Homework Answers
Kindly round off as required since no instructions have been provided with the question regarding rounding off.
| d) | Perpetual LIFO | Purchases | Sales (Cost of Goods Sold) | Balance (Ending Inventory) | |||||||
| Units | Unit cost | Cost | Units | Unit cost | Cost | Units | Unit cost | Cost | |||
| 01-Jan | Beg. Inv. | 4190 | 20 | 83800 | |||||||
| 12-Feb | Purchase | 4630 | 25 | 115750 | 4190 | 20 | 83800 | ||||
| 4630 | 25 | 115750 | |||||||||
| 02-Mar | Sale | 3640 | 25 | 91000 | 4190 | 20 | 83800 | ||||
| 990 | 25 | 24750 | |||||||||
| 18-Apr | Purchase | 5950 | 28 | 166600 | 4190 | 20 | 83800 | ||||
| 990 | 25 | 24750 | |||||||||
| 5950 | 28 | 166600 | |||||||||
| 31-May | Sale | 5180 | 28 | 145040 | 4190 | 20 | 83800 | ||||
| 990 | 25 | 24750 | |||||||||
| 770 | 28 | 21560 | |||||||||
| Totals | 10580 | 282350 | 8820 | 236040 | 5950 | 130110 | |||||
| e) | Periodic weighted average | ||||||||||
| Total units sold | 8820 | ||||||||||
| Units | Unit cost | Cost | |||||||||
| Beginning inventory | 4190 | 20 | 83800 | ||||||||
| Purchases | 4630 | 25 | 115750 | ||||||||
| Purchases | 5950 | 28 | 166600 | ||||||||
| 14770 | 366150 | ||||||||||
| Weighted average/per unit | 24.79012 | ||||||||||
| Cost of goods sold | 218648.8 | ||||||||||
| f) | Perpetual Moving Average | Purchases | Sales (Cost of Goods Sold) | Balance (Ending Inventory) | |||||||
| Units | Unit cost | Cost | Units | Unit cost | Cost | Units | Unit cost | Cost | |||
| 01-Jan | Beg. Inv. | 4190 | 20 | 83800 | |||||||
| 12-Feb | Purchase | 4630 | 25 | 115750 | 8820 | 22.62472 | 199550 | ||||
| 02-Mar | Sale | 3640 | 22.62472 | 82353.97 | 5180 | 22.62472 | 117196 | ||||
| 18-Apr | Purchase | 5950 | 28 | 166600 | 11130 | 25.4983 | 283796 | ||||
| 31-May | Sale | 5180 | 25.4983 | 132081.2 | 5950 | 25.4983 | 151714.9 | ||||
| Totals | 10580 | 282350 | 8820 | 214435.1 | 5950 | 151714.9 | |||||
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Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is...
Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: Compute...
Jordan Company is a manufacturing firm. Presented below is
information concerning one of its products:
Compute the cost of goods sold under the following situations:
Periodic system, FIFO cost flow Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow Perpetual system, LIFO cost flow
Periodic system, weighted-average cost flow Perpetual system,
moving-average cost flow Your answers must be submitted in an Excel
file and must show all calculations used to arrive at the final
answers.
Data given Unit Cost...
Data given Units Unit Cost 1-Jan Beginning inventory 4,190 $20 12-Feb Purchase 4,630 $25 2-Mar Sale...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
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 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
Jordan Company is a manufacturing firm. Presented below is
information concerning one of its products:
Compute the cost of goods sold under the following situations:
Periodic system, FIFO cost flow Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow Perpetual system, LIFO cost flow
Periodic system, weighted-average cost flow Perpetual system,
moving-average cost flow Your answers must be submitted in an Excel
file and must show all calculations used to arrive at the final
answers.
Data given Unit Cost...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
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 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
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