Question
In: Accounting
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the...
Lyon Center began operations on July 1. It uses a perpetual
inventory system. During July, the company had the following
purchases and sales.
|
Purchases |
||||||
|
Date |
Units |
Unit Cost |
Sales Units |
|||
| July 1 | 7 | $62 | ||||
| July 6 | 5 | |||||
| July 11 | 3 | $66 | ||||
| July 14 | 3 | |||||
| July 21 | 4 | $71 | ||||
| July 27 | 3 | |||||
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.
Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)
|
July 1 |
$ | |
|
July 6 |
$ | |
|
July 11 |
$ | |
|
July 14 |
$ | |
|
July 21 |
$ | |
|
July 27 |
$ |
eTextbook and Media
List of Accounts
Incorrect answer iconYour answer is incorrect.
Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)
|
FIFO |
MOVING-AVERAGE |
LIFO |
||||
| The ending inventory under a perpetual inventory system | $ | $ | $ |
eTextbook and Media
List of Accounts
Correct answer iconYour answer is correct.
Which costing method produces the highest ending inventory valuation?
| Average-costFIFOLIFO method produces the highest ending inventory valuation. |
Solutions
ekkarill92 answered 4 months agoRelated Solutions
Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the...
Terando Co. began operations on July 1. It uses a perpetual
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purchases and sales.
Date:
July 1: 8 units $110 cost of units
July 6: 7 sales units
July 11: 12 units $126 cost of units
July 14: 5 sales units
July 21: 13 units $137 cost of units
July 27: 10 sales units
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& 27.
b)...
P6-9A Terando Co. began operations on July 1. It uses a perpetual inventory system. During July,...
P6-9A Terando Co. began operations on July 1. It uses a
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following purchases and sales. July 1. Units 5 Unit Cost $120 Sales
July 6. Sales Units 4 July 11. Units 7 Unit Cost $136 July 14.
Sales Units 3 July 21. Units 8 Unit Cost $147 July 27. Sales units
6 a) Determine the ending inventory under a perpetual inventory
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Save-Mart Center Inc. began operations on May 1 and uses a perpetual inventory system. During May,...
Save-Mart Center Inc. began operations on May 1 and uses a
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following purchases and sales for one of its products:
Purchases
Sales
Date
Units
Unit Cost
Units
Unit Price
May 1
120
$100
3
80
$250
8
100
110
13
80
275
15
60
115
20
60
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27
40
325
Instructions
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Determine the cost of goods sold and cost of ending inventory
using (1) FIFO and (2) average cost....
A company that uses a FIFO inventory system and began operations in Year 1 has the...
A company that uses a FIFO inventory system and began operations
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8,000 10,000 Selling price $45 $46 Production units 12,000 8,000
Unit direct material cost $2.00 $2.00 Unit direct labor cost $1.00
$1.00 Unit commission cost $.50 $.50 Annual Fixed Overhead $180,000
$180,000 Annual Fixed S,G,&A $140,000 $150,000 1. What are the
inventoriable cost per unit in years 1 and 2? Absorption Costing
Variable Costing 2. What...
The Lippert Company uses the perpetual inventory system. The following July data are for an item...
The Lippert Company uses the perpetual inventory system. The
following July data are for an item in Lippert's inventory:
July
1
Beginning inventory
60
units @
$11
per unit
10
Purchased
80
units @
$12
per unit
15
Sold
90
units @
26
Purchased
55
units @
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Calculate the cost of goods sold for the July 15 sale using (a)
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Round your final answers to the...
36) Gabby Company operates under a perpetual inventory system. It began operations on March 1, 20X9,...
36) Gabby Company operates under a perpetual inventory system.
It began operations on March 1, 20X9, and had the following
transactions affecting inventory during March, 20X9.
March 1 Purchase 500 units @ $5.00 $2,500
March 5 Sale 200 units
March 10 Purchase 300 units @ $5.20 $1,560
March 15 Sale 320 units
March 20 Purchase 400 units @ $5.40 $2,160
March 25 Sale 230 units
Determine the cost of goods sold for the month of March, 20X9
and the ending...
The following transactions occurred during 2020 (the company uses a perpetual inventory system with FIFO): 1)...
The following transactions occurred during 2020 (the company
uses a perpetual inventory system with FIFO):
1) Jan 4 Stockholders invested an additional $10,000 cash in the
business in exchange for common stock
2) Jan 4 Purchased 20 rabbits at $50 each on account from Jelly
Bean Farms.
3) Jan 4 Established a $200 petty change fund
4) Jan 5 Sold 6 rabbits for $200 each to Mr. Karrot, terms 2/10,
n/30.
5) Jan 6 Sold 12 rabbits at $200 each...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out.
C.
Compute gross profit under for
a...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out
Compute gross profit under for a and b....
Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The...
Harrison Company has a July 31 fiscal year end and uses a
perpetual inventory system. The records of Harrison Company show
the following data:
2021
2020
2019
Income statement:
Sales
$350,000
$330,000
$310,000
Cost of goods sold
245,000
235,000
225,000
Operating expenses
76,000
76,000
76,000
Balance sheet:
Merchandise inventory
55,000
45,000
35,000
After its July 31, 2021, year end, Harrison discovered two
errors:
1.
At July 31, 2020, Harrison had $10,000 of goods held on
consignment at another company that...
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