Question

1. ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods?

Date                   Action                      Units          Cost

June 1             Beg. Inventory           100               $2

June 6             Sale                                50

June 9             Purchase                      200              $4

June 15           Sale                               175

June 20           Purchase                      100              $5

June 25           Sale                               125

1. ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods?

Date                   Action                      Units          Cost

June 1             Beg. Inventory           100               $2

June 6             Sale                                50

June 9             Purchase                      200              $4

June 15           Sale                               175

June 20           Purchase                      100              $5

June 25           Sale                               125

1. ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods?

Date                   Action                      Units          Cost

June 1             Beg. Inventory           100               $2

June 6             Sale                                50

June 9             Purchase                      200              $4

June 15           Sale                               175

June 20           Purchase                      100              $5

June 25           Sale                               125

Answer 1

Correct Answer:

Periodic inventory

	FIFO	LIFO
Cost of Ending Inventory	$       250	$          100

Working:

Cost of Goods Available for sale
	Units	Cost per unit	value
Beginning Inventory	100	$         2.00	$                  200
Purchases	200	$         4.00	$                  800
Purchases	100	$         5.00	$                  500
Total	400		$              1,500

FIFO
A	Total Units Available for sale			400			$                1,500
	Units Sold			350
	Ending Inventory Units			50
	Valuation
	Cost of Goods Sold		100		$                2.00		$                    200
			200		$                4.00		$                    800
			50		$                5.00		$                    250
B	Total Cost of Goods Sold		350	units			$                1,250
A-B	Ending Inventory		50	units			$                    250

	LIFO
A	Total Units Available for sale			400			$                1,500
	Units Sold			350
	Ending Inventory Units			50
	Valuation
	Cost of Goods Sold		100		$                5.00		$                    500
			200		$                4.00		$                    800
			50		$                2.00		$                    100
B	Total Cost of Goods Sold		350	units			$                1,400
A-B	Ending Inventory		50	units			$                    100

Perpetual:

	FIFO	LIFO
Cost of Ending Inventory	$       250	$          100

Note: FIFO ending inventory remains same in periodic and perpetual inventory system.

	LIFO
A	Total Units Available for sale			400			$                1,500
	Units Sold			350
	Ending Inventory Units			50
	Valuation	From:
	Cost of Goods Sold	June-1	50		$                2.00		$                    100
		June 9	175		$                4.00		$                    700
		June 20	100		$                5.00		$                    500
		June 9	25		$                4.00		$                    100
B	Total Cost of Goods Sold		350	units			$                1,400
				0 0 Add a comment 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 Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question Similar Questions ABC Company had the following purchases and sales in June. What is the ending June inventory... ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods? Date Action Units Cost June 1 Beg. Inventory 100 $2 June 6 Sale 50 June 9 Purchase 200 $4 June 15 Sale 175 June 20 Purchase 100 $5 June 25 Sale 125 Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has the following information related to purchases... Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that the company... Use the information below to determine the number of units in ending inventory and the ending... Use the information below to determine the number of units in ending inventory and the ending inventory value using the perpetual inventory system for FIFO. ($) Number Per Date Transaction of units unit Apr. 3 Inventory 30 800 8 Purchase 60 820 11 Sale 40 - 30 Sale 30 - May 8 Purchase 60 850 10 Sale 20 - 19 Sale 15 - 28 Purchase 80 900 Part 2 There are 10 units in ending inventory compute the value of... 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 data regarding purchases and sales of a commodity were taken from the related perpetual... The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: June 1 Balance 25 units at $60 6 Sale 20 units 8 Purchase 20 units at $61 16 Sale 10 units 20 Purchase 20 units at $62 23 Sale 25 units 30 Purchase 15 units at $63 Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify... A company just starting business made the following four inventory purchases in June: June      1                      & A company just starting business made the following four inventory purchases in June: June      1                           150 units                      $   490 June    10                           200 units                           785 June    15                           200 units                           830 June    28                           150 units                           810                                                                                $2,915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method... Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions... Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 240 units @ $53.80 per unit Mar. 5 Purchase 295 units @ $58.80 per unit Mar. 9 Sales 400 units @ $88.80 per unit Mar. 18 Purchase 155 units @ $63.80 per unit Mar. 25 Purchase 290 units @ $65.80 per unit Mar. 29 Sales 270 units @... Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as... Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 74 units @ $78 6 Sale 55 units 14 Purchase 30 units @ $81 19 Sale 27 units 25 Sale 14 units 30 Purchase 25 units @ $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows : Units Cost per unit Begin Inventory 100 12 Jan 5 Sale 50 10 Purchase 70 16 15 Sale 25 25 Sale 35 Required: Prepare a schedule showing cost of goods sold and ending inventory using weighted average. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out. Compute gross profit under for a and b.... The following relates to ABC Company’s inventory for April: Date Description 4/1 Beginning Inventory 4/5 Purchases... The following relates to ABC Company’s inventory for April: Date Description 4/1 Beginning Inventory 4/5 Purchases 4/18 Purchases 4/30 Ending inventory Units 1,500 2,500 1,000 1,800 Unit cost $10 $11 $12 Batch cost $15,000 $27,500 $12,000 Calculate cost of goods available for sale for April _____________________ Calculate the cost of goods sold under the following methods: ________________ FIFO ________________ Average Calculate cost of ending inventory under the following methods: ________________ LIFO ________________ Average ADVERTISEMENT Need Online Homework Help? Get Answers For Free Most questions answered within 1 hours. Ask a Question ADVERTISEMENT Active Questions A 0.25 kg mass is attached to the end of a spring connected horizontally to a... asked 5 minutes ago most of the world consumes American pop culture, and in turn, know a lot about the... asked 5 minutes ago 1. A zebra sees a lion 300 m to his right. The zebra starts running at... asked 20 minutes ago Use the following data to select one best answer to the following question: What is the... asked 22 minutes ago p=0.3 20 students exactly 2 get sick during the semester asked 43 minutes ago Jack and Jill are maneuvering a 3300 kg boat near a dock. Initially the boat's position... asked 43 minutes ago Describe how you would prepare the site has the following properties for use within 8 months.... asked 1 hour ago As the U.S. and other Western Nations move to more governmental or socialized healthcare will the... asked 1 hour ago Identify whether each attribute in the following table is an advantage or disadvantage of sharing a... asked 1 hour ago Alan tosses a coin 20 times. Bob pays Alan $1 if the first toss falls heads,... asked 1 hour ago Two balls are rolled off a tabletop that is 0.8 m above the floor. Ball A... asked 2 hours ago For the function f(x)=ax3+bx2-5x+9, determine the values of a and b so that f(-1)=12 and f'(-1)=3 asked 2 hours ago About Contact Terms of Use Privacy Policy Academic Honesty Policy Homework Answer Scanner App Report DMCA © 2022 JustAAA   user contributions licensed under cc by-sa 4.0