Sheffield Limited uses the average cost formula in a perpetual inventory system. Fill in the missing amounts for items [1] to [13] in the following perpetual inventory schedule. (Round per unit cost and total cost to 2 decimal places, e.g. 15.23.) Purchases Date Units Cost Total Units Cost April 29 [1] $ $5,742 26 [5] $ 14 [10] $201 $2,211
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- Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 21 units @ $13 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar (b) the inventory on September 30. a. Cost of merchandise sold 391 b. Inventory, September 30 %$4 537 Previous Next 3:3 5/9/Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 On June 1, Swifty sold 26 units, and on August 27, 43 more units. June 1 Number of Units Prepare the perpetual inventory schedule for the above transactions using FIFO. July 28 Aug. 27 $ $ 50 $ 30 $ Unit Cost $15 15 Purchases 750 0 360 0 Product E2-D2 $ $ $ $ Cost of Goods Sold 0 390 0 $ $ $ $ Balance 750 360 360 285
- Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = daysShow the necessary computation in perpetual inventory system Invoice VAT 12%Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:May 1Inventory42 units @ $249Sale35 units13Purchase31 units @ $2828Sale15 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.a. Cost of merchandise sold on May 28$b. Inventory on May 31$
- n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%-false 12 為口 Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 32 units @ $19 Sale 19 units 17 Purchase 35 units @ $22 30 Sale 33 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, Septem 30 Previous NextcakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9. Sale 390units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of merchandise 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. Previous Next Check My Work 1:18 AM E ロ 4/18/2021 主 6的Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory 57 units @ $21Oct. 7 sales 43 unitsOct. 15 Purchase 46 units @ $24Oct. 24 Sale 23 unitsAssuming 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 inventory value on October 31.Cost of the goods sold on October 24Inventory value on October 31.
- Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: DATA Beginning inventory Sale First purchase Sale Second purchase Sale Ending inventory Quantity 8,100 5,000 15,400 12,600 15,900 13,100 8,700 REQUIRED: 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? a. FIFO method b. LIFO method Price Inventory Cost Using formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cells orange cells. Transfer amounts to CNOWv2 for grading. $160 $300 $167 Formulas $300 $172 $300Practice Problem #4: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Purchased merchandise on account from B Co., list price P20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of P650 added to the invoice. b) Purchased merchandise on account from C Co., P8,000, terms FOB destination, 1/10, n/30. c) Sold merchandise on account to D Co., P9,800, terms 2/10, n/30. The cost of the merchandise sold was P5,800. d) Returned P2,000 of merchandise purchased from C Co. (b) e) Paid B Co. on account for purchase in (a) less discount. f) Received merchandise returned by D Co. from sale in (c), P1,800. The cost of the merchandise returned was P1,080. g) Paid C Co. on account for purchase in (b) less return (d) and discount. h) Received cash on account from D Co. for sale in (c) less return (f) and discount. i) Perpetual inventory records indicate that P85,000 of merchandise should be on hand. The physical…