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need help plz with accounting on all these questions Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December
need help plz with accounting on all these questions
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Assume that the business maintains a perpetual inventory system, costing by the firstin, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each saie, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Note that this exercise uses the perpetual imventory system. 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. Think of your inventory in terms of "7tyers." In other words, your Dec. 1 inventory plus your Dec. 10 purchase make up your goods avaliable for the Dec. 12 sale. Under perpetual FIFO, you sell the Dec. 1 goods first. Determine how much inventory remains from Dec: 1 after the Dec. 12 sale. Is this enough to satisfy the Dec. 14 sale? If not take the remaining amount from the Dec. 10 purchase. Next determine how much inventory is left from the Dec. 10 purchase. This remaining amount wil be one layer of your goods avallable for sale added to the Dec. 20 purchase layer, is there enough of the cldest Dec. 10 layer to satisfy the Dec. 31 sale? If so, any remainder of the Dec. 10 layer plus the last Dec, 20 purchase make up the ending inventory. By multiplying the units sold from each "layer" by their corresponding unit cost and adding the amounts together, you can determine the total cost of the units sold. Double-check your figure by taking the ending inventory amount away from the total inventory available for sale. Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31. a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases. FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: The firm uses the perpetual inventory system, and there are 14 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? Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for Decembe are as follows: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: The business maintains a perpetual inventory system, costing by the first-in, firstout method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, Sellers Company incorrectly counted its inventory as $362,790 instead of the correct amount of $399,070. Indicate the effect of the misstatement on Sellers's December 31,20Y3, balance sheet or income statement for the year ended December 31,20Y3. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31 . Round your "average unit cost" to two decimal places Step by Step Solution
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