Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,600 $8.00 June 3 Purchases 3,200 8.40 Sales (at $16 per June 7 unit) 2,240 June 20 Purchases 2,176 9.00 Sales (at $16 per June 22 unit) 3.520 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 s b. Cost of goods sold for June s

Upland Co.s inventory records showed the following data accounted for in a perpetual inventory system. Date Units Unit Cost June 1 Inventory 1,600 $8.00 June 3 Purchases 3,200 8.40 Sales (at $16 per June 7 unit) 2,240 June 20 Purchases 2,176 9.00 Sales (at $16 per June 22 unit) 3.520 What is (a) ending inventory on June 30, and (b) cost of goods sold for June, using the FIFO inventory method? Note: Round your final answers below to the nearest whole dollar. a. Ending inventory on June 30 s b. Cost of goods sold for June s

Name: Perpetual System-Calculating Ending Inventory and Cost of Sales using
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Description: Perpetual System-Calculating Ending Inventory and Cost of Sales using FIFOUpland Co.'s inventory records showed the following data accounted for in a perpetual inventory system.DateUnits Unit CostJune 1Inventory 1,600$8.00June 3Purchases 3,2008.40Sa

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO method LIFO liquidation LIFO conformity rule LIFO reserve Replacement cost Inventory profit Lower-of-cost-or-market (LCM) rule Inventory turnover ratio Number of days sales in inventory Moving average (Appendix) The name given to an average cost method when a weighted average cost assumption is used with a perpetual inventory system. An inventory costing method that assigns the same unit cost to all units available for sale during the period. A conservative inventory valuation approach that is an attempt to anticipate declines in the value of inventory before its actual sale. An inventory costing method that assigns the most recent costs to ending inventory. The current cost of a unit of inventory. An inventory costing method that assigns the most recent costs to cost of goods sold. A measure of how long it takes to sell inventory. The IRS requirement that when LIFO is used on a tax return, it must also be used in reporting income to stockholders. An inventory costing method that relies on matching unit costs with the actual units sold. The portion of the gross profit that results from holding inventory during a period of rising prices. The result of selling more units than are purchased during the period, which can have negative tax consequences if a company is using LIFO. The excess of the value of a companys inventory stated at FIFO over the value stated at LIFO. A measure of the number of times inventory is sold during the period.