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urce from Cengage Learning - Microsoft Edge ment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false eBook Show Me How Calculator Cost Flow Methods The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2 Purchase $55 14 Purchase 57 28 Purchase 62 Total 3 $174 Average cost per unit $58 ($174 : 3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) . Weighted average cost Feedback Check My Work a. Sales - cost of merchandise sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Grading e 0 insort scrce from Cengage Learning - Microsoft Edge ment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. a. Cost of merchandise sold on January 25 b. Inventory on January 31 Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading e W F11 F12 ins prt sc delning resource from Cengage Learning - Microsoft Edge keAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: April 1 Inventory 420 units at $8 10 Sale 300 units 18 Purchase 280 units at $9 27 Sale 250 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30. a. Cost of merchandise sold on April 27 b. Inventory on April 30 Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for Grading e M W 16 10 1 17 4- 1319 149 170 1 DDI $12 "prt scCengage Learning - Microsoft Edge AssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator =assignment-take&inprogress=false eBook Show Me How Calculator June 1 Inventory 240 units at $78 10 Sale 180 units 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. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under FI inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost of Merchandise Sold Inventory Inventory Unit Date Purchased Cost Cost Sold Cost Total Cost Quantity Cost June 1 240 $78 June 10 June 15 June 20 0000 Check My Work Previc All work saved. Email Instructor Save and Exit Submit A e 19 144 f10 Il F11 prt sc delete 16 10 DDI F12 ho 4 - 1om Cengage Learning - Microsoft Edge /takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 240 units at $78 10 Sale 180 units 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 last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable DVD Players Date Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Inventory Inventory Unit Inventory Total Purchased Cost Cost Sold Cost Cost Quantity Cost Cost Jun. 1 240 $78 $18,720 Jun 10 Jun. 15 E Check My Work Previous Next All work saved. Email Instructor Save and Exit Submit Assignment for G e W 6:47P 10/8/20 DDI : insport sc delete home 144 num & _ backspace lock 5 6 8d learning resource from Cengage Learning - Microsoft Edge Irn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false eBook Show Me How Calculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 3,600 units at $4.00 Sale 2,400 units at $8.00 First purchase 8,000 units at $4.20 Sale 5,000 units at $8.00 Second purchase 7,500 units at $4.40 Sale 5,500 units at $8.00 The firm uses the perpetual inventory system, and there are 5,200 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Check My Work All work saved. Email Instructor Save and E e w 16 10 4 - 144 DDI $12 insort sc de 4 % 5 6 & 9
