Chapter 6 - Class Review Activity

PROBLEM 1 Norris Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Selling Units Unit Cost Units Price/Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/4 Sales 70 $80 200 $55 3/10 Purchase 3/16 Sales 80 $90 40 $60 3/19 Purchase 3/25 Sales 120 $90 Instructions Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO (b) LIFO

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Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 How do you figure out the inventory cost and total cost when doing sale in the weighted average cost flow method under perpetual inventory system? The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise SoldWeighted Average Cost Flow Method   Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1               $ $ Apr. 19         $ $       June 30   $ $             Sept. 2                   Nov. 15                   Dec. 31 Balances         $   $ $

How do I solve this?

problem session purchases and sales of a particular product during the year are shown below:   may. 1 Beginning Inventory 1,500 units @ $ 10 may. 18 Purchase 1,250 units @ $ 12 may 20 Sold 1,500 units @ $ 20 may. 25 Purchase 1,750 units @ $ 14 may. 27 Sold 1,750 units @ $ 25 may. 29 Purchase 500 units @ $ 15   Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of may. 31  and make the journal entry for may. 27 transaction by using inventory subsidiary ledger for LIFO cost flow assumption.

November 1 Inventory 59 units at $81 10 Sale 48 units 15 Purchase 33 units at $84 20 Sale 17 units 24 Sale 18 units 30 Purchase 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 15 Nov. 20 Nov. 24 Nov. 30

Figure out Cost of goods sold for March

Question 21: A company that uses the perpetual inventory system sold goods to a customer cash on September 10 for $20. The company has the following inventory information: January 1 Beginning Inventory, 15 units at $9 each -June 10 Purchase, 17 units at $10 each September 10 Sale, 8 units The company uses the LIFO method of inventory costing. Calculate the cost of goods sold for the sale on September 10. a) $48 b) $160 c) $88 d) $170 e) $80

Question three : Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit.                                                    Purchases                                                                                        Units                                  Unit Cost                                                                                  3/1      Beginning inventory           150                  $40 3/3      Purchase           50                    $50 3/10    Purchase           250                  $55 3/30    Purchase           100                  $65   Instructions (a)   Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b)   Using the weighted average method, calculate the amount assigned to the…

April 1 Beginning Inventory 100 units @ $4 April 2 Sales 50 units April 3 Purchases 300 units @ $6 April 10 Sales 250 units April 21 Purchases 400 units @ $8 April 28 Sales 200 units Assuming a periodic inventory system is used, what is cost of goods sold under FIFO? Select one: a. $2,400 b. $2,100 c. $3,000 d. $3,300

Question three: Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif's Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Unit Cost Units 150 $40 3/1 Beginning inventory 3/3 Purchase 50 $50 3/10 Purchase 250 $55 3/30 Purchase 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations)

Perpetual inventory using LIFO Beginning Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 35 units 24 Sale 9 units 30 Purchase 22 units at $60 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 inventory, purchases, and sales data for DVD players are as follows: 48 units at $55 37 units 62 units at $58 Nov. 30 Cost of Cost of Inventory Inventory Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Nov. 30 Balances 0 LIFO Method DVD Players 0 00 0…

Norris Co. purchase and sales data is as follows:         Units   Cost per Unit Aug. 1 Inventory   50   $25   7 Sale   38       18 Purchase   25   $30   24 Sale   ?       29 Purchase   60   $32 The August 24th sale is provided as a slider to vary the quantity sold as follows:   1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO?   $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO?   $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY)  . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?   $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale?   $ ____________ 6. The…

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2

Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units sold

Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 16 units at $20.00 Nov. 04 Sold 11 units Nov. 10 Purchased 33 units at $21.00 Nov. 17 Sold 25 units Nov. 30 Purchased 23 units at $25.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer. A. $745.00 B. $848.00 C. $845.00 D. $740.00

Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? Oa. $590 Ob. $580 Oc. C. $600 Od. $610 Previous Ne la

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Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00

Wanerwoods company uses a perpetual inventory system

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO? a.$580 b.$600 c.$610 d.$590

Date Apr. 1 Apr. 10 Apr. 15 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 140 units Apr. 20 170 units 60 units Purchase 240 units at $46 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Quantity Purchased 10 15 20 210 ✔ Apr. 24 Apr. 30 240 a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column, Apr. 30 Balances Feedback 30 Show Transcribed Text Sale & Chark My Whak Purchase Quantity Check My Work 6 more Check My Work uses remaining Sale Sale Purchases Unit Purchases Total Purchases Purchases Unit Total Cost Cost 42 ✔ 46 ✓ 210 units at…

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Specific identification perpetual