Question

1. Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are...

1. Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1 Inventory 68 units @ $96
10 Sale 50 units
15 Purchase 88 units @ $102
20 Sale 48 units
24 Sale 14 units
30 Purchase 30 units @ $107

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 the form illustrated in Exhibit 4.

Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Merchandise Sold
LIFO Method
Portable Game Players
Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost
Apr. 1 $ $
Apr. 10 $ $
Apr. 15 $ $
Apr. 20
Apr. 24
Apr. 30
Apr. 30 Balance $ $

2.

Weighted Average Cost Flow Method Under Perpetual Inventory System

The following units of a particular item were available for sale during the calendar year:

Jan. 1 Inventory 30,000 units at $30.00
Mar. 18 Sale 24,000 units
May 2 Purchase 54,000 units at $31.00
Aug. 9 Sale 45,000 units
Oct. 20 Purchase 21,000 units at $32.10

The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary.

Schedule of Cost of Merchandise Sold
Weighted Average Cost Flow Method
Purchases Cost of Merchandise Sold Inventory
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1 $ $
Mar. 18 $ $
May 2 $ $
Aug. 9
Oct. 20
Dec. 31 Balances $ $ $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 77 units @ $54 10 Sale 64 units 15 Purchase 95 units @ $57 20 Sale 53 units 24 Sale 15 units 30 Purchase 23 units @ $60 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 50 units @ $72 10 Sale 42 units 15 Purchase 66 units @ $76 20 Sale 38 units 24 Sale 9 units 30 Purchase 37 units @ $81 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 50 units @ $59 10 Sale 36 units 15 Purchase 63 units @ $63 20 Sale 37 units 24 Sale 9 units 30 Purchase 33 units @ $67 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 43 units @ $94 10 Sale 33 units 15 Purchase 57 units @ $99 20 Sale 32 units 24 Sale 8 units 30 Purchase 37 units @ $104 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 63 units @ $100 10 Sale 50 units 15 Purchase 77 units @ $106 20 Sale 45 units 24 Sale 11 units 30 Purchase 31 units @ $110 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 53 units @ $97 10 Sale 42 units 15 Purchase 64 units @ $103 20 Sale 35 units 24 Sale 10 units 30 Purchase 37 units @ $109 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 47 units @ $80 10 Sale 34 units 15 Purchase 61 units @ $85 20 Sale 34 units 24 Sale 10 units 30 Purchase 37 units @ $89 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 79 units @ $84 10 Sale 53 units 15 Purchase 105 units @ $89 20 Sale 58 units 24 Sale 18 units 30 Purchase 29 units @ $93 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...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 77 units @ $41 10 Sale 52 units 15 Purchase 95 units @ $43 20 Sale 52 units 24 Sale 14 units 30 Purchase 31 units @ $45 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...
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory...
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 37 units @ $51 10 Sale 26 units 15 Purchase 47 units @ $53 20 Sale 26 units 24 Sale 8 units 30 Purchase 29 units @ $56 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 the form illustrated...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT