Question
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May...
The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 80 14 $1,120 2-May Purchase 65 13 $845 3-May Purchase 85 16 $1,360 10-May Sale 130 $30 15-May Purchase 45 19 $855 17-May Sale 55 $30 30-May Sale 85 $30
Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO
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The following transactions occurred for the month of May. Date Units Cost Total Sales Price...
The following transactions occurred for the month of May.
Date
Units
Cost
Total
Sales Price
1-May
Beginning Balance
70
15
$1,050
2-May
Purchase
75
11
$825
3-May
Purchase
85
12
$1,020
10-May
Sale
150
$35
15-May
Purchase
40
18
$720
17-May
Sale
50
$35
30-May
Sale
40
$35
Create a perpetual inventory record then calculate the Cost of
Goods Sold, Ending inventory, and Gross Profit for the month under
FIFO
Purchases
Cost of Goods Sold
Inventory on Hand
Dates...
Buffalo Industries reports the following for the month of June. Date Explanation Units Unit Cost Total...
Buffalo Industries reports the following for the month of
June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
131
$5
$655
12
Purchases
359
6
2,154
23
Purchases
195
7
1,365
30
Inventory
267
A sale of 371 units occurred on June 15 for a selling price of $8
and a sale of 47 units on June 27 for $9.
Calculate the average cost per unit, using a perpetual inventory
system. (Round answers to 3 decimal places, e.g....
The following is a record of Wildhorse Company’s transactions for Boston Teapots for the month of...
The following is a record of Wildhorse Company’s transactions
for Boston Teapots for the month of May 2020.
May 1
Balance
472 units
@
$20.00
May 10
Sale
354 units
@
$36.00
12
Purchase
708 units
@
$27.00
20
Sale
637 units
@
$36.00
28
Purchase
472 units
@
$29.00
Assuming that perpetual inventories are not
maintained and that a physical count at the end of the month shows
661 units on hand, what is the cost of the ending...
Mitchell Company’s record of transactions for the month of June was as follows. Purchases: Date Units &nbs
Mitchell Company’s record of transactions for the
month of June was as follows.
Purchases:
Date
Units
Unit Cost
June
1
600
@ 3.00€
4
1,500
@ 3.04
8
800
@ 3.20
13
1,200
@ 3.25
21
700
@ 3.30
29
500
@ 3.13
-------
5,300
Sales:
Date
Units
Unit Cost
June 3
500
@ 5.00€
9
1,300
@ 5.00
11
600
@ 5.50
23
1,200
@ 5.50
27
900
@ 6.00
----------
4,500
Instructions
(a) Assuming...
Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24...
Date
Transaction
# of Units
Unit Cost
Total Cost
1/1
Beg Balance
150
$30
$4,500
1/24
Purchase
70
33
2,310
2/22
Sale
(100)
-
-
3/7
Purchase
90
35
3,150
4/10
Purchase
140
36
5,040
6/11
Sale
(100)
-
-
9/28
Purchase
50
38
1,900
12/4
Sale
(100)
-
-
What is the cost of goods sold under a FIFO periodic inventory
system?
$10,500
$9,610
$7,290
$6,150
What is the ending inventory under a LIFO periodic inventory
system?
$10,500
$9,610...
The following inventory transactions took place for Crane Corporation for the month of May: Date Event...
The following inventory transactions took place for Crane
Corporation for the month of May:
Date
Event
Quantity
Cost/
Selling
Price
May 1
beginning inventory
2,060
$3.30
May 5
purchase
5,320
3.50
May 10
purchase
3,900
3.60
May 15
sale
5,900
6.50
May 20
sale
1,970
6.50
May 22
purchase
4,130
3.80
May 24
purchase
2,020
3.80
May 25
sale
5,980
6.50
Calculate the ending inventory balance for Crane Corporation,
assuming the company uses a periodic inventory system and the
weighted...
Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of...
Modern Lifestyle Furniture began June with merchandise inventory
of 45 sofas that cost a total of $31,500. During the month, Modern
purchased and sold merchandise on account as follows:
June 7
Purchase
25 sofas @ $750 each
14
Sale
30 sofas @ $1,150 each
18
Purchase
50 sofas @ $775 each
27
Sale
35 sofas @ $1,200 each
Prepare a perpetual inventory record, using the FIFO inventory
costing method, and determine the company's cost of goods sold,...
Planet began January with merchandise inventory of 72 crates of vitamins that cost a total of...
Planet began January with merchandise inventory of 72 crates of
vitamins that cost a total of KD 3,600.
During the month, purchased and sold merchandise on account as
follows:
Jan. 5 Purchase 120 crates @ KD 78 each
Jan. 13 Sale 130 crates @ KD 96 each
Jan. 18 Purchase 124 crates @ KD 90 each
Jan. 26 Sale 130 crates @ KD 104 each
Requirement:
Prepare a perpetual inventory record, using the FIFO inventory
costing method, and determine the...
Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3. ...
Jaywall Corporation, which uses a perpetual inventory system,
recorded the following inventory transactions during 20X3.
Units
Unit Cost
Units
Selling Price
April 1
Beginning inventory
45
$8
25
Purchase
150
9
May 4
Purchase
65
10
16
Sale
120
$16
June 4
Purchase
50
12
(a) Using the FIFO cost formula, calculate the amount
of the cost of goods sold for the quarter ended June 30. (Show
calculations)
(b) Using the average cost formula, calculate the amount of ending...
Date Transactions # of units unit cost total cost Jan 1 Beginning Inventory 60 82 4920...
Date
Transactions
# of units
unit cost
total cost
Jan 1
Beginning Inventory
60
82
4920
May 5
Purchase
250
85
21250
Nov 3
Purchase
200
90
18000
Calculate cost of goods sold using the weight average cost
method for this company:
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