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: 7 books costing $19 each August 15: August 28: 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 Quantity Aug. 1. 3 12 15 7 books costing $19 each and 4 books costing $21 each 2 books costing $21 each and 2 books costing $28 each 201 Purchases Unit Cost Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Inventory on Hand Unit Cost Quantity 15 19 Total Cost 285 Stan by emering and oogmining invernory Daianoco. Emerne transactions in ononviogical order, cuivuldung now inventory on mana caranovo anor can transaction. Once air of the transactions have been onored into the purposarrooora, 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 Totals 15 20 28 Quantity Purchases Unit Cost Total Cost Cost of Goods Sold Unit Quantity Cost Total Cost Inventory on Hand Unit Cost Quantity 15 19 Total Cost 285 More Info Aug. 1 Beginning merchandise inventory, 15 books @ $19 each 3 Sold 7 books @ $23 each 12 Purchased 8 books @ $21 each 15 Sold 11 books @ $23 each 20 Purchased 3 books @ $28 each. 28 Sold books@ $31 each Print Done i 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: August 3: 7 books costing $19 each August 15: 7 books costing $19 each and 4 books costing $21 each August 28: 2 books costing $21 each and 2 books costing $28 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: 7 books costing $19 each August 15: August 28: 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 Quantity Aug. 1. 3 12 15 7 books costing $19 each and 4 books costing $21 each 2 books costing $21 each and 2 books costing $28 each 201 Purchases Unit Cost Total Cost Cost of Goods Sold Unit Cost Quantity Total Cost Inventory on Hand Unit Cost Quantity 15 19 Total Cost 285 Stan by emering and oogmining invernory Daianoco. Emerne transactions in ononviogical order, cuivuldung now inventory on mana caranovo anor can transaction. Once air of the transactions have been onored into the purposarrooora, 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 Totals 15 20 28 Quantity Purchases Unit Cost Total Cost Cost of Goods Sold Unit Quantity Cost Total Cost Inventory on Hand Unit Cost Quantity 15 19 Total Cost 285 More Info Aug. 1 Beginning merchandise inventory, 15 books @ $19 each 3 Sold 7 books @ $23 each 12 Purchased 8 books @ $21 each 15 Sold 11 books @ $23 each 20 Purchased 3 books @ $28 each. 28 Sold books@ $31 each Print Done i 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: August 3: 7 books costing $19 each August 15: 7 books costing $19 each and 4 books costing $21 each August 28: 2 books costing $21 each and 2 books costing $28 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

Answer rating: 100% (QA)

a Specific Identification Method Purchases Cost of Goods Sold Inventory on hand Date Quantity A Unit Cost B Total Cost AB Quantity C Unit Cost D Total ... View the full answer