Cost of goods sold perpetual inventory system
WebAccounting questions and answers. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, eg. 12.520 and final answer to 0 decimal places, eg. 1,250.) Inventory data for Crane Company are reported as follows. WebCost of goods sold = Beginning inventory + purchases – ending inventory. Cost of goods sold = $50,000 + $200,000 – $40,000 = $210,000. And the ending inventory is …
Cost of goods sold perpetual inventory system
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WebNov 17, 2024 · Sold 180 units, 20 from Lot 1 (beginning inventory), costing $21 per unit; 160 from Lot 2 (July 10 purchase), costing $27 per unit. … WebAssuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your …
WebQuestion: AP7-6A (Calculation of ending inventory and cost of goods sold—perpetual system) The following information relates to Glassworks Ltd.'s inventory transactions during the month of July. Units Cost/Unit Amount July 1 4,000 $12.00 Beginning inventory Purchase $48,000 75,000 4 6,000 $12.50 8 Sale 6,000 14 Sale 1,500 22 Purchase 5,000 … WebSales data for the welding rods are: Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case. Required: 1. Compute the cost of ending inventory and cost of goods sold using the FIFO method. 2. Compute the cost of ending inventory and cost of goods sold using the LIFO method. 3.
WebQ3: Cost of goods sold is determined only at the end of the accounting period in a perpetual inventory system. a periodic inventory system. both a perpetual and a … WebOct 26, 2024 · During the year, purchases are made in the amount of $300,000. On Dec. 31, the ending inventory value is $30,000. Therefore, the $20,000 in beginning inventory is …
WebUnder the perpetual system, two entries are recorded when merchandise is sold: (1) the amount of the sale is debited to Accounts Receivable or Cash and is credited to Sales, and (2) the cost of the merchandise sold …
WebWhen applying perpetual inventory system, a second entry made at the same time would record the cost of the item based on FIFO, which would be shifted from inventory (an asset) to cost of goods sold (an expense). ... Since a periodic system does not update the inventory and the cost of goods sold accounts during the period, balances in these ... hi simmonsWebAfter Corner Bookstore makes its third purchase of the year 2024, the average cost per unit will change to $88.125 ( [$262.50 + $90] ÷ 4). As you can see, the average cost moved … his imperial majestyWebNov 5, 2024 · Perpetual inventory system is a technique of maintaining inventory records that provides a running balance of cost of goods available for sale and cost of … his imperial majesty naruhitoWebPerpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 84 units @ $18 8 Sale 67 units 15 Purchase 93 units @ … his imperial majesty haile selassieWebIn a perpetual inventory system, the cost of inventory sold is: A. Debited to accounts receivable. B. Credited to cost of goods sold. C. Debited to cost of goods sold. D. Not … hisingstorpsskolan kontaktWebThe average cost of $88 is used to compute both the cost of goods sold and the cost of the ending inventory. Since the bookstore sold only one book, the cost of goods sold … hisimulationWebThe Company uses a perpetual inventory system. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 January 9 Sales 110 units. Applying Integrated Excel: Perpetual: Inventory costing methods FIFO and LIFO Your Company reported the following January purchases and sales data for ... hisingen kulturskola