Only EX 6-9 the items are taken directly to the(o record the amount of inventorye all salesclerks need access to the-or inappropriate. If it is inap-o the break room used by all mall335Chapter 6 InventoriesObj. 3EX 6-8 Weighted average cost flow method under perpetual inventory systemThe following units of a particular item were available for sale during the calendar year:Total Cost of goodssold, $1,758,750InventorySale10,000 units at $75.008,000 unitsJan.1Mar.18MayAug.18,000 units at $77.5015.000 unitsPurchase9.SaleSHOW ME MOW7,000 units at $80.25Oct.20Purchasea perpetual inventory system.the cost of goods sold for each sale and the inventory balance after each sale. PresentObj. 2, 3The firm uses the weighted average cost method withas follows:Determinthe data in the form illustrated in Exhibit 5.• EX 6-9 Weighted average cost flow method under perpetual inventory systemThe following units of a particular item were available for sale during the calendar year:Obj. 3V Total Cost of goodssold, $315,000Jan.1Apr.June 30InventorySale4,000 units at $40192,500 units4,500 units at $44-st-out method,ance after each sale,PurchaseSept.Nov. 15Sale5,000 unitsPurchase2,000 units at $46-her or lower usingThe firm uses the weighted average cost method with a perpetual inventory system.Determine the cost of goods sold for each sale and the inventory balance after each sale. Presentthe data in the form illustrated in Exhibit 5.Obj. 2, 3rem, costing byd the inventoryEX 6-10 Perpetual inventory using FIFOAssume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine thecost of goods 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.Obj. 3V Total Cost of goodssold, $314,000Obj. 2, 3e as follows:EX 6-11 Perpetual inventory using LIFOAssume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine thecost of goods sold for each sale and the inventory balance after cach ulefirst-out meObj. 3V Total Cost of goodssold, $318,000

Weighted average Cost - The perpetual inventory updated inventory as on regular basis, while…

Answered: V Total Cost of goods sold, $315,000 EX…

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost on June 30. 5. Based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an 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 below as an example.
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual 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.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down if inventory.
Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
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.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).

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