Question: PROBLEMS Perpetual Chart is provided worth 40 points #1 Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item

PROBLEMS Perpetual Chart is provided worth 40 points #1 Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item

PROBLEMS Perpetual Chart is provided worth 40 points #1 Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September Sep. 1 Inventory 200 units at $20 4 Sold 70 units 10 Purchased 250 units at $25 17 Sold 220 units 30 Purchased 100 units at $30 All units were sold for $50 each Using FIFO What is he value of ending inventory, the COGS and the net profit Using LIFO What is he value of ending inventory, the COGS and the net profit PERIODIC COMPLETE THIS ON BLANK SHEET worth 30 points 2 The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 Items sold for $55 each there were a total 20 units left at the end of the month Using the Periodle system find the Total Available for sale Ending inventory COGS Ending inventory, net profit using the LIFO method

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!

Sands Company purchased mining rights for $500,000. They expect to harvest 1 million tons of ore over the next five years. During the current year, Sands mined 350,000 tons of ore. Record the...

Which of the following companies would be more likely to use the specific identification inventory costing Gordon's Jewelers Lowe's Best Buy Wal-Mart Addison, Inc uses a perpetual inventory system....

stion 4 Addison, Inc. uses a perpetual inventory system. The following is informat system. the month of September: Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17...

1. Addison. Inc. uses a perpetual inventory system. The following is information about one inventory ifem for the month of September:...

17. Rodgers Company gathered the following reconciling information in preparing its may reconciliation. Calculate the adjusted cash balance per books on May 31. $5,400 375 650 Cash balance per books,...

#23 Below is the data for Sanford Industries as of December 31st. Commodity Inventory Quantity Cost per Unit Market Value per Unit Size 4 9 $17 $19 Size 5 10 17 14 Size 6 14 20 22 Size 7 12 13 15 Use...

Can you please assist me with my study guide. Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 Inventory 20...

I will appreciate if anyone can show me the procediment to find the answers that I already have in LIFO and FIFO method. Addison, Inc. uses a perpetual inventory system. The following is information...

Question 12 Use this information to answer the questions that follow. Addison, Inc. uses a perpetual inventory system. Information regarding one inventory item for the month of September follows:...

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 10 Inventory Sale Purchase Sale Purchase 20 units at $20 10...

The air in a 6-m = 5-m = 4-m hospital room is to be completely replaced by conditioned air every 15 min. If the average air velocity in the circular air duct leading to the room is not to exceed 5...

What are some of the uses of determinants?

A ball is thrown vertically upward. After t seconds, its height h ( in feet ) is given by the function h ( f ) = 1 0 4 t - 1 6 7 . After how long will it reach its maximun Do not round your answer.

What information about a pointed-to object does a pointer have? What useful information does it lack?

Consider the following method that is intended to swap the values of two integers: public static void falseSwap(int a, int b) { int temp = a; a = b; b = temp; } public static void main(String[] args)...

What is an address? How are memory addresses manipulated in C++?

A 0.25 kg skeet (clay target) is fired at an angle of 30o to the horizon with a speed of 25m/s (Fig. 7-45). When it reaches the maximum height, it is hit from below by a 15-g pellet traveling...

Car A travels at a constant speed of 65 mi / hr. When in the position shown at time t = 0, car B has a speed of 25 mi/hr and accelerates at a constant rate of 0.1g along its path until it reaches a...

Nick is so excited! According to Marty, the contract is worth $ 2 , 9 1 6 , 4 0 0 assuming receipt of all possible bonuses. After rereading the email twice and calling his family, Nick called you to...

P18-2 Financial reporting during bankruptcy Minang filed a petition under Chapter 7 of the bankruptcy act and was liquidated by a court-appointed trustee. The following financial information was...

P18-1 [Balance sheet for fresh-start reporting evaluation] Tessa Ltd. which operated under Chapter 11 of the bankruptcy act, released its balance sheet when they submited their reorganization plan as...

E18-3 Financial reporting during bankruptcyDistributions to creditors Noona Corporation files for Chapter 7 bankruptcy, when the book value of its net land and building is $80,000, and these assets...