AbCo begins operations in 20X0, uses the periodic method and LIFO costing, and purchases merchandise follows: 20X2 Month 20X0 20X1 February 150@$2.00 300 @$4.00 450 @ $5.50 June 250 @ $2.50 450 @ $6.00 300 @ $7.00 August 100 @ $3.50 50@$4.50 350 @ $6.50 December 200 @ $3.00 350 @ $5.00 50 @ $8.00 AbCo's 20X0 ending inventory is 150 units; 20X1 ending inventory, 100 units and 20X2 ending inventory, 350 units. What is AbCo's 20X2 ending inventory? OA. $1,500 OB. $1,575
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- Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: 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.Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 19 units at $20.00 Nov. 04 Sold 9 units Nov. 10 Purchased 30 units at $19.00 Nov. 17 Sold 24 units Nov. 30 Purchased 21 units at $23.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer. $836.00 $787.00 $646.00 $636.00Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 June 1 July 28 On June 1, Vaughn sold 25 units, and on August 27, 46 more units. (a) Prepare the perpetual inventory schedule for the above transactions using FIFO. Date May 7 June 1 July 28 Aug. 27 $ Aug. 27 Number of Units Date May 7 $ tA July 28 $ Aug. 27 $ LA $ $ LA $ $ Prepare the perpetual inventory schedule for the above transactions using LIFO. June 1 $ $ 55 LA 30 tA $ $ Purchases Unit Cost $15 Purchases 18 Purchases LA $ $ LA $ tA $ Product E2-D2 $ tA $ Product E2-D2 $ LA $ Product E2-D2 $ LA Cost of Goods Sold Cost of Goods Sold Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 3 decimal places, e.g. 12.50 and final answers to O decimal places, e.g. 1,250.) $ LA $ LA $ $ Cost of Goods Sold $ LA $ LA W $ $ LA $ $ $ LA $ LA $ tA $ $ LA Balance 20 Balance…
- Vaughn Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $12 July 28 30 16 On June 1, Vaughn sold 25 units, and on August 27, 45 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount $enter a dollar amount $enter a dollar amount June 1 $enter a dollar amount $enter a dollar amount $enter a dollar amount July 28 $enter a dollar amount $enter a dollar amount $enter a dollar amount Aug. 27 $enter a dollar amount $enter a dollar amount $enter a dollar amountWaterway Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 (a) Date May 7 June 1 On June 1, Waterway sold 25 units, and on August 27, 41 more units. July 28 (b) . Aug 27 Prepare the perpetual inventory schedule for the above transactions using FIFO. Date Number of Units May 7 June 1 $ Save for Later July 28 $ Aug. 27 $ eTextbook and Media $ 45 $ 30 $ $ Unit Cost $ Purchases $13 16 Purchases Product E2-D2 Prepare the perpetual inventory schedule for the above transactions using LIFO. $ $ $ $ Product E2-D2 $ $ Cost of Goods Sold $ $ $ Cost of Goods Sold $ $ $ $ $ $ Balance Attempts: 0 of 5 used Submit Answer BalanceAddison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is Select one: a. $650 b. $750 c. $725 d. $800
- Chocolate Inc. uses a perpetual inventory system and uses the FIFO cost flow assumption. Calculate the cost of goods sold for the sale made on Mar. 20.Mar 1 Beginning Inventory 3@$12=$36Mar 15 Purchase 17@$15=$255Mar 20 Sale 12 units x $50 eachA. $600B. $171C. $180D. $220Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a.$800 b.$750 c.$700 d.$650A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O a debit to Merchandise Inventory for P1,300, a debit to Accounts Payable for P65,000 and a credit to Cash for P66,300 O a debit to Accounts payable for P65,000, a credit to Merchandise Inventory for P1.300, and a credit to Cash for P63,700 O a debit to Accounts Payable for P63,700, a debit to Merchandise Inventory for P1,300 and a credit to Cash for P65,000 a debit to Accounts payable for P65.000 and a credit to Cash for P65,000 and a debit to Merchandise Inventory for P1.300
- EcoMart Merchandising uses the perpetual inventory system. EcoMart Merchandising sold fair trade merchandise for $1500, with credit terms n/30, invoice dated October, 1. The cost of merchandise is $900. The entries to book this transaction is as follows: OA. Dr. Accounts Receivable 1,500; Cr. Sales 1,500 Dr. Merchandise Inventory 1,500; Cr. Cost of Goods Sold 1,500 OB. Dr. Cash 1.500: Cr. Sales 1.500 Dr. Merchandise Inventory 900; Cr. Cost of Goods Sold 900 Oc. Dr. Sales 900; Cr. Accounts Receivable 900 Dr. Cost of Goods Sold 1,500; Cr. Merchandise Inventory 1,500 OD. Dr. Accounts Receivable 1,500; Cr. Sales 1,500 Dr. Cost of Goods Sold 900; Cr. Merchandise Inventory 900Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssold of $500) was made to Sarah’s Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system.Required:1. Give the journal entry Cycle Wholesaling would make to record the sale to Sarah’s Cycles.2. Give the journal entry to record the collection of the account, assuming it was collected in fullon February 9.3. Give the journal entry, assuming, instead, that the account was collected in full on March 2.4. Calculate the gross profit percentage for the sale to Sarah’s Cycles (rounded to one decimalplace), assuming the account was collected in full on February 9.Accounting Bonita Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 45 $14 July 28 25 17 On June 1, Bonita sold 20 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. Prepare the perpetual inventory schedule for the above transactions using LIFO. Prepare the perpetual inventory schedule for the above transactions using moving-average cost.