also following are a
series of transactions for Jeter Co. for the month of January.
Credit sales terms are 2/10, n/30. The cost
of all merchandise sold was 60% of the sales price.
GENERAL LEDGER
Account January 1...
Comprehensive Accounting Cycle Review ACR7.1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an...
Comprehensive Accounting Cycle Review
ACR7.1 (Perpetual Method) Jeter Co.
uses a perpetual inventory system and both an accounts receivable
and an accounts payable subsidiary ledger. Balances related to both
the general ledger and the subsidiary ledgers for Jeter are
indicated in the working papers presented below. Also below are a
series of transactions for Jeter Co. for the month of January.
Credit sales terms are 2/10, n/30. The cost of all merchandise sold
was 60% of the sales price.
GENERAL LEDGER...
Concord Limited uses a perpetual inventory system. The inventory records show the following data for its...
Concord Limited uses a perpetual inventory system. The inventory
records show the following data for its first month of
operations:
Date
Explanation
Units
Unit Cost
Total Cost
Balance in
Units
Aug.
2
Purchases
237
$73
$17,301
237
3
Purchases
475
97
46,075
712
10
Sales
(300
)
412
15
Purchases
894
122
109,068
1,306
25
Sales
(330
)
976
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Cost of goods sold
$enter a dollar...
Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...
Klump Co. uses a perpetual inventory system and had the
following inventory transactions for the month of March.
Beginning Inventory - 150 units at $81
March 7 Sold 70 units
March 11 Purchase 200 units at $85
March 12 Sold 220 units
If the company uses the FIFO inventory costing method, the
amount of ending inventory reported on the balance sheet is:
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...
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