180 units 1) Perpetual Reventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June Inventory 240 units at $78 10 Sale 15 Purchase 280 units at $80 20 Sale 220 units 24 Sale 90 units 30 Purchase 320 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 2. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? 2) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 240 units at $78 180 units 280 units at $80 220 units 90 units 320 units at $86 The business maintains a perpetual inventory system, costing by the last-in, first-out method. a) Determine the cost of merchandise sold for each sale and the inventory balance after each sale 3) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1.550 units at $44 May 10 720 units at $45 May 12 1.200 units May 20 1,200 units at $48 May 14 830 units May 31 1.000 units . Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? 4) Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 1,550 units at $44 Purchases May 10 720 units at $45 May 20 1,200 units at $48 Sales May 12 May 14 May 31 1,200 units 830 units 1,000 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. 5) The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Total Per Unit Transaction Date Number of Units 2.500 $150,000 $60.00 Inventory Jan. I 68.00 7.500 TO Purchase 510,000 28 Sale 3.750 120.00 450,000 30 Sale 1.250 120.00 150.000 Feb. 5 Sale 500 120,00 60,000 10 Purchase 18,000 70.00 1,260,000 16 Sale 9,000 125.00 1.125.000 28 Sale 8,500 125.00 1,062.500 Mars Purchase 71.60 1.074,000 14 Sale 10.000 125.00 1,250,000 25 Purchase 72.00 30 Sale 180,000 8,750 125.00 Instructions 1,093,750 15.000 2,500 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory, using the first-in, first-out method. Determine the total sales and the total cost of merchandise sold for the period. Journalize 2. the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. 3. Determine the gross profit from sales for the period. Determine the ending inventory cost as of March 31, 2016. Based upon the preceding data, would you expect the inventory using the last-in. first-out method to be higher or lower? 4. 5. Name EXERCISE 2 Portable DVD Players Cost of Merchandise Sold Quantity Unit Cost Tow Cost Purchases Unit Cost bretory in Cost Quantity Total Cont Date Total Cost Quantity ne copied or deplicatelor patobilycwwbh, wheelepel Name EXERCISE 4 . Prepaid Cell Phones Cost of Merchandise Bold Quantity Unit Cost Total Cost Date Purchases Unit Cost Quantity Total Cost Guantity Cot TO COM Copy All Rights Reserved. May hot be called or duplicate poded in a pily we will see a la pel Name PROBLEM Inventory 1. Total Cost Unit Cost Quantity Purchases Unit Cost Cost of Merchandise Sold Quantity Unit Cost Total Cost De Total Cost Quantity PAGE Nam Concluded CREDIT PROBLEM 1 JOURNAL POST DEBIT REF 2 III. DESCRIPTION DATE lolo 10 5. 180 units 1) Perpetual Reventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June Inventory 240 units at $78 10 Sale 15 Purchase 280 units at $80 20 Sale 220 units 24 Sale 90 units 30 Purchase 320 units at $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 2. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? 2) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 240 units at $78 180 units 280 units at $80 220 units 90 units 320 units at $86 The business maintains a perpetual inventory system, costing by the last-in, first-out method. a) Determine the cost of merchandise sold for each sale and the inventory balance after each sale 3) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1.550 units at $44 May 10 720 units at $45 May 12 1.200 units May 20 1,200 units at $48 May 14 830 units May 31 1.000 units . Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? 4) Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 1,550 units at $44 Purchases May 10 720 units at $45 May 20 1,200 units at $48 Sales May 12 May 14 May 31 1,200 units 830 units 1,000 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. 5) The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Total Per Unit Transaction Date Number of Units 2.500 $150,000 $60.00 Inventory Jan. I 68.00 7.500 TO Purchase 510,000 28 Sale 3.750 120.00 450,000 30 Sale 1.250 120.00 150.000 Feb. 5 Sale 500 120,00 60,000 10 Purchase 18,000 70.00 1,260,000 16 Sale 9,000 125.00 1.125.000 28 Sale 8,500 125.00 1,062.500 Mars Purchase 71.60 1.074,000 14 Sale 10.000 125.00 1,250,000 25 Purchase 72.00 30 Sale 180,000 8,750 125.00 Instructions 1,093,750 15.000 2,500 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory, using the first-in, first-out method. Determine the total sales and the total cost of merchandise sold for the period. Journalize 2. the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. 3. Determine the gross profit from sales for the period. Determine the ending inventory cost as of March 31, 2016. Based upon the preceding data, would you expect the inventory using the last-in. first-out method to be higher or lower? 4. 5. Name EXERCISE 2 Portable DVD Players Cost of Merchandise Sold Quantity Unit Cost Tow Cost Purchases Unit Cost bretory in Cost Quantity Total Cont Date Total Cost Quantity ne copied or deplicatelor patobilycwwbh, wheelepel Name EXERCISE 4 . Prepaid Cell Phones Cost of Merchandise Bold Quantity Unit Cost Total Cost Date Purchases Unit Cost Quantity Total Cost Guantity Cot TO COM Copy All Rights Reserved. May hot be called or duplicate poded in a pily we will see a la pel Name PROBLEM Inventory 1. Total Cost Unit Cost Quantity Purchases Unit Cost Cost of Merchandise Sold Quantity Unit Cost Total Cost De Total Cost Quantity PAGE Nam Concluded CREDIT PROBLEM 1 JOURNAL POST DEBIT REF 2 III. DESCRIPTION DATE lolo 10 5