external_browser%3D0&launchUrl=https%253A%252F%252Fblackboard.american.edu%2...Class Exampleonstration Problems i)Launch Meeting - Zoo XWIFI LandimAltira Corporation provides the following information related to its merchandise inventory during the month of August 2021:SavedTV TOHelpSave & ExitAug.1 Inventory on hand-2,000 units; cost $5.30 each.8 Purchased 8,000 units for $5.50 each.14 Sold 6,000 units for $12.00 each.18 Purchased 6,000 units for $5.60 each.25 Sold 7,000 units for $11.00 each.28 Purchased 4,000 units for $5.80 each.31 Inventory on hand-7,000 units.Required:Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021,balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flowmethods.Complete this question by entering your answers in the tabs below.FIFOLIFPAverage CostDetermine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 incomestatement using the LIFO method. (Round cost per unit to 2 decimal places.)Ending Inventory - Periodic LIFO# of unitsIn endinginventoryCost of Goods Available for SaleCost of Goods Sold- Periodic LIFOCost of Goods# of unitssoldCost perunitCost ofGoods SoldCost perunitEndingInventoryLIFOCost per Available forunit# of unitsSale2,000$ 5.3010,6002,0005.3010,6005.30Beginning InventoryPurchases:5.5022,0004,000 $5.5022,0008,000$ 5.5044,0004,000S.16,800August 83,000 $5.6033,6005.606,000S 5.605.800.August 18August 282$5.804,000$ 5.8023,200%2438,8002432,6007,000S 111,4006,00020,000Total%24%24

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Description: external_browser%3D0&launchUrl=https%253A%252F%252Fblackboard.american.edu%2...Class Exampleonstration Problems i)Launch Meeting - Zoo XWIFI LandimAltira Corporation provides the following information related to its merchandise inventory during the

FIFO stands for First in First out, which is a method of inventory where the first inventory that is…

Business

Accounting

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. 8 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. F%252Fblackboard.american.edu%2... Saved Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods. ☆ Help

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. 8 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. F%252Fblackboard.american.edu%2... Saved Required: Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using each of the following cost flow methods. ☆ Help

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.4C

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Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $38 Apr. 19 Sale 2,700 units June 30 Purchase 4,000 units at $42 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,400 units at $43 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent,…
eBook Show Me HowSpreadsheetPrint Item Question Content Area Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 700 $1.10 $0.90 B 1 250 1.50 1.55 C 2 150 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? Individual items Product A $fill in the blank 1 630 Product B fill in the blank 2 375 Product C fill in
eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory,January 1 1st 2nd 3rd Inventory Count,December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 8 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,300 units at $42 Apr. 19 Sale 2,000 units June 30 Purchase 4,800 units at $47 Sept. 2 Sale 6,600 units Nov. 15 Purchase 2,400 units at $49 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to…
eBook Show Me How FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 66 $600 $39,600 8 Purchase 132 720 95,040 11 Sale 88 2,000 176,000 30 Sale 55 2,000 110,000 May 8 Purchase 110 800 88,000 10 Sale 66 2,000 132,000 19 Sale 33 2,000 66,000 28 Purchase 110 880 96,800 June 5 Sale 66 2,100 138,600 16 Sale 88 2,100 184,800 21 Purchase 198 960 190,080 28 Sale 99 2,100 207,900
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
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 value of COGS for November if the company uses FIFO? Select one: a. $600 b. $610 c. $400 d. $590
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eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…