Problem 11-11 (IAA)Creature Company which used the periodic inventorysystem provided the following transactions for June:PurchasesSalesJune 13,000 at 3007,500 at 3044,000 at 3206,000 at 3253,500 at2,500 at 313June 32,500 at6,500 at3,000 at6,000 at4,500 at5004.8.139.1150055023550600213302730Required:Compute the cost of ending inventory under FIFO andaverage method.

Name: Problem 11-11 (IAA)Creature Company which used the periodic inventory
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem 11-11 (IAA)Creature Company which used the periodic inventorysystem provided the following transactions for June:PurchasesSalesJune 13,000 at 3007,500 at 3044,000 at 3206,000 at 3253,500 at2,500 at 313June 32,500 at6,500 at3,000 at6,000 at4,

FIFO is the first in first out method in which inventory purchased first will be sold first. Under…

Business

Accounting

Problem 11-11 (IAA) Creature Company which used the periodic inventory system provided the following transactions for June: Purchases Sales 一; June 1 3,000 at 300 7,500 at 304 4,000 at 320 6,000 at 325 3,500 at 330 2,500 at 313 June 3. 2,500 at 500 6,500 at 3,000 at 6,000 at 4,500 at 4 500 550 8 13 21 11 23 550 600 27 30 Required: Compute the cost of ending inventory under FIFO and average method.

Problem 11-11 (IAA) Creature Company which used the periodic inventory system provided the following transactions for June: Purchases Sales 一; June 1 3,000 at 300 7,500 at 304 4,000 at 320 6,000 at 325 3,500 at 330 2,500 at 313 June 3. 2,500 at 500 6,500 at 3,000 at 6,000 at 4,500 at 4 500 550 8 13 21 11 23 550 600 27 30 Required: Compute the cost of ending inventory under FIFO and average method.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

See similar textbooks

Similar questions

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.
Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at 360 7,200 Aug. 13 Purchase 260 units at 342 88,920 Nov. 30 Purchase 40 units at 357 14,280 Available for sale 320 units 110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (A) first-in, first-out (FIFO) method; (B) last-in, first-out (LIFO) method; and (C) weighted average cost method.
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.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
( 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
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.