Question

Choco Inc. uses a perpetual inventory system. If Choco Inc. uses the LIFO method, how much...

Choco Inc. uses a perpetual inventory system. If Choco Inc. uses the LIFO method, how much is the cost of goods sold (COGS) for September?


9/1 Beginning inventory       300units @ $7.7

9/5 Sales (price $20/unit)     150units

9/15 Purchase 500units @ $11.3

9/22 Sales (price $20/unit)   400units

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
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
Similar Questions
Choco Inc. uses a perpetual inventory system. If Choco Inc. uses the LIFO method, how much...
Choco Inc. uses a perpetual inventory system. If Choco Inc. uses the LIFO method, how much is the cost of goods sold (COGS) for September? 9/1 Beginning inventory       300units @ $5.7 9/5 Sales (price $10/unit)     150units 9/15 Purchase                      500units @ $8.5 9/22 Sales (price $10/unit)   400units
Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by...
Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by preparing Colour perpetual inventory record under the​ last-in, first-out​ (LIFO) method for the year Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 5,500 $51 $280,500 Purchases March 30 4,500 67 301,500 July 15 850 70 59,500 September 1 6,600 Total available for sale 10,850 $641,500 Units sold September 1 (6,600) Ending inventory 4,250 LIFO: Cost of Cost of Units Unit...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 42 units at $99 10 Sale 33 units 15 Purchase 54 units at $105 20 Sale 31 units 24 Sale 9 units 30 Purchase 33 units at $111 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 each sale, presenting the data in...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in...
30. Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular...
30. Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Jan. 1   Beginning inventory = 16 units at a price of $10 each Jan. 11 Purchased inventory = 14 units at a price of $12 each Jan. 20 Purchased inventory = 23 units at a price of $15 each On January 14, Beech Soda, Inc. sold 25 units of this product. The...
Joe's Shoes, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product...
Joe's Shoes, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory (Jan.1) 16 widgets @ $10 Purchase Jan. 11 14 widgets @ $12 Sale Jan. 14 25 widgets @ $25 Purchase Jan. 20 23 widgets @ $15 Sale Jan. 25 3 widgets @ $25 Calculate End. Inventory under LIFO COGS=165 Beg Inventory+Purchases-COGS 160+168+345-165=508 ending inventory
Easton Company uses the periodic inventory system and had the following inventory & sales activity for...
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: 5/1 Beginning Inventory QTY: 125 Unit Price: $10 5/5 Purchase QTY: $225 Unit Price: $12 5/15 Purchase QTY: $250 Unit Price: $14 5/25 Purchase QTY: $250 Unit Price: $16 Sales were 560 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.00 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.50 5/20 Sales 250 $28 5/25 Purchase 150 $13.00 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.00 5/5 Purchase 200 $11.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.00 5/20 Sales 250 $28 5/25 Purchase 150 $13.00 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.00 5/5 Purchase 200 $12.00 5/10 Sales 300 $25 5/15 Purchase 200 $14.00 5/20 Sales 250 $28 5/25 Purchase 150 $14.00 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT