Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 64 units @ $24 7 Sale 51 units 15 Purchase 67 units $28 24 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 104 units $16 8 Sale 83 units 15 Purchase 115 units $18 27 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 Periodic inventory by three methods The units of an item available for sale during the year were as follows: 1 17 21 Nov. Jan. Inventory 2,300 units at $6 Feb. Purchase 3,100 units at $7 Jul. Purchase 2,700 units at $8 23 Purchase 1,900 units at $9 There are 2,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. x Open spreadsheet a. Determine the inventory cost by the first-In, first-out method. Round your answer to the nearest dollar. $ b. Determine the inventory cost by the last in, first-out method. Round your answer to the nearest dollar. $ c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar, 5 Previous Next Effect of Errors in Physical Inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2048, Madison incorrectly counted its inventory as $503,740 instead of the correct amount of $518,850. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 2018, balance sheet of Madison River Supply Balance Sheet Items Understated/Overstated Amount Inventory Current Assets Total Assets Stockholders' Equity b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 2018. Income Statement Items Overstated/Understated Amount Cost of Goods Sold Gross Profit $ Net Income $ C. If uncorrected, what would be the effects of the error on the 2049 income statement Income Statement Items Overstated / Understated Amount Cost of Goods Sold Previous Next > Check My Work All work saved. Submit Assignment for Grading Cutes or women... Application Current Assets Total Assets Stockholders' Equity b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 201 Income Statement Items Overstated/Understated Amount Cost of Goods Sold Gross Profit SI Net Income C. If uncorrected, what would be the effects of the error on the 2049 income statement? Income Statement Items Overstated / Understated Amount Cost of Goods Sold Gross Profit Net Income ** d. If uncorrected, what would be the effects of the error on the December 3, 2019, balance sheet? 1. The balance sheet would be correct, because the 20Y8 inventory error reverses itself in 2049. 2. The income for 2049 would be understated 3. The current assets in 2049 would be overstated. 4. The current assets in 2049 would be understated
