Question

Beginning inventory, purchases, and sales for Item ER27 are as follows: October 1 Inventory 106 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows:

October 1 Inventory 106 units @ $19
5 Sale 85 units
11 Purchase 118 units @ $23
21 Sale 99 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.

a. Cost of merchandise sold on October 21 $fill in the blank 1
b. Inventory on October 31 $fill in the blank 2
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Beginning Inventory @ $19 Each : 106 Units

Sale : 85 Units

Purchase @ $23 Each : 118 Units

Sale : 99 Units

Using Lifo Method (Perpetual Inventory System):

a.

Cost of Merchantise Sold:

= 99 Units @ $23 + 85 Units @$19

= $2,277 + $1,615

= $3,892

b.

Inventory on Oct 31:

= (106 - 85) * $19 + (118 - 99) * $23

= $399 + $437

= $836

For any query please ask in comment box, we are happy to help you. Also please don't forget to provide your valuable feedback. Thanks!

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
Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 57 units...
Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 57 units @ $19 9 Sale 47 units 13 Purchase 35 units @ $22 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $fill in the blank 1 b. Inventory on May 31 $fill...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 Inventory 110 units @ $16 5 Sale 88 units 11 Purchase 122 units @ $19 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 $ b. Inventory on March 31 $
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 110 units @ $17 5 Sale 88 units 11 Purchase 122 units @ $19 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 $ b. Inventory on January 31 $...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 Inventory 84 units @ $22 5 Sale 67 units 11 Purchase 93 units @ $25 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 $ b. Inventory on March 31 $
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: March...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1 Inventory 84 units @ $15 5 Sale 67 units 11 Purchase 93 units @ $17 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: March...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1 Inventory 94 units @ $25 5 Sale 75 units 11 Purchase 104 units @ $27 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 $ b. Inventory on March 31 $
erpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept....
erpetual 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 27 $fill in the blank 1 b. Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units $16     5 Sale 15 units     17 Purchase 29 units $19    30 Sale 27 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold $fill in the blank 1 b. Inventory, September 30 $fill in the...
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 59 units...
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 59 units @ $19 Oct. 7 Sale 38 units Oct. 15 Purchase 51 units @ $20 Oct. 24 Sale 27 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 HM46 are as follows: August...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 56 units @ $23 9 Sale 45 units 13 Purchase 54 units @ $26 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 $ b. Inventory on August 31 $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT