solve the problem by looking at the given information and show formulas and calculations ...... AВDF2829 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.3031 (Use cells A4 to D10 from the given information to complete this question.)32LIFO Ending Inventory# of Units3334Total CostDescription35 Beginning InventoryCost per Unit36Jan. 15 Purchase37443839LIFO Cost of Goods Sold40Description# of UnitsCost per UnitTotal Cost41 Jan. 20 Purchase42 Jan. 15 Purchase43364445 3) Using Periodic Weighted Average, first calculate the cost per unit using the formula below.46 Next, apply that same cost per unit to calculate both the Ending Inventory and Cost of Goods Sold.4748 (Use cells A4 to D10 from the given information to complete this question.)4950Cost of Goods Available for SaleWeighted Average Cost =%3D51Number of Units Available for Saleper unit52 FileHomeInsertDrawFormulasDataReviewViewHelpO EditingCalibriV 11GenВ35fxABCEF1Better Bottles, Inc., uses a periodic inventory system and has the following information available:34# of UnitsTotal CostDescriptionBeginning InventoryCost per Unit20$20.00$400.006.Jan. 15 Purchase2722.00594.007Jan. 20 Purchase3330.00990.008Goods Available for Sale80$1,984.00Less: January Sales10 Ending Inventory9.36441112 Required:

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Description: solve the problem by looking at the given information and show formulas and calculations ...... AВDF2829 2) Calculate both the Ending Inventory and Cost of Goods Sold using Periodic LIFO.3031 (Use cells A4 to D10 from the given information to complet

LIFO method: Under the last-in, first-out (LIFO) method of inventory valuation Inventory purchased…

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Better Bottles, Inc., uses a periodic inventory system and has the following information available: Cost per Unit Total Cost $20.00 Description # of Units Beginning Inventory 20 $400.00 Jan. 15 Purchase 27 22.00 594.00 Jan. 20 Purchase 33 30.00 990.00 Goods Available for Sale 80 $1,984.00 Less: January Sales 36 Ending Inventory 44

Better Bottles, Inc., uses a periodic inventory system and has the following information available: Cost per Unit Total Cost $20.00 Description # of Units Beginning Inventory 20 $400.00 Jan. 15 Purchase 27 22.00 594.00 Jan. 20 Purchase 33 30.00 990.00 Goods Available for Sale 80 $1,984.00 Less: January Sales 36 Ending Inventory 44

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dashboard CengageNOWV2| Onlin X ps://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following independent cases using the cost of goods sold accoun If an amount box does not require an entry, leave it blank. Case 1 Physical count as of April 30 $43,100 Perpetual inventory records as of April 30 41,800 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apг. 30 If an amount box does not require an entry, leave it blank. Case 2 Physical count as of April 30 $37,800 Perpetual inventory records as of April 30 38,300 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 2. 1, 2. 2.
agehow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 13 22 29 Inventory Sale Feedback Show Me How Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. Check My Work 310 units at $14 190 units 380 units at $17 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 200 units Check My Work When the average cost method is used in a perpetual inventory…
Calculaie inventory and cosi of goods sold using nva cosn flow inerhods in a perperual inventory system. E6. (LO 5) Howsham Ltd. reports the following for the month of June. Date Units Unit Cost Total Cost Explanation Inventory Purchase June 1 200 £5 £1,000 12 300 6. 1,800 23 Purchase 500 3,500 30 Inventory 160 instructions a. Calculate the cost of the ending inventory and the cost of goods sold for (1) FIFO and (2) moving- average cost, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of £8 and a salc of 440 units on June 27 for £9. E Why is the average unit cost noi £6 (£5 + £6 + £7) + 3 = £6]? *E6. 16 (LO S) Information about Zhu Boaids is presented in E6.4. Additional data regarding Zhu's sates of Xpert snowboards are provided below. Assume that Zhu uses a perpetual inventory system. Apply cast flow merhods to perperual records. Date Unit Price Total Revenue Explanation Sale Units HKS1,990 Sept. 5 Sept. 16 Sept. 29 12 HKS 23,880…
Preview File Edit View Go Tools Window Help V mgt120h-j17.pdf Page 5 of 10 przy:wwwv=j-zlatykyvvw.vivvvitiete a. 6 b. 7 c. 14 d. 16 C Ơ ● ₁ CC V 7. If average inventory was $80,000, sales were $560,000, and cost of goods sold were $480,000 what would be the inventory turnover? Search ((. Ơ Sat Apr 15 2:53 PM
%24 %24 Cengage Learning signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook 4Show Me How ECalculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? ツ日 a 五 prt sc f12" end home
eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
* CengageNOwv2 | Online teachir x s://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssi. 31 回 eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $12 13 Sale 170 units 22 Purchase 370 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. Check My Work ( Previous Next> All work saved. Email Instructor Save and Exit Submit…
eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for H76 are as follows: July 1 Inventory 300 units at $120 12 Sale 210 units 23 Purchase 360 units at $135 26 Sale 330 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. 123.75 X per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $ 40,837.5 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. 14,850 X Feedback M.Check My Work When the weighted average cost method is used in a perpetual inventory system., an average unt cost for each item is computed each time a purchase is made. This unit cost is used to determine the cost of each sale until another purchase is made and a new average is computed! Previous Next> Check My Work 1:18…
Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
eBook Show Me HowSpreadsheetPrint Item Question Content Area Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 700 $1.10 $0.90 B 1 250 1.50 1.55 C 2 150 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? Individual items Product A $fill in the blank 1 630 Product B fill in the blank 2 375 Product C fill in
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210