Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 13 8 Sale 7 14 Purchase 21 Sale 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?
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- Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 June 1 July 28 On June 1, Vaughn sold 25 units, and on August 27, 46 more units. (a) Prepare the perpetual inventory schedule for the above transactions using FIFO. Date May 7 June 1 July 28 Aug. 27 $ Aug. 27 Number of Units Date May 7 $ tA July 28 $ Aug. 27 $ LA $ $ LA $ $ Prepare the perpetual inventory schedule for the above transactions using LIFO. June 1 $ $ 55 LA 30 tA $ $ Purchases Unit Cost $15 Purchases 18 Purchases LA $ $ LA $ tA $ Product E2-D2 $ tA $ Product E2-D2 $ LA $ Product E2-D2 $ LA Cost of Goods Sold Cost of Goods Sold Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.) $ LA $ LA $ $ Cost of Goods Sold $ LA $ LA W $ $ LA $ $ $ LA $ LA $ tA $ $ LA Balance 20 Balance…Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $12 July 28 30 16 On June 1, Vaughn sold 25 units, and on August 27, 45 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount $enter a dollar amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amountAssume that B R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) BR Toys uses the perpetual inventory system. Read the requirements. More info Dec. 1 Beginning merchandise inventory 13 8 Sale 14 Purchase 9 17 15 21 Sale Print Done units @ $10 each units@ $ 18 each units @ $ 16 each units @ $ 18 each - X 4 Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Print Done
- Sheridan Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 55 $11 July 28 25 14 On June 1, Sheridan sold 20 units, and on August 27, 45 more units. (a) Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer June 1 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer July 28 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer Aug. 27 $enter a dollar amount Correct answer $enter a dollar amount Incorrect…Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 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 Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…Carla Vista Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a) 40 30 On June 1, Carla Vista sold 20 units, and on August 27, 30 more units. June 1 sale: Unit Price Aug. 27 sale: $13 18 Your answer is partially correct. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) 13 |
- Waterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date May 7 June 1 On June 1, Waterway sold 25 units, and on August 27, 41 more units. July 28 (b) . Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. Date Number of Units May 7 June 1 $ Save for Later July 28 $ Aug. 27 $ eTextbook and Media $ 45 $ 30 $ $ Unit Cost $ Purchases $13 16 Purchases Product E2-D2 Prepare the perpetual inventory schedule for the above transactions using LIFO. $ $ $ $ Product E2-D2 $ $ Cost of Goods Sold $ $ $ Cost of Goods Sold $ $ $ $ $ $ Balance Attempts: 0 of 5 used Submit Answer BalanceAssume that Toys Galore store purchased and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 13 units @ $9 each Dec. 8 Sale 8 units @ $22 each Dec. 14 Purchase 16 units @ $14 each Dec. 21 Sale 14units @$22 each Read the requirements. 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Toys Galore uses the perpetual inventory system. Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. Begin by computing the…Bonita Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Number of Units 45 (a) 30 Unit Cost $13 15 On June 1, Bonita sold 25 units, and on August 27, 39 more units. Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions using FIFO. 4
- Assume ShoeFanatic.com began March with 10 units of inventory that cost a total of $170. During March, ShoeFanatic.com purchased and sold goods as follows: EE (Click the icon to view the purchases and sales.) Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on March 14? 'O A. $450 B. $900 OC. $440 O.D. $710Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 19 units at $20.00 Nov. 04 Sold 9 units Nov. 10 Purchased 30 units at $19.00 Nov. 17 Sold 24 units Nov. 30 Purchased 21 units at $23.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer. $836.00 $787.00 $646.00 $636.00Accounting Bonita Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $14 July 28 25 17 On June 1, Bonita sold 20 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Prepare the perpetual inventory schedule for the above transactions using LIFO. Prepare the perpetual inventory schedule for the above transactions using moving-average cost.