Homework Answers
1) Weighted Average cost per unit method.
Weighted Average cost per unit on Jan 5th
= [(60 * $10) + (90 * $11)] / (60 + 90)
= $1,590 / 150
= $10.60 per unit
Dollar value of cost of goods sold = 130 units * $10.60 = $1,378.
Ending Inventory (units) = 60 + 90 - 130 = 20 units.
Dollar value of Ending Inventory (20 units * $10.60) = $212
2) Debit Cost of goods sold .....$5000
Credit Inventory Account..........$5,000
Debiting cost of goods sold decreases Net income and therefore decreases Shareholder's Equity
and crediting Inventory will decrease Assets
So, Answer is Decrease in stockholder's Equity and a Decrease in Assets.
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Below is the same data presented in Question 3. Date # of Units Unit Cost Jan. 2nd 60 $10 Jan. 5th Beginning Inv. Purchase Sell Inventory 90 $11 Jan. 10th 130 Assuming your company uses FIFO (First in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ What is the ending inventory in units? What is the dollar value of ending inventory? $ Below is the same data presented in Question...
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Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
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4,000
9
36,000
Totals
7,000
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* Includes purchase price and cost of freight.
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Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
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90,000
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