Prepare a perpetual inventory record using the fifo

This preview shows page 67 - 77 out of 128 pages.

Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company’scost of goods sold, ending merchandise inventory, and gross profit.Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company’scost of goods sold, ending merchandise inventory, and gross profit.Prepare a perpetual inventory record, using the weighted-average inventory costingmethod, and determine the company’s cost of goods sold, ending merchandise inventory, and gross profit.(Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
We have textbook solutions for you!
/Intermediate-Accounting-Reporting-and-Analysis-3rd-Edition-9781337788281-780/
The document you are viewing contains questions related to this textbook.
Chapter 22 / Exercise 22-2
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 68 of 128Solution:Requirement 1Perpetual Inventory Record:FIFOPurchasesCost of Goods SoldInventory on HandQuantityTotal CostQuantityTotal CostQuantityUnit CostTotal CostDateUnitCostUnit Cost
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 69 of 128
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 70 of 128Requirement 2Perpetual Inventory Record:LIFOPurchasesCost of Goods SoldInventory on HandDateQuantityTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostUnitCost
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 71 of 128Requirement 3Perpetual Inventory Record:Weighted-AveragePurchasesCost of Goods SoldInventory on HandDateQuantityTotal CostQuantityUnit CostTotal CostQuantityUnit CostTotal CostUnitCost
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 72 of 128Requirement 4
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 73 of 128P6-29ARequirements1.2.3.4.5.Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods.6.If the business wanted to maximize gross profit, which method would it select?Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costingmethod.Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costingmethod.Prepare a perpetual inventory record for the merchandise inventory using the weighted-averageinventory costing method.Determine the company’s cost of goods sold for August using FIFO, LIFO, and weighted-averageinventory costing methods.
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 74 of 128Solution:Requirement 1Perpetual Inventory Record:FIFOPurchasesCost of Goods SoldInventory on HandDateQuantityTotal CostQuantityTotal CostQuantityUnit CostTotal CostUnitCostUnitCost
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 75 of 128Requirement 2Perpetual Inventory Record:LIFOPurchasesCost of Goods SoldInventory on HandDateQuantityTotal CostQuantityTotal CostQuantityUnit CostTotal CostUnitCostUnitCost
HORNGREN'S ACCOUNTING - Eleventh EditionChapter 6: Merchandise InventoryPage 76 of 128Requirement 3

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 128 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
callaghan
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Intermediate Accounting: Reporting and Analysis
The document you are viewing contains questions related to this textbook.
Chapter 22 / Exercise 22-2
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture