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BZU uses perpetual inventory system to record purchases and sales and FIFL, LIFO and AVC methods to evaluate its inventories. The company has provided the following information about commodity DX-13C and wants your assistance in computing the cost of commodity DX-13C sold and the cost of ending inventory of commodity DX-13C. • Aug. 01: Beginning inventory; 200 units @ $40 per unit. • Aug. 07: Sales; 140 units@$50 • Aug. 12: Purchases; 160 units @ $42 per unit. • Aug. 17: Sales; 80 units. $50 • Aug. 23: Sales; 40 units. $50 • Aug. 27: Purchases; 80 units @ $44 per unit. • Aug. 30: Sales; 100 units. $60 Required: 1. Prepare a FIFO, LIFO and AVC perpetual inventory card. 2. Compute cost of goods sold and the cost of ending inventory using all these three methods. 3. Pass Necessary Journal entries for each and every method.

BZU uses perpetual inventory system to record purchases and sales and FIFL, LIFO and AVC methods to evaluate its inventories. The company has provided the following information about commodity DX-13C and wants your assistance in computing the cost of commodity DX-13C sold and the cost of ending inventory of commodity DX-13C. • Aug. 01: Beginning inventory; 200 units @ $40 per unit. • Aug. 07: Sales; 140 units@$50 • Aug. 12: Purchases; 160 units @ $42 per unit. • Aug. 17: Sales; 80 units. $50 • Aug. 23: Sales; 40 units. $50 • Aug. 27: Purchases; 80 units @ $44 per unit. • Aug. 30: Sales; 100 units. $60 Required: 1. Prepare a FIFO, LIFO and AVC perpetual inventory card. 2. Compute cost of goods sold and the cost of ending inventory using all these three methods. 3. Pass Necessary Journal entries for each and every method.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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BZU uses perpetual inventory system to record purchases and sales and FIFL, LIFO and AVC methods to evaluate its inventories. The company has provided the following information about commodity DX-13C and wants your assistance in computing the cost of commodity DX-13C sold and the cost of ending inventory of commodity DX-13C. • Aug. 01: Beginning inventory; 200 units @ $40 per unit. Aug. 07: Sales; 140 units@$50 Aug. 12: Purchases; 160 units @ $42 per unit. Aug. 17: Sales; 80 units. $50 Aug. 23: Sales; 40 units. $50 Aug. 27: Purchases; 80 units @ $44 per unit. Aug. 30: Sales; 100 units. $60 Required: 1. Prepare a FIFO, LIFO and AVC perpetual inventory card. 2. Compute cost of goods sold and the cost of ending inventory using all these three methods. 3. Pass Necessary Journal entries for each and every method. . .
Transcribed Image Text:BZU uses perpetual inventory system to record purchases and sales and FIFL, LIFO and AVC methods to evaluate its inventories. The company has provided the following information about commodity DX-13C and wants your assistance in computing the cost of commodity DX-13C sold and the cost of ending inventory of commodity DX-13C. • Aug. 01: Beginning inventory; 200 units @ $40 per unit. Aug. 07: Sales; 140 units@$50 Aug. 12: Purchases; 160 units @ $42 per unit. Aug. 17: Sales; 80 units. $50 Aug. 23: Sales; 40 units. $50 Aug. 27: Purchases; 80 units @ $44 per unit. Aug. 30: Sales; 100 units. $60 Required: 1. Prepare a FIFO, LIFO and AVC perpetual inventory card. 2. Compute cost of goods sold and the cost of ending inventory using all these three methods. 3. Pass Necessary Journal entries for each and every method. . .
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