Determine the cost of the merchandise sold for each sale

Assignment Help Accounting Basics
Reference no: EM131812528

Question - Perpetual Inventory Using FIFO

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

June 1

Inventory

58 units @ $51

6

Sale

48 units

14

Purchase

24 units @ $55

19

Sale

15 units

25

Sale

9 units

30

Purchase

33 units @ $58

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 below. Enter all amounts as positive numbers.

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.

Reference no: EM131812528

Questions Cloud

What is expected number of regions with major forest fires : Three areas of southern California are prime candidates for forest fires each dry season. You believe (based on historical evidence) that each of these areas.
Prepare the amortization table : Bradley-Link issued a 10.6%, $100 million bond on 7/1/2009 at 110. Interest is paid semiannually on June 30 and December 31. Each $1,000 bond
Prepare a balance sheet for the month ended march 31 : - Prepare a balance sheet for the month ended March 31 (there are no prior balances in any of the accounts).
Determine whether more people prefer coke or pepsi : You have been assigned to determine whether more people prefer Coke or Pepsi. Assume that roughly half the population prefers Coke and half prefers Pepsi.
Determine the cost of the merchandise sold for each sale : Question - Perpetual Inventory Using FIFO. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale
Describe the culture of two of those groups : Describe the culture of 2 of those groups, including values, beliefs, rituals, clothing, food, and so on. Be sure to include a definition of culture.
Discuss indicates ordinary and preference shares : With the issue of capitalization shares, the given information indicates ordinary and preference shares
Explain how the selected product could be use by your client : Discussion of how the selected product could be used by your client to support its cybersecurity objectives by reducing risk, increasing resistance to threats.
Which of the given portfolios has the lowest risk : Shares of company A are sold at$10 per share. Shares of company B are sold at$50 per share. According to a market analyst, 1 share of each company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd