Question
In: Accounting
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
|
Date |
Transaction |
Units In |
Unit Cost |
Total |
Units Sold |
Sales Price |
Total |
|
7/1 |
Balance |
100 |
4.10 |
410 |
|||
|
7/6 |
Purchase |
800 |
4.20 |
3,360 |
|||
|
7/7 |
Sale |
300 |
7.00 |
2,100 |
|||
|
7/10 |
Sale |
300 |
7.30 |
2,190 |
|||
|
7/12 |
Purchase |
400 |
4.50 |
1,800 |
|||
|
7/15 |
Sale |
200 |
7.40 |
1,480 |
|||
|
7/18 |
Purchase |
300 |
4.60 |
1,380 |
|||
|
7/22 |
Sale |
400 |
7.40 |
2,960 |
|||
|
7/25 |
Purchase |
500 |
4.58 |
2,290 |
|||
|
7/30 |
Sale |
200 |
7.50 |
1,500 |
|||
|
Totals |
2,100 |
9,240 |
1,400 |
10,230 |
Compute FIFO, LIFO, Average for the perpetual inventory system. Be sure to do a summary table and a partial income statement through gross profit for the inventory valuation method and inventory system.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10...
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system.
Be sure to do...
USE OF AVERAGE COST METHOD Unit cost / Balance Date Explanation Units Price Total Costs in...
USE OF AVERAGE COST METHOD
Unit cost /
Balance
Date
Explanation
Units
Price
Total Costs
in units
02-Jun
Purchase
225
$ 60
$ 13,500
225
03-Jun
Purchase
350
$ 80
$ 28,000
575
10-Jun
Sale
300
$ 100
$ 30,000
275
15-Jun
Purchase
900
$ 85
$ 76,500
1175
25-Jun
Sales
325
$ 110
$ 35,750
850
What is total value of ending inventory after the purchase of
June 3rd? $ Answer
What is the unit cost of ending inventory after the June 15th
purchase? $ Answer
What is the total...
('$) ('$) Unit. Total Balance Date Explanation Units. Cost Cost in Units Jun-01 Beginning...
('$)
('$)
Unit.
Total
Balance
Date
Explanation
Units.
Cost
Cost
in Units
Jun-01
Beginning inventory.
50
1.0
50
50
Jun-06
Purchase
50
1.2
60
100
Jun-10
Sales
60
40
Jun-13
Purchase
150
1.4
210
190
Jun-20
Purchase
100
1.6
160
290
Jun-25
Purchase
150
1.8
270
440
Jun-30
Sales
200
240
FIFO Periodic System
COGS:
Ending Inventory:
Average Cost Periodic System
COGS:
Ending Inventory:
FIFO Previous System
COGS:
Ending Inventory:
Average Cost Previous System
COGS:
Ending Inventory:
Show...
date activities units cost total units sold retail price total aug 1 beginning inventory 150 $8.00...
date
activities
units
cost
total
units sold
retail price
total
aug 1
beginning inventory
150
$8.00
$1,200.00
aug 10
sales
70
$80.00
$5,600.00
aug 20
purchases
50
$9.00
$450.00
aug 25
sales
100
$80.00
$8,000.00
aug 31
purchases
50
$9.25
$475.00
totals
250
$2125.00
170
Corey Church is a seller of designer sunglasses. Following is a
summary of Corey Church’s purchases and sales for the month of
August, 2020. Calculate the cost of the ending inventory under the
A) FIFO...
The inventory transactions of VTS Corporation are shown below. Date Transaction Number of Units Unit Cost/Price...
The inventory transactions of VTS Corporation are shown
below.
Date
Transaction
Number of Units
Unit Cost/Price
Jan. 1
Beginning inventory
500
$
10
Feb. 25
Sale
300
20
May 21
Purchase
400
12
Jul. 15
Purchase
500
15
Dec. 10
Sale
800
20
All purchase/sale transactions are made on credit. The company uses
the FIFO method and perpetual inventory system to record
transactions. What is the amount of LIFO adjustment needed to
adjust FIFO inventory records reported for the year...
Use the following data of Makrel Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning...
Use the following data of Makrel Sales, Inc.:
Unit
Total
Units
Units
Cost
Cost
Sold
Beginning inventory
18
$6
$108
Purchase on Apr 25
35
7
245
Purchase on Nov 16
13
10
130
Sales
45
?
?
MakrelMakrel
Sales' LIFO cost of ending inventory would be
A.$186.
B.$129.
C.$154.
D.$450.
Date Transaction Number of Units Per Unit Total Jan.1Inventory7,500$ 75.00$ 562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb.5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale2
Date
Transaction
Number of Units
Per Unit
Total
Jan.1Inventory7,500$ 75.00$
562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb.5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale25,500160.004,080,000Mar.5Purchase45,00089.504,027,50014Sale30,000160.004,800,00025Purchase7,50090.00675,00030Sale26,250160.004,200,000
3. Determine the inventory on March 31 and the cost of goods
sold for the three-month period, using the weighted average cost
method and the periodic inventory system. Round the weighted
average unit cost to the nearest cent and use that amount in
subsequent computations.
Inventory, March 31
Cost of goods sold
Philips Company has the following data available Transaction Units purchased Unit cost Units sold Transaction 300...
Philips Company has the following data available
Transaction
Units purchased
Unit cost
Units sold
Transaction
300
10
March 1 Purchase
200
12
April 25 sale
330
June 10 Purchase
370
14
July 20 sale
250
October 30 Purchase
340
11
December 15 sale
390
if Philips uses a perpetual FIFO inventory
system, the cost of ending inventory on Dec 31 is
I need the steps in the form of table
Inventory records for a company revealed the following: Date Transaction Number of Units Unit Cost Apr....
Inventory records for a company revealed the
following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning inventory 500 $2.40
Apr. 20 Purchase 400 $2.50
The company sold 700 units of inventory during the
month. Cost of goods sold assuming FIFO would be:
a.
$1,690
b.
$1,720.
c.
$1,700.
d.
$1,730.
e.
$1,710.
If management can estimate the amount of loss that will
occur due to litigation against the company, and the likelihood of
the loss is reasonably possible,...
Question (2) Units Unit Cost ($) Total Jan. 1 (Beg.) 100 15
Question (2)
Units
Unit Cost ($)
Total
Jan. 1 (Beg.)
100
15
1,500
Jan. 15 Purchase
100
20
2,000
Jan. 20 Purchase
200
25
5,000
Jan. 25 Purchase
150
30
4,500
Total
550
13,000
Jan. 30 Sold
220
Selling Price ($)
50
Required:
Assume ABC uses the Weighted –
Average method calculate I-ending inventory,
II-cost of goods sold andIII-gross
profit.
Assume ABC uses
LIFOmethod calculate I-ending inventory,
II-cost of goods sold andIII-gross
profit.
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