sebyn Contrera & Homework: Chapter 6 Homework Problems //19 916 AM Save Score: 0 of 5 pts 2 of 3 (0 compicte) HW Score: 0%, 0 of 15 ps E6-19 (similar to) Ouestion Hep Assume that JL Toys store bought and sold a ine of dolls daring December as follow (Cick the icon to view the transactions ) JL Toys uses the perpetual inventory system Read the requirements Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit uning the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method Enter the transactons in cheanalogical order calculating new inventory on hand balances ater each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold and on hand at the end of the period (Enter the ldest Inventory layers first) Inventory on Hand Cost of Goods Sold Purchases Unit Total Total Unit Total Unit Cost Cost Quantity Cost Cost Quantity Cost Date Quantity Cost Dec 1 Dec 8 Dec 14 Activate Windows Check Answer Enter any number in the edt fields and then cack - X i Requirements g merd cal order, calculating new in and on hand at the end of mercha o the p 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. f Goo Which method results in a higher cost of goods sold? Which method results in a higher cost of ending merchandise inventory? Which method results in a higher gross profit? 3. Unit 4. Cos 5. Print Done Acti swer Save Score: 0 of 5 pts 1 of 3 (0 complcte) HW Score: 0%, 0 of 15 pha S6-3 (book/static) Queston Hep Boston Cycles started October with 12 bicycles that cost $42 each On October 16 Bodon bought 40 bicycles $68 each On October 31, Boon sold 34 bicyces for $100 eachs Requirements Prepare Boston Cycle's perpetual inventory record assuming the company uses the specfic identficaion inventory coting method Assue tat Beton sald 10 bicydes that cot $2each and 24 bicyces that cot $68 each 1 Jounallze the October 16 purchane of merchandise inventory on account and the October 31 sale of merchandoe invtory on account Requirement 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identfication nventory costing mod Assume that Boston sold 10 bicycles that cost $42 each and 24 bicycles that cos $68 each Start by entering the beginning inventory balances. Enter the transactions in chronological order, cakculating new inventory on hand balances after each ransaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold and on hand at the end of the period (Enter the oldest inventoryrs frst Abbreviation used QTY Quantity, Tot Total) Boston Cycles Purchases Cost of Goods Sold Inventory on Hand gTY Unit Cost Tot. Cost Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Date QTY Oct 1 Activate Windows Go to Sett ter any number in the edit fields and then cick Check Answer chec Ase Clear All parts remaining
