The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?
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The problem is stated in the picture.
Here is the question:
1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?
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Solved in 2 steps
- Beginning inventory, purchases, and sales for Item ProX2 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 January 25 and (b) the inventory on January 31.Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00Calculator The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? Oa. $590 Ob. $580 Oc. C. $600 Od. $610 Previous Ne la
- The inventory data for an item for November are: Nov. 01 Inventory 20 units at $25 04 Sale 8 units 10 Purchase 32 units at $27 17 Sale 19 units 30 Purchase 23 units at $29 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a.$1,013 b.$713 c.$1,342 d.$689The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO? Oa. $600 Ob. $580 Oc. $590 Od. $610 Previous Next 10:4 4/17Inventory Purchases Sales Dec. 1 1,500 units at $29 Dec. 10 750 units at $31 Dec. 12 1,050 units Dec. 20 675 units at $33 Dec. 14 900 units Dec. 31 450 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Cost of Quantity Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 29 X 31 750 Dec. 12 Dec. 14 Dec. 20 Dec. 31
- Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units soldPROBLEM 1 Norris Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Selling Units Unit Cost Units Price/Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/4 Sales 70 $80 200 $55 3/10 Purchase 3/16 Sales 80 $90 40 $60 3/19 Purchase 3/25 Sales 120 $90 Instructions Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO (b) LIFOThe inventory data for an item for November are: Nov. 1 Inventory 18 units at $23 4 Sale 10 units 10 Purchase 35 units at $25 17 Sale 16 units 30 Purchase 22 units at $27 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? Oa. $1.269 Ob. $614 Oc. $630 Od. $814
- Can i please get help with this question? 7.4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.EE The inventory data for an item for November are: Nov. 1 Inventory 24 units at $22 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оb. s668 Oc. $863 Od. $968 Previous NextWarnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date Mar. 1 Beginning inventory Mar. 5 Purchase Activities Mar. 9 Sales Har 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 100 units@ $53.00 per unit 400 units@ $58.00 per unit 120 units@ $63.00 per unit 200 units@ $65.00 per unit 820 units Units Sold at Retail 420 units@ $88.00 per unit 160 units@ $98.00 per unit 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase, the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase