Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 94 units...
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Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 94 units @ $20 8 Sale 75 units 15 27 Purchase Sale 104 units @ $23 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 2,001 2,392 X Cost Flow Methods The following three identical units of Item PX2T are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $178 Purchase 1 179 Purchase 1 180 3 $537 $179 ($537 + 3 units) Assume that one unit is sold on April 27 for $249. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and ( weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 94 units @ $20 8 Sale 75 units 15 27 Purchase Sale 104 units @ $23 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 2,001 2,392 X Cost Flow Methods The following three identical units of Item PX2T are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $178 Purchase 1 179 Purchase 1 180 3 $537 $179 ($537 + 3 units) Assume that one unit is sold on April 27 for $249. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and ( weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost
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To determine the cost of goods sold on Jan 27 and the inventory on Jan 31 using the LIFO method we need to track the units and costs associated with each transaction First lets calculate the cost of g... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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