6) Salmone Company reported the following purchases and sales of its only produc

Question

6) Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

7)Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.

9) A company had beginning inventory of 11 units at a cost of $9 each on March 1. On March 2, it purchased 11 units at $16 each. On March 6 it purchased 5 units at $16 each. On March 8, it sold 25 units for $59 each. Using the FIFO perpetual inventory method, what was the cost of the 25 units sold?

10) A company’s inventory records report the following in November of the current year:

On November 8, it sold 13 units for $35 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?

Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 190 units @ $14 5 Purchase 240 units @ $16 10 Sales 160 units @ $24 15 Purchase 120 units @ $17 24 Sales 110 units @ $25

7)Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.

Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 260 units @ $11 5 Purchase 275 units @ $13 10 Sales 195 units @ $21 15 Purchase 155 units @ $14 24 Sales 145 units @ $22 8)Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 160 units @ $11 5 Purchase 225 units @ $13 10 Sales 145 units @ $21 15 Purchase 105 units @ $14 24 Sales 95 units @ $22

9) A company had beginning inventory of 11 units at a cost of $9 each on March 1. On March 2, it purchased 11 units at $16 each. On March 6 it purchased 5 units at $16 each. On March 8, it sold 25 units for $59 each. Using the FIFO perpetual inventory method, what was the cost of the 25 units sold?

10) A company’s inventory records report the following in November of the current year:

Beginning November 1 4 units @ $5 Purchase November 2 11 units @ $7 Purchase November 12 7 units @ $9

On November 8, it sold 13 units for $35 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?

Explanation / Answer

As per chegg guidelines we answer one question per post. Kindly post remaining questions in next post FIFO Date Particulars Units   Cost Amount COGS 1-May Op Bal                      190.00                         14.00                  2,660.00 5-May Purchases                      240.00                         16.00                  3,840.00 Total                      430.00                  6,500.00 10-May COGS                      160.00                  2,240.00 160*14 Total                      270.00                  4,260.00 15-May Purchases                      120.00                         17.00                  2,040.00 Total                      390.00                  6,300.00 24-May Sales                      110.00                  1,700.00 30*14+80*16 Total                      280.00                  4,600.00 COGS                   3,940.00 Ending Inventory                     4,600.00

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