Ch 7-2 Practice Exercises eBook Show Me Hovw Print Item 1. PE 07-02 ALGO Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 2. PE.07-03.ALGO October 1 Inventory 88 units @ $33 70 units 98 units @ $37 82 units 3. PE-07-04A 5 Sale 11 Purchase 21 Sale 4. PE 07-05 ALGO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31 a. Cost of merchandise sold on October 21 3,034 b. Inventory on October 31 5. PE-07-06ALGO 1,122X eedback Check My Work 0 more Check My Work uses remaining Previous Next Progress: 215 items Assignment Score: 36.67% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Ch 7-2 Practice Exercises eBook Show Me Hovw Print Item 1. PE 07-02 ALGO Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 2. PE.07-03.ALGO October 1 Inventory 88 units @ $33 70 units 98 units @ $37 82 units 3. PE-07-04A 5 Sale 11 Purchase 21 Sale 4. PE 07-05 ALGO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31 a. Cost of merchandise sold on October 21 3,034 b. Inventory on October 31 5. PE-07-06ALGO 1,122X eedback Check My Work 0 more Check My Work uses remaining Previous Next Progress: 215 items Assignment Score: 36.67% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Accounting (Text Only)

26th Edition

ISBN:9781285743615

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

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

Chapter7: Inventories

Section: Chapter Questions

Problem 7.10EX: Perpetual inventory using FIFO Assume that the business in Exercise 7-9 maintains a perpetual...

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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.
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.
Perpetual inventory using FIFO Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072