plz help Exercise Planet began July with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows:(Click the icon to view the transactions.)Read the requirements.Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)PurchasesCost of Goods SoldInventory on HandUnitCostTotalUnitCost Quantity CostUnitQuantity CostDateJul. 15131826TotalsDate QuantityJul. 1131826QuantityJul. 1UnitDate Quantity Cost5131826PurchasesGross profit isTotalCostTotalCostUnitQuantity CostTotalCostTotalCostDetermine the company's gross profit using the FIFO inventory costing method.Gross profit isusing the FIFO inventory costing method.Requirement 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)PurchasesCost of Goods SoldInventory on HandTotalUnitUnitCostTotalUnitCost Quantity CostCost Quantity CostTotalCostUnitQuantity CostInventory on HandData tableTotalCostTotalsDetermine the company's gross profit using the weighted-average inventory costing method.using the weighted-average inventory costing method.Requirement 4. If the business wanted to pay the least amount of income taxes possible, which method would it choose?If the business wanted to pay the least amount of income taxes possible, they would chooseJul. 5 PurchaseJul. 13 SaleJul. 18 PurchaseJul. 26 Sale130 crates @ $76 each140 crates @ $98 each150 crates @ $83 each160 crates @ $102 eachPrintDoneTotalsDetermine the company's gross profit using the LIFO inventory costing method.Gross profit isusing the LIFO inventory costing method.Requirement 3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. Enter the transactions chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost f merchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted-average cost per unit to the neare.Cost of Goods SoldXRequirements1.2.3.4.Prepare a perpetual inventory record, using the FIFO inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit.Prepare a perpetual inventory record, using the LIFO inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit.Prepare a perpetual inventory record, using the weighted-average inventorycosting method, and determine the company's cost of goods sold, endingmerchandise inventory, and gross profit. (Round weighted-average cost perunit to the nearest cent and all other amounts to the nearest dollar.)If the business wanted to pay the least amount of income taxes possible,which method would it choose?PrintXDone

Name: plz help Exercise Planet began July with merchandise inventory of 70 c
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Description: plz help Exercise Planet began July with merchandise inventory of 70 crates of vitamins that cost a total of $4,550. During the month, Exercise Planet purchased and sold merchandise on account as follows:(Click the icon to view the transactions.)Read

Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Business

Accounting

the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the periode Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross profe 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory and gross prof 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross proft (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) 4. If the business wanted to pay the least amount of income taxes possible. which method would choose? Print Done the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Ente

the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the periode Requirements 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross profe 2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory and gross prof 3. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's cost of goods sold ending merchandise inventory, and gross proft (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar) 4. If the business wanted to pay the least amount of income taxes possible. which method would choose? Print Done the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Ente

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...

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Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Instructions 1. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on June 30 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the dollar. 4. Compare the gross profit and June 30 inventories using the following column headings:
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. 4. Compare the gross profit and the March 31, 2016, inventories, using the following column headings:
Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.