6-5
FIFO | Cost of goods available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jan-01 | Beginning Inventory | 110 | $ 7.00 | $ 770.00 | 110 | $ 7.00 | $ 770.00 | |||
Jan-10 | Sales | 80 | $ 7.00 | $ 560.00 | 30 | $ 7.00 | $ 210.00 | |||
Mar-07 | Purchase | 300 | $ 6.30 | $1,890.00 | 30 | $ 7.00 | $ 210.00 | |||
300 | $ 6.30 | $ 1,890.00 | ||||||||
Mar-15 | Sales | 30 | $ 7.00 | $ 210.00 | ||||||
100 | $ 6.30 | $ 630.00 | 200 | $ 6.30 | $ 1,260.00 | |||||
Jul-28 | Purchase | 550 | $ 6.10 | $3,355.00 | 200 | $ 6.30 | $ 1,260.00 | |||
550 | $ 6.10 | $ 3,355.00 | ||||||||
Oct-03 | Purchase | 500 | $ 6.00 | $3,000.00 | 200 | $ 6.30 | $ 1,260.00 | |||
550 | $ 6.10 | $ 3,355.00 | ||||||||
500 | $ 6.00 | $ 3,000.00 | ||||||||
Oct-05 | Sales | 200 | $ 6.30 | $ 1,260.00 | 80 | $ 6.10 | $ 488.00 | |||
470 | $ 6.10 | $ 2,867.00 | 500 | $ 6.00 | $ 3,000.00 | |||||
Total | 1460 | $9,015.00 | 880 | $ 5,527.00 | 580 | $ 3,488.00 |
W. Avg | Cost of goods available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jan-01 | Beginning Inventory | 110 | $ 7.00 | $ 770.00 | 110 | $ 7.00 | $ 770 | |||
Jan-10 | Sales | 80 | $ 7.00 | $ 560 | 30 | $ 7.00 | $ 210 | |||
Mar-07 | Purchase | 300 | $ 6.30 | $1,890.00 | 30 | $ 7.00 | $ 210 | |||
300 | $ 6.30 | $ 1,890 | ||||||||
330 | $ 6.36 | $ 2,100 | ||||||||
Mar-15 | Sales | 130 | $ 6.36 | $ 827 | 200 | $ 6.37 | $ 1,273 | |||
Jul-28 | Purchase | 550 | $ 6.10 | $3,355.00 | 200 | $ 6.37 | $ 1,273 | |||
550 | $ 6.10 | $ 3,355 | ||||||||
Oct-03 | Purchase | 500 | $ 6.00 | $3,000.00 | 200 | $ 6.37 | $ 1,273 | |||
550 | $ 6.10 | $ 3,355 | ||||||||
500 | $ 6.00 | $ 3,000 | ||||||||
1250 | $ 6.10 | $ 7,628 | ||||||||
Oct-05 | Sales | 670 | $ 6.10 | $ 4,089 | 580 | $ 6.10 | $ 3,539 | |||
Total | 1460 | $9,015.00 | 880 | $ 5,476 | 580 | $ 3,539 |
6-6
Sp. ID | Cost of goods available for sale | Cost of Goods Sold | Ending Balance | |||||||
Date | Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Jan-01 | Beginning Inventory | 110 | $ 7.00 | $ 770.00 | 110 | $ 7.00 | $ 770.00 | |||
Jan-10 | Sales | 80 | $ 7.00 | $ 560.00 | 30 | $ 7.00 | $ 210.00 | |||
Mar-07 | Purchase | 300 | $ 6.30 | $1,890.00 | 30 | $ 7.00 | $ 210.00 | |||
300 | $ 6.30 | $ 1,890.00 | ||||||||
Mar-15 | Sales | 10 | $ 7.00 | $ 70.00 | 20 | $ 7.00 | $ 140.00 | |||
120 | $ 6.30 | $ 756.00 | 180 | $ 6.30 | $ 1,134.00 | |||||
Jul-28 | Purchase | 550 | $ 6.10 | $3,355.00 | 20 | $ 7.00 | $ 140.00 | |||
180 | $ 6.30 | $ 1,134.00 | ||||||||
550 | $ 6.10 | $ 3,355.00 | ||||||||
Oct-03 | Purchase | 500 | $ 6.00 | $3,000.00 | 20 | $ 7.00 | $ 140.00 | |||
180 | $ 6.30 | $ 1,134.00 | ||||||||
550 | $ 6.10 | $ 3,355.00 | ||||||||
500 | $ 6.00 | $ 3,000.00 | ||||||||
Oct-05 | Sales | 200 | $ 6.10 | $ 1,220.00 | 20 | $ 7.00 | $ 140.00 | |||
470 | $ 6.00 | $ 2,820.00 | 180 | $ 6.30 | $ 1,134.00 | |||||
380 | $ 6.10 | $ 2,318.00 | ||||||||
Total | 1460 | $9,015.00 | 880 | $ 5,426.00 | 580 | $ 3,592.00 |
Check figure given for this is wrong.
