HomeworkLib
Question

EMR Netflix eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88
on EMR Netflix eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Perpetual Inventory Using LIFO

Date Purchases Sales Balance
Oct.1 Beginning Inventory 88 units * $17 = $1,496
Oct.8 70 units * $17 = $1,190 18 units * $17 = $306
Oct.15 98 units * $21 = $2,058 18 units * $17 = $306
98 units * $21 = $2,058
Oct.27 82 units * $21 = $1,722 18 units * $17 = $306
16 units * $21 = $336

(a) Cost of goods Sold on Oct. 27 = $,722

(b) Inventory on Oct.31 = $306 + $336 = $642

Perpetual Inventory Using FIFO

Date Purchases Sales Balance
Oct.1 Beginning Inventory 73 units * $21 = $1,533
Oct.7 61 units * $21 = $1,281 12 units * $21 = $252
Oct.15 80 units * $23 = $1,840 12 units * $21 = $252
80 units * $23 = $1,840
Oct.24 12 units * $21 = $252
8 units * $23 = $184		 72 units * $23 = $1,656

(a) Cost of goods Sold on Oct. 24 = $252 + $184 = $436

(b) Inventory on Oct.31 = $1,656

0 0
Add a comment
Know the answer?
Add Answer to:
EMR Netflix eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item...

    eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88 HX are as follows: WIU July 1 Inventory 90 units at $52 8 Sale 75 units 15 Purchase 125 units at $58 27 Sale 100 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows:...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 71 units @ $23 Oct. 1 Inventory 7 Sale 51 units 45 units @ $27 15 Purchase 24 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31 $

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows:...

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 67 units @ $25 Oct. 1 7 Inventory Sale 51 units 15 Purchase 69 units @ $26 24 Sale 21 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 9 b. Inventory on October 31...

  • eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for...

    eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 10 Sale 140 units 15 Purchase 210 units at $42 20 Sale 170 units 24 Sale 60 units 30 Purchase 240 units at $46 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct....

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $17 Oct 7th 7 Sale 39 units Oct 15th Purchase 36 units @ $20 Oct 24th Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October...

  • eBook Show Me How Calculator Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for...

    eBook Show Me How Calculator Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 320 units at $10 13 Sale 180 units UDUTULITI 22 Purchase 360 units at $12 29 Sale 300 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...

  • Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct....

    Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $19 7 Sale 37 units 15 Purchase 32 units @ $22 24 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 $ b. Inventory on October 31

  • Sale 15 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

    Sale 15 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 55 units @ $19 7 39 units Purchase 34 units o $22 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 24

  • Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July...

    Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 88 units @ $33 8 Sale 70 units 15 Purchase 98 units @ $35 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 $ b. Inventory on July 31 $

  • Book Show Me How Calculator Print Item Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales...

    Book Show Me How Calculator Print Item Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units 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. a. Cost of merchandise sold on September...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT