a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory...
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a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: August 3: August 15: 8 books costing $10 each 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 5 18 15 20 20 28 Totals 10 8 10 40 5 10 5 10 50 18 b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 15 20 20 28 Totals c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date Aug. 1 3 12 15 Purchases Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 20 20 28 Totals d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Date Aug. 1 Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 3 12 15 20 28 Totals Requirements a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: 8 books costing $10 each August 3: August 15: 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar. Print Done - Requirements a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: 8 books costing $10 each August 3: August 15: 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar. Print Done - a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: August 3: August 15: 8 books costing $10 each 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 5 18 15 20 20 28 Totals 10 8 10 40 5 10 5 10 50 18 b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 15 20 20 28 Totals c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date Aug. 1 3 12 15 Purchases Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 20 20 28 Totals d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.) Purchases Cost of Goods Sold Inventory on Hand Date Aug. 1 Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 3 12 15 20 28 Totals Requirements a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: 8 books costing $10 each August 3: August 15: 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar. Print Done - Requirements a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: 8 books costing $10 each August 3: August 15: 5 books costing $10 each and 7 books costing $18 each August 28: 2 books costing $18 each and 1 books costing $21 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar. Print Done -
Expert Answer:
Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
Posted Date:
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