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| Perpetual FIFO | |||||||||
| Date | Cost of Goods available for sale | Cost of Goods sold | Inventory Balance | ||||||
| No. of Units | Cost per unit | Amount | No. of Units | Cost per unit | Cost of Goods sold | No. of Units | Cost per unit | Inventory Balance | |
| 1-Jul | 50.00 | 10.00 | 500.00 | 50.00 | 10.00 | 500.00 | |||
| 5-Jul | 30.00 | 12.00 | 360.00 | 50.00 | 10.00 | 500.00 | |||
| 30.00 | 12.00 | 360.00 | |||||||
| 9-Jul | 60.00 | 9.00 | 540.00 | 50.00 | 10.00 | 500.00 | |||
| 30.00 | 12.00 | 360.00 | |||||||
| 60.00 | 9.00 | 540.00 | |||||||
| 13-Jul | 50.00 | 10.00 | 500.00 | 10.00 | 12.00 | 120.00 | |||
| 20.00 | 12.00 | 240.00 | 60.00 | 9.00 | 540.00 | ||||
| 23-Jul | 40.00 | 8.00 | 320.00 | 10.00 | 12.00 | 120.00 | |||
| 60.00 | 9.00 | 540.00 | |||||||
| 40.00 | 8.00 | 320.00 | |||||||
| 26-Jul | 20.00 | 16.00 | 320.00 | 10.00 | 12.00 | 120.00 | |||
| 60.00 | 9.00 | 540.00 | |||||||
| 40.00 | 8.00 | 320.00 | |||||||
| 20.00 | 16.00 | 320.00 | |||||||
| 30-Jul | 10.00 | 12.00 | 120.00 | 20.00 | 8.00 | 160.00 | |||
| 60.00 | 9.00 | 540.00 | 20.00 | 16.00 | 320.00 | ||||
| 20.00 | 8.00 | 160.00 | |||||||
| Ending Inventory | 200.00 | 2,040.00 | 160.00 | 1,560.00 | 40.00 | 480.00 | |||
| Comparative Cost Sheet | ||
| Units sold | 160.00 | |
| Sell price per unit | 25.00 | |
| Total sales | 4,000.00 | |
| FIFO | LIFO | |
| Total sales | 4,000.00 | 4,000.00 |
| Cost of goods sold | 1,560.00 | 1,640.00 |
| Net Profit | 2,440.00 |
2,360.00 |
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Prepare Store Leger Card (FIFO, LIFO and Comparative Cost Sheet from the following data. July 01...
FIFO, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 7 Purchase 19 units at $31 589 Dec. 11 Purchase 10 units at $32 320 39 units $1,199 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Prepare Store Ledger Card (SLC) form the following information on Jan 2017: 1. Opening Stock .........................400...
Prepare Store Ledger Card (SLC) form the following information on Jan 2017: 1. Opening Stock .........................400 units @ Rs. 30 ..... Rs. 12,000 2. Purchases.... ...200 units @ Rs. 28.. ..Rs. 5,600 15. Sales ........ ..........125 units @ ........ 21. Purchases ..... ............80 units @ Rs. 25... ...Rs. 2,000 27. Purchase ....... .....100 units @ Rs. 32... ...Rs. 3,200 29. Sales .......... .....175 units @ ... 30. Sales ................... ..............140 units @ ..... Required Determine the Cost of Sales, cost...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each....
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
Required information Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross...
Required information Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 (The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 140 units 290 units @ @ $40 $45 Ending inventory consisted of 60 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4100. Exercise 5-19 Part a Required...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory Purchases Sales July 1 4,100 units at $26 July 10 2,050 units at $28 July 12 2,870 units July 20 1,845 units at $30 July 14 2,460 units July 31 1,230 units Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 [The following information applies to the...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10 = $ 2,000 Jan. 10 Sales 150 units @$40 Mar. 14 Purchase 350 units @ $15 = 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase 450 units @...
I'm have problems with "less cost of goods sold" for both FIFO and LIFO. Could someone...
I'm have problems with "less cost of goods sold" for
both FIFO and LIFO. Could someone please help me. I'm sure its
simple.
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 - $ 3,000 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5. Sales Oct.26 Purchase 400 units @...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Prepare Store Ledger Card (SLC) form the following information on Jan 2017: 1. Opening Stock .........................400 units @ Rs. 30 ..... Rs. 12,000 2. Purchases.... ...200 units @ Rs. 28.. ..Rs. 5,600 15. Sales ........ ..........125 units @ ........ 21. Purchases ..... ............80 units @ Rs. 25... ...Rs. 2,000 27. Purchase ....... .....100 units @ Rs. 32... ...Rs. 3,200 29. Sales .......... .....175 units @ ... 30. Sales ................... ..............140 units @ ..... Required Determine the Cost of Sales, cost...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
Required information Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 (The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 140 units 290 units @ @ $40 $45 Ending inventory consisted of 60 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4100. Exercise 5-19 Part a Required...
I'm have problems with "less cost of goods sold" for
both FIFO and LIFO. Could someone please help me. I'm sure its
simple.
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 - $ 3,000 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5. Sales Oct.26 Purchase 400 units @...
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