Answered: Beginning Inventory 3 units @ $4 $12…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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Beginning Inventory	3 units @ $4	$12
Purchases	10 units @ $7	$70
Sales	8 units

Similar questions

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at 54 8 Sale 75 units 15 Purchase 125 units at 60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (A) the cost of goods sold on July 27 and (B) the inventory on July 31.
Weighted average cost method with perpetual inventory The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 6, using the weighted average cost method. 2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost as of March 31, 2016.

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Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS under the Average Cost method for Discount Company? Round to average cost to nearest penny and round average CGS to nearest dollar. Select one: a. $26 b. $56 c. $50 d. $35 e. $32 f. $47