Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Ringing Rintaro, Inc. (RRI) sells cellphones to students who want accounting professors to add extra questions to exams. During the month of October 2020, RRI

image text in transcribed
image text in transcribed
image text in transcribed
Ringing Rintaro, Inc. (RRI) sells cellphones to students who want accounting professors to add extra questions to exams. During the month of October 2020, RRI had the following beginning balance, purchases and inventory sales: Sold Units Sales Price / Unit Purchase Acquired Date Transaction Price / Units Unit beginning 1,000 $10.00 / 10/1/20 inventory units Unit 1,000 $12.00 / 10/2/20 purchase units Unit 10/3/20 sale 1,600 units $40.00 / Unit 10/5/20 purchase $14.00 / Unit 1,400 units 3,000 units 10/10/20 purchase $16.00 / Unit 10/15/20 sale 4,000 units $50.00 / Unit 10/29/20 purchase 1,200 units $20.00 / Unit 10/30/20 sale 1,000 units $60.00 / Unit 1 1/ 10/30/20 sale 1,000 units $60.00 / Unit 10/31/20 purchase 1,000 units $15.00 / Unit A.CALCULATE MERCHANDISE (GOODS) AVAILABLE FOR SALE FOR THE MONTH OF OCTOBER 2020: $____ B, CALCULATE UNITS AVAILABLE FOR SALE FOR THE MONTH OF OCTOBER 2020: UNITS AVAILABLE FOR SALE C. CALCULATE UNITS SOLD FOR THE MONTH ENDED OCTOBER 2020. ___ UNITS SOLD D. CALCULATE UNITS IN ENDING INVENTORY AS OF OCTOBER 2020 _____ _UNITS IN ENDING INVENTORY E. TOTAL SALES FOR THE MONTH OF OCTOBER WERE: $______ F. USING FIFO PERIODIC , CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020:$_ G. USING FIFO PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ H. USING LIFO PERPETUAL, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $ INATA PIINITA FOR THE MONTH ENDED OCTOBER 31, 2020: $ I. USING LIFO PERPETUAL, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ . J. USING LIFO PERIODIC, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $_____ K. USING LIFO PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ L. USING WEIGHTED (MOVING) AVERAGE PERPETUAL, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $____ M. USING WEIGHTED (MOVING) AVERAGE PERPETUAL, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $____ N. USING WEIGHTED AVERAGE PERIODIC, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $____ O. USING WEIGHTED AVERAGE PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ Ringing Rintaro, Inc. (RRI) sells cellphones to students who want accounting professors to add extra questions to exams. During the month of October 2020, RRI had the following beginning balance, purchases and inventory sales: Sold Units Sales Price / Unit Purchase Acquired Date Transaction Price / Units Unit beginning 1,000 $10.00 / 10/1/20 inventory units Unit 1,000 $12.00 / 10/2/20 purchase units Unit 10/3/20 sale 1,600 units $40.00 / Unit 10/5/20 purchase $14.00 / Unit 1,400 units 3,000 units 10/10/20 purchase $16.00 / Unit 10/15/20 sale 4,000 units $50.00 / Unit 10/29/20 purchase 1,200 units $20.00 / Unit 10/30/20 sale 1,000 units $60.00 / Unit 1 1/ 10/30/20 sale 1,000 units $60.00 / Unit 10/31/20 purchase 1,000 units $15.00 / Unit A.CALCULATE MERCHANDISE (GOODS) AVAILABLE FOR SALE FOR THE MONTH OF OCTOBER 2020: $____ B, CALCULATE UNITS AVAILABLE FOR SALE FOR THE MONTH OF OCTOBER 2020: UNITS AVAILABLE FOR SALE C. CALCULATE UNITS SOLD FOR THE MONTH ENDED OCTOBER 2020. ___ UNITS SOLD D. CALCULATE UNITS IN ENDING INVENTORY AS OF OCTOBER 2020 _____ _UNITS IN ENDING INVENTORY E. TOTAL SALES FOR THE MONTH OF OCTOBER WERE: $______ F. USING FIFO PERIODIC , CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020:$_ G. USING FIFO PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ H. USING LIFO PERPETUAL, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $ INATA PIINITA FOR THE MONTH ENDED OCTOBER 31, 2020: $ I. USING LIFO PERPETUAL, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ . J. USING LIFO PERIODIC, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $_____ K. USING LIFO PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $ L. USING WEIGHTED (MOVING) AVERAGE PERPETUAL, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $____ M. USING WEIGHTED (MOVING) AVERAGE PERPETUAL, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $____ N. USING WEIGHTED AVERAGE PERIODIC, CALCULATE COST OF GOODS SOLD FOR THE MONTH ENDED OCTOBER 31, 2020: $____ O. USING WEIGHTED AVERAGE PERIODIC, DETERMINE ENDING INVENTORY AS OF OCTOBER 31, 2020: $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions