Requirement 1. Assuming Target Repair, Inc., uses the FIFO inventory cost-flow assumption, what is the July...

   

Transcribed Image Text:

Requirement 1. Assuming Target Repair, Inc., uses the FIFO inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? We will prepare a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Perpetual Inventory Record: FIFO Purchases Jun Jul Jul Jul Jul Date Jul 30 5 11 17 21 Jul 25 29 Qty Unit Cost Total Cost of goods sold Unit Cost Qty Cost Total Cost Inventory on hand Unit Cost Qty Enter any number in the edit fields and then continue to the next question. Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost $2,400 each 10 units @ $2,800 each 12 units @ 13 units 13 units @ 12 units 14 units @ 9 units Print $2,200 each $2,000 each Done Total Cost 28,000 28,800 28,600 28,000 x Perpetual Inventory Record: LIFO Purchases Jun Jul Jul Jul Jul Jul Date Qty Jul Total 30 5 11 17 21 25 29 Unit Cost Total Cost Cost of goods sold Unit Total Cost Cost Qty Inventory on hand Unit Cost Qty Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost 10 units @ 12 units @ 13 units 13 units @ 12 units 14 units @ 9 units Print $2,800 each $2,400 each $2,200 each $2,000 each Done Total Cost 28,000 28,800 28,600 28,000 x Requirement 3. Assuming Target Repair, Inc., uses the average cost inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar. We will prepare a perpetual inventory record using average cost. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Perpetual Inventory Record: Average Cost Date Qty Jun Jul Jul Jul Jul Jul Jul Total 30 5 11 17 21 25 29 Purchases Save for Later Unit Cost Total Cost Qty Cost of goods sold Unit Cost Total Cost Enter any number in the edit fields and then continue to the next question. Qty Inventory on hand Unit Cost Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost 10 units @ 12 units @ 13 units 13 units @ 12 units 14 units 9 units Print $2,800 each $2,400 each $2,200 each $2,000 each Done $ $ $ Total Cost 28,000 28,800 28,600 28,000 X Requirement 1. Assuming Target Repair, Inc., uses the FIFO inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? We will prepare a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Perpetual Inventory Record: FIFO Purchases Jun Jul Jul Jul Jul Date Jul 30 5 11 17 21 Jul 25 29 Qty Unit Cost Total Cost of goods sold Unit Cost Qty Cost Total Cost Inventory on hand Unit Cost Qty Enter any number in the edit fields and then continue to the next question. Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost $2,400 each 10 units @ $2,800 each 12 units @ 13 units 13 units @ 12 units 14 units @ 9 units Print $2,200 each $2,000 each Done Total Cost 28,000 28,800 28,600 28,000 x Perpetual Inventory Record: LIFO Purchases Jun Jul Jul Jul Jul Jul Date Qty Jul Total 30 5 11 17 21 25 29 Unit Cost Total Cost Cost of goods sold Unit Total Cost Cost Qty Inventory on hand Unit Cost Qty Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost 10 units @ 12 units @ 13 units 13 units @ 12 units 14 units @ 9 units Print $2,800 each $2,400 each $2,200 each $2,000 each Done Total Cost 28,000 28,800 28,600 28,000 x Requirement 3. Assuming Target Repair, Inc., uses the average cost inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar. We will prepare a perpetual inventory record using average cost. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Perpetual Inventory Record: Average Cost Date Qty Jun Jul Jul Jul Jul Jul Jul Total 30 5 11 17 21 25 29 Purchases Save for Later Unit Cost Total Cost Qty Cost of goods sold Unit Cost Total Cost Enter any number in the edit fields and then continue to the next question. Qty Inventory on hand Unit Cost Total Cost i Data Table June 30 July 5 July 11 July 17 July 21 July 25 July 29 balance purchase sale purchase sale purchase sale Treadmill Inventory Unit @ Cost 10 units @ 12 units @ 13 units 13 units @ 12 units 14 units 9 units Print $2,800 each $2,400 each $2,200 each $2,000 each Done $ $ $ Total Cost 28,000 28,800 28,600 28,000 X

Answer rating: 100% (QA)

Perpetual Inventory Record FIFO Purchases Unt Cost Total cost Date 30Jun 5Jul 11Ju 17Ju 21Jul 25Jul ... View the full answer