80.2K

Verified Solution

Link Copied!

0:1 A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using FIFO method. And using the information given below, prepare general journal entries to record the transactions assuming a cash sale and purchase Date Activities Units Acquired at cost Units sold at retail June 1 Beginning Inventory 150 units @ SIO 5 Purchase 100 units S12 Sale 175 units $25 12 Purchase 180 units @ S15 18 Sale 200 units @ $ 28 24 Purchase 125 units @ 516 29 Sale 80 units @ $ 30 8 0:2 A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using LIFO method. And using the information given below. prepare general journal entries to record the transactions assuming a cash sals and purchase Date Activities Units Acquired at cost Units sold at retail March 1 Beginning Inventory 120 units $20 6 Purchase 180 units $18 9 Sale 200 units @ $25 14 Purchase 200 units & S 16 19 Sale 250 units @ $ 30 26 Purchase 150 units S15 30 Sale 160 units $ 35 0:3 A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system. Determine the cost assigned to ending inventory and cost of goods sold using weighted average method. And using the information given below. DESPITE_gemstal Bosmal sntries to record the transactions assuming a cash sale and purchase Units sold at retail Units Acquired at cost 120 units S13 80 units $11 Date June 1 12 16 24 28 Activities Beginning Inventory Purchase Sale Purchase Sale 130 units @ $ 25 80 units S15 100 units @ $ 30 0:4 Use the following information for SMART Company to compute inventory turnover and days' sales in inventory for 2020. 2019 Average inventory S 80,500 2020

Answer & Explanation Solved by verified expert

See Answer