Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the LIFO inventory costing method. 2)Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 3)Which method results in the largest gross profit, and why?

Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the LIFO inventory costing method. 2)Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 3)Which method results in the largest gross profit, and why?

Name: 1) Compute cost of goods sold and gross profit using the FIFO inventor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 1) Compute cost of goods sold and gross profit using the FIFO inventory costing method and using the LIFO inventory costing method. 2)Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-av

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 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

See similar textbooks

Similar questions

( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells: Â Edwards uses a periodic inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. Prepare the journal entries to record these transactions assuming Edwards chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 6. CONCEPTUAL CONNECTION Refer to Problem 6-67B and compare your results. What are the differences? Be sure to explain why the differences occurred.
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.
ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020 for $15 3.One item on 2/25/2020 for $20 ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020. Find the Ending Inventory and Cost of good Sold by : FIFO?Average cost?
16-ABC Merchandise business follows perpetual inventory system. The business had 200 units in inventory at 1st January 2019 valued at RO 20. On 10th January Purchase was made 300 units at RO 30 each. On 30th January Sales was made 400 units at RO 40 each. What will be the Closing stock at the end of January 2019 assuming that the business uses LIFO method? a. OMR 2,000 b. OMR 11,000 c. OMR 16,000 d. OMR 3,000
Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26 units @ $13 5 Sale 12 units 17 Purchase 23 units @ $16 30 Sale 15 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a) Cost of merchandise sold $ b) Inventory, September 30 $
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 25 units @ $14 5 Sale 14 units 17 Purchase 22 units @ $16 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a) Cost of goods sold $ b) Inventory, September 30 $
Nov. 1 Inventory 25 units @ $4.90 each 8 Purchase 98 units @ $5.30 each 17 Purchase 49 units @ $5.15 each 25 Purchase 74 units @ $5.40 each A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Cost of goods sold under FIFO is $853. $425. $441. $869. Save for Later
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 17 units 17 Purchase 10 units @ $20 30 Sale 8 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1 b. Determine the inventory on September 30.$fill in the blank 2
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 $ $ $
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @ $22 5 Sale 13 units 17 Purchase 24 units @ $23 30 Sale 24 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1 b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
The inventory data for an item for November are: Nov. 01 Inventory 20 units at $25 04 Sale 8 units 10 Purchase 32 units at $27 17 Sale 19 units 30 Purchase 23 units at $29 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a.$1,013 b.$713 c.$1,342 d.$689