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Accounting!!! Problems

18/04/2020 Client: azharr Deadline: 24 Hours

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 Inventory 64 units @ $95

6 Sale 52 units

14 Purchase 38 units @ $101

19 Sale 21 units

25 Sale 21 units

30 Purchase 35 units @ $108

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.

Hide

a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

Cost of the Merchandise Sold Schedule

First-in, First-out Method

Portable DVD Players

Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

June 1

$ 95

$ 6,080

June 6

[removed]

$ [removed]

[removed]

June 14

[removed]

$ [removed]

[removed]

June 19

[removed]

June 25

[removed]

June 30

[removed]

June 30

Balances

$ [removed]

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 Inventory 43 units @ $53

6 Sale 33 units

14 Purchase 58 units @ $55

19 Sale 32 units

25 Sale 9 units

30 Purchase 33 units @ $58

The business maintains a perpetual inventory system, costing by the last-in, first-out method.

Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.

Hide

Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Schedule of Cost of Merchandise Sold

LIFO Method

Portable DVD Players

Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

June 1

$ 53

$ 2,279

June 6

[removed]

$ [removed]

[removed]

June 14

[removed]

$ [removed]

[removed]

June 19

[removed]

June 25

[removed]

June 30

[removed]

June 30

Balance

$ [removed]

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows:

Inventory Purchases Sales

July 1 3,600 units at $30 July 10 1,800 units at $32 July 12 2,520 units

July 20 1,620 units at $34 July 14 2,160 units

July 31 1,080 units

Hide

a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale.

Schedule of Cost of Merchandise Sold

LIFO Method

Prepaid Cell Phones

Date

Quantity Purchased

Purchases Unit Cost

Purchases Total Cost

Quantity Sold

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

July 1

3,600

$ 30

$ 108,000

July 10

[removed]

$ [removed]

[removed]

July 12

[removed]

$ [removed]

[removed]

July 14

[removed]

July 20

[removed]

July 31

[removed]

July 31

Balances

$ [removed]

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:

Inventory Purchases Sales

August 1 2,100 units at $39 August 10 1,050 units at $41 August 12 1,470 units

August 20 945 units at $43 August 14 1,260 units

August 31 630 units

Hide

Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.

Schedule of Cost of Merchandise Sold

FIFO Method

Prepaid Cell Phones

Date

Purchases Quantity

Purchases Unit Cost

Purchases Total Cost

Cost of Merchandise Sold Quantity

Cost of Merchandise Sold Unit Cost

Cost of Merchandise Sold Total Cost

Inventory Quantity

Inventory Unit Cost

Inventory Total Cost

Aug. 1

2,100

$ 39

$ 81,900

Aug. 10

[removed]

$ [removed]

[removed]

Aug.12

[removed]

$ [removed]

[removed]

Aug. 14

[removed]

Aug. 20

[removed]

Aug. 31

[removed]

Aug. 31

Balances

$ [removed]

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of a particular item were available for sale during the year:

Beginning inventory 21 units @ $41

Sale 13 units @ $66

First purchase 22 units @ $43

Sale 21 units @ $68

Second purchase 24 units @ $44

Sale 11 units @ $70

The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

$[removed]

b. What is the total cost of the ending inventory according to LIFO?

$[removed]

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