Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 4 Bobby Wino & Company reported the following December 2020 transactions pertaining to a 62oz bottle of Retro Cream, one of the company's many

image text in transcribed
image text in transcribed
3 4 Bobby Wino & Company reported the following December 2020 transactions pertaining to a 62oz bottle of Retro Cream, one of the company's many inventory items: in 5 6 7 Units Unit Cost 8 8 23.00 $ $ 20 25.00 9 10 11 Beginning inventory Jan 1 5-Jan Purchase 7-Jan Sale 10-Jan Purchase 18 22 $ 25.50 15-Jan Sale 6 12 13 20-Jan 10 $ 27.00 Purchase Sale 14 25-Jan 13 15 16 17 1 18 2 19 3 20 21 4 5 22 6 23 7 Use the above information to calculate the following: Cost of goods available for sale if the periodic system is used Ending Inventory Value using FIFO periodic Cost of goods sold using FIFO periodic Ending Inventory Value using LIFO periodic Cost of goods sold using LIFO periodic Ending Inventory Value using Average Cost periodic Cost of goods sold using Average Cost periodic Cost of goods available for sale if the perpetual system is used Ending Inventory Value using FIFO PERPETUAL Cost of goods sold using FIFO PERPETUAL Ending Inventory Value using LIFO PERPETUAL Cost of goods sold using LIFO PERPETUAL Gross Profit if all bottles of Retro Cream are sold at $45 per bottle and LIFO and LIFO PERPETUAL is used. 24 8 25 9 26 10 27 11 12 28 29 13 30 31 32 33 INDICATE THE: 34 35 14 Account (if any) credited at COST when a sale occurs and de Perpetual Inventory System is used. 15 Account (if any) credited at COST when a sale occurs and the Periodic Inventory System is used. 36 37 38 39 40 41 42 43 44 45 46 47 48 16 Account debited when merchandise is acquired and the Perpetual Inventory System is used. 17 Account debited when merchandise is acquired and the Periodic Inventory System is used. Sheet1 + 3 4 Bobby Wino & Company reported the following December 2020 transactions pertaining to a 62oz bottle of Retro Cream, one of the company's many inventory items: in 5 6 7 Units Unit Cost 8 8 23.00 $ $ 20 25.00 9 10 11 Beginning inventory Jan 1 5-Jan Purchase 7-Jan Sale 10-Jan Purchase 18 22 $ 25.50 15-Jan Sale 6 12 13 20-Jan 10 $ 27.00 Purchase Sale 14 25-Jan 13 15 16 17 1 18 2 19 3 20 21 4 5 22 6 23 7 Use the above information to calculate the following: Cost of goods available for sale if the periodic system is used Ending Inventory Value using FIFO periodic Cost of goods sold using FIFO periodic Ending Inventory Value using LIFO periodic Cost of goods sold using LIFO periodic Ending Inventory Value using Average Cost periodic Cost of goods sold using Average Cost periodic Cost of goods available for sale if the perpetual system is used Ending Inventory Value using FIFO PERPETUAL Cost of goods sold using FIFO PERPETUAL Ending Inventory Value using LIFO PERPETUAL Cost of goods sold using LIFO PERPETUAL Gross Profit if all bottles of Retro Cream are sold at $45 per bottle and LIFO and LIFO PERPETUAL is used. 24 8 25 9 26 10 27 11 12 28 29 13 30 31 32 33 INDICATE THE: 34 35 14 Account (if any) credited at COST when a sale occurs and de Perpetual Inventory System is used. 15 Account (if any) credited at COST when a sale occurs and the Periodic Inventory System is used. 36 37 38 39 40 41 42 43 44 45 46 47 48 16 Account debited when merchandise is acquired and the Perpetual Inventory System is used. 17 Account debited when merchandise is acquired and the Periodic Inventory System is used. Sheet1 +

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 20

Authors: Bernard J. Bieg, Judith A. Toland

26th Edition

1337268798, 9781337268790

More Books

Students also viewed these Accounting questions

Question

What is the formula for computing a Pearson residual?

Answered: 1 week ago

Question

What information remains to be obtained?

Answered: 1 week ago

Question

How reliable is this existing information?

Answered: 1 week ago

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago