ACC 205 Week 3 Assignment

300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.

 

 
FIFO
LIFO
Weighted Average
Goods Available for Sale
$82,800
$82,800
$82,800
Ending Inventory, March 31
$20,000
$16,400
$18,200
Cost of Goods Sold
$62,800
$66,400
$64,600
 

3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:

·         1/2/20X3 Purchases on account: 500 units @ $6 =  $3,000

·         1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550

·         1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000

·         1/25/20X3   Sales on Account: 300 units @ $8.50 = $2,550
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