Question: P6-34B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted average. Decorative steel began January with

P6-34B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted average.

Decorative steel began January with 70 units of iron inventory that cost $25 each. During January, the company completed the following inventory transaction:

Units Unit Cost unit sale price

Jan 3 Sale 60 $74

jan 8 Purchase 80 $43

jan 21 Sale 70 $79

jan 30 Purchase 20 $49

Requirments:

1. prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method.

2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method.

3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.

4. determine the company's cost of goods sold for january using FIFO, LIFO, and weighted-average inventory costing methods.

5. Compute gross profit for january using FIFO, LIFO, and weighted-average inventory costing methods.

6. If the business wanted to maximize gross profit, which method would it select?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

QUESTION 2[40 points] Netflix and Hulu are deciding what to charge for their online streaming services. Each streaming service can choose a price of either $9 or $12 per month. There are 10 million...

Learning Objectives 2, 3 5. FIFO GP $4,640 P6-34B Accounting for inventory using the perpetual inventory system, FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted average Steel...

P6-34B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted average. Decorative steel began January with 70 units of...

earning objectives 2, 3 P6-34B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted-average, and comparing FIFO, LI weighted-average FO, and 5. FIFO GP $4,640 Steel...

P6-33A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and @Weighted-Average, and comparing FIFO, LIFO, and Weighted- Average Decorative steel began August with 55 units of...

P6-33A Accounting for inventory using the perpetual inventory system? FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO, and Weighted-Average Decorative Steel began August with 55 units of...

and Weighted Average transactions Units Unit Cost Jan. 3 8 73 P6-40B Accounting for inventory using the perpetual inventory system FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO,...

please answer all the questions in detail. don't forget question#3! thank you. hapter 6 Learning Objectives 2, 3 P6-40B Accounting for inventory using the perpetual inventory system FIFO, LIFO, and...

P6-40B Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO, and Weighted-Average Ornamental Iron Works began January with 45...

P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel...

all the requirements counting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Object Steel Mill began...

Consider the following two equations estimated using the procedures developed in this section. i. yi = 3x1.2 ii. yi = 1 + 5xi - 1.5x2i Compute values of yi when xi = 1, 2, 4, 6, 8, 10.

Recently, high inflation has been making headlines around the world. Based on the materials covered in BFC5935, explain why Inflation risk can be of great concern for the central bank and investors....

Savings Annuity Formulas The end amount of a savings annuity can be computed with the formula A=PMT(1+R)N1R. The interest of a savings annuity can be computed with the formula I=ANPMT. where n= the...

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

b. How do they influence communication between U.S. Americans and people from other countries?

8. Explain the relationship among identity, stereotyping, and prejudice.

2. Stereotypes in Prime-Time TV. Watch four hours of television during the next week, preferably during evening hours when there are more commercials. Record the number of representatives of...