6-7
FIFO | W.Avg | Sp. ID | |
Sales Revenue | $ 13,640 | $ 13,640 | $ 13,640 |
Cost of Goods Sold | $ 5,527 | $ 5,476 | $ 5,426 |
Gross Profit | $ 8,113 | $ 8,164 | $ 8,214 |
Operating Expenses | $ 1,250 | $ 1,250 | $ 1,250 |
Net Income | $ 6,863 | $ 6,914 | $ 6,964 |
a. Specific Identification method, results in highest profit
b. If costs have been rising, then FIFO would have given highes profit
Exercise 6-6 Specific identification cost flow assumption LO2 eXcel CHECK FIGURE COGS - $4,529 50 Use...
Exercise 6-7 Income statement effects of alternative cost flow assumptions to3 Use the data in Exercises 6-5 and 66 to construct comparative Income statements for Car Armour (year end De cember 31, 2020). similar to those shown in Exhibit 6.8 in the chapter. Assume that operating expenses are $1,250. 1. Which method results in the highest profit 2. Il costs were rising instead of falling, which method would result in the highest profit? Exerc6-5 Allnative cost How assumption-pepeluanventory system LUX...
i need anawer for 6.7 exercise Exercise 6-5 Alternative cost flow assumptions-perpetual inventory system L2 Xeel CHECK FIGURES: 3 COGS a 55.527 55.476 Car Armour sells car wash cleaner. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows Jen Beginning inventory Jan 10 Sold - - $70 1.240 110 rit 80 is 300 urt 130 units 550 500 670 units 7.00 $15.50 16.30 51550 10 16.00 $1560 Mar 15...
Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries, and cogs plus ending inventory seperated and filled out. 3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
Problem 6-7A Gross profit comparisons and cost flow assumptions—perpetual LO2, 3 Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 310 units @ $ 87/unit March 10 purchased 229 units @ $ 90/unit March 20 sold 401 units @ $ 173/unit May 13 purchased 299 units @ $ 83/unit August 5 purchased 286 units @ $ 76/unit September 10 sold 520 units @ $ 173/unit Ontario Skateboard Company employs a...
Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system L02 eXcel Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $125. Description Units Unit Cost Mar. 1 Beginning Inventory $40 15 Purchase Mar. 3 $45 60 Mar. 6 Purchase 110 $50 Sale Mar. 17 55 Mar. 23 Purchase $50 50 Mar. 31 Sale 140 Required Calculate the cost of goods sold...
Exercise 6-15A Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 92 units-66 units from the January 6 purchase and 26 units from the January 25 purchase. - Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 215 units $4.60 390 units $4.30 620 units @ $3.90 38 units $3.60 1.263 units $...
Check my wor 3 Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Part 2 of 2 Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 = $2,279 oints 180 units @ $40.60 320 units @ $15.60 4,992 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
Exercise 5-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units—160 from each of the last three purchases. Jan. 1 Beginning inventory 260 units @ $4.40 = $ 1,144 Mar. 7 Purchase 560 units @ $5.25 = 2,940 July 28 Purchase 1,200 units @ $4.90 = 5,880 Oct. 3 Purchase 1,080 units @ $5.20 = 5,616 Dec....
FIFO, LIFO, WAV, and Specific Identification. The top portion includes the units at cost and units sold. Montoure Company uses a perpetual inventory system. It entered into the following calendar year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 57e units $50 per unit 380 units 547 per unit 190 units@ $35 per unit Date Activities Jan. 1 Beginning inventory Feb. 1e Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept....