Ending inventory using FIFO? June 1 Balance302 unitse $17June 10Sold200 units@ $4011 Purchased795 unitse $2015Sold496 unitse $4220Purchased498 units e $2227Sold299 units@ $45

Name: Ending inventory using FIFO? June 1 Balance302 unitse $17June 10Sold20
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Description: Ending inventory using FIFO? June 1 Balance302 unitse $17June 10Sold200 units@ $4011 Purchased795 unitse $2015Sold496 unitse $4220Purchased498 units e $2227Sold299 units@ $45

FIFO is first in first out inventory valuation method which says that inventory which is purchased…

Answered: Ending inventory using FIFO?

Business

Accounting

Ending inventory using FIFO?

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.8C

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3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
Date Activity #units cost/ea June 1 Beginning Inventory 5 $6 June 5 Purchased 12 7 June 10 Sold 10 units @$15 June 15 Purchased 12 8 June 25 Purchased 10 9 June 30 Sold 15 units @15 FIFO/ LIFO
June 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24 jun11 Purchased 950 units @ $13 june15 Sold 575 units @ $25 june20 Purchased 525 units @ $14 june27 Sold 324 units @ $27 prepare the adjusting journal entries to record cost of goods sold for the month of June for the perpetual inventory method only.
Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00
Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory
A $1,000 sale is made on May 1 with terms 2/10, n/30.Items with a $100 selling price are returned on May 3.What amount, if received on May 9, will be consideredpayment in full?a. $700 c. $882b. $800 d. $900
Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 110 units @ $51.20 per unit March 5 Purchase 230 units @ $56.20 per unit March 9 Sales 270 units @ $86.20 per unit March 18 Purchase 90 units @ $61.20 per unit March 25 Purchase 160 units @ $63.20 per unit March 29 Sales 140 units @ $96.20 per unit Totals 590 units 410 units rev: 05_26_2021_QC_CS-265380, 07_10_2021_QC_CDR-376 Required:1. Compute cost of goods available for sale and the number of units available for sale.
June 1 Balance 450 units @ $11 June 15 Sold 200 units @ $24 jun11 Purchased 950 units @ $13 june15 Sold 575 units @ $25 june20 Purchased 525 units @ $14 june27 Sold 324 units @ $27 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the cost of goods sold and ending inventory under (4) LIFO, (5) FIFO, (6) Average Cost.
Beginning inventory, 100 units @P1.50;purchases: Jan 24 – 300 units @P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70Units sold: Feb 8 – 80 units @P2 Mar 18 – 140 units @ P2.50 Aug 18 – 130 units @P3.00 Sept 6 – 110 units @P3.50 Dec 29 – 140 units @P5.1. P1,037.13 will be the gross profit of the company under?2. Purchases made by the company amounted to?3. this is the cost of sales on December 29 under perpetual, FIFO?
3) A company purchased inventory as follows:200 units at $6.50300 units at $6.20The average unit cost for inventory is a)$6.32. b)$6.50. c)$6.36. d)$6.20.
March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414
Ma3 The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit = 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 per unit. -Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material.