Answers
Ending Inventory |
|
FIFO |
$ 47,790 |
LIFO |
$ 47,200 |
Weighted Average |
$ 46,120 |
Specific Identification |
$ 47,230 |
--Working for Specific Identification
Specific Identification |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
780 |
$ 80.00 |
$ 62,400.00 |
780 |
$ 80.00 |
$ 62,400.00 |
0 |
$ 80.00 |
$ - |
Purchases: |
|||||||||
10-Feb |
490 |
$ 77.00 |
$ 37,730.00 |
210 |
$ 77.00 |
$ 16,170.00 |
280 |
$ 77.00 |
$ 21,560.00 |
13-Mar |
290 |
$ 62.00 |
$ 17,980.00 |
290 |
$ 62.00 |
$ 17,980.00 |
0 |
$ 62.00 |
$ - |
21-Aug |
280 |
$ 85.00 |
$ 23,800.00 |
140 |
$ 85.00 |
$ 11,900.00 |
140 |
$ 85.00 |
$ 11,900.00 |
05-Sep |
680 |
$ 81.00 |
$ 55,080.00 |
510 |
$ 81.00 |
$ 41,310.00 |
170 |
$ 81.00 |
$ 13,770.00 |
TOTAL |
2520 |
$ 196,990.00 |
1930 |
$ 149,760.00 |
590 |
$ 47,230.00 |
FIFO |
LIFO |
Weighted Average Method |
Specific Identification |
|
Sales Revenue |
$ 212,300.00 |
$ 212,300.00 |
$ 212,300.00 |
$ 212,300.00 |
(-) Cost of Goods Sold |
$ 149,200.00 |
$ 149,790.00 |
$ 150,868 |
$ 149,760.00 |
Gross Margin |
$ 63,100.00 |
$ 62,510.00 |
$ 61,432 |
$ 62,540.00 |
--Other workings
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
780 |
$ 80.00 |
$ 62,400.00 |
780 |
$ 80.00 |
$ 62,400.00 |
0 |
$ 80.00 |
$ - |
Purchases: |
|||||||||
10-Feb |
490 |
$ 77.00 |
$ 37,730.00 |
490 |
$ 77.00 |
$ 37,730.00 |
0 |
$ 77.00 |
$ - |
13-Mar |
290 |
$ 62.00 |
$ 17,980.00 |
290 |
$ 62.00 |
$ 17,980.00 |
0 |
$ 62.00 |
$ - |
21-Aug |
280 |
$ 85.00 |
$ 23,800.00 |
280 |
$ 85.00 |
$ 23,800.00 |
0 |
$ 85.00 |
$ - |
05-Sep |
680 |
$ 81.00 |
$ 55,080.00 |
90 |
$ 81.00 |
$ 7,290.00 |
590 |
$ 81.00 |
$ 47,790.00 |
TOTAL |
2520 |
$ 196,990.00 |
1930 |
$ 149,200.00 |
590 |
$ 47,790.00 |
|||
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
780 |
$ 80.00 |
$ 62,400.00 |
190 |
$ 80.00 |
$ 15,200.00 |
590 |
$ 80.00 |
$ 47,200.00 |
Purchases: |
|||||||||
10-Feb |
490 |
$ 77.00 |
$ 37,730.00 |
490 |
$ 77.00 |
$ 37,730.00 |
0 |
$ 77.00 |
$ - |
13-Mar |
290 |
$ 62.00 |
$ 17,980.00 |
290 |
$ 62.00 |
$ 17,980.00 |
0 |
$ 62.00 |
$ - |
21-Aug |
280 |
$ 85.00 |
$ 23,800.00 |
280 |
$ 85.00 |
$ 23,800.00 |
0 |
$ 85.00 |
$ - |
05-Sep |
680 |
$ 81.00 |
$ 55,080.00 |
680 |
$ 81.00 |
$ 55,080.00 |
0 |
$ 81.00 |
$ - |
TOTAL |
2520 |
$ 196,990.00 |
1930 |
$ 149,790.00 |
590 |
$ 47,200.00 |
Please complete 3 and 4 Montoure Company uses a periodic inventory system. It entered into the...
Montoure Company uses a periodic inventory system. It entered into the following calendar year purchases and sales transactions Units sold at Retail Units acquired at Cost 610 units $40.00 per unit 405 units $37.00 per unit 205 units $22.00 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 805 units $70.00 per unit 110 units. $45.00 per unit 510 units $41.00 per...
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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 540 units @ $55,00 per unit 460 units @ $53 per unit 100 units @ $40 pe Mar. 13 Purchase unit Mar. 15 Sales 745 units @ $80 per unit 170 units @ $ 61 per unit Aug. 21 Purchase Sept. 5 Purchase Sept. 10...
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 700 units @ $50 per unit 350 units @ $44 per unit 150 units @ $32 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 705 units @ $80 per unit 190 units @ $55 per unit...
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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...
Chapter 05 Homeworki Saved 18 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Activities Units Acquired at Cost 660 units $60 per unit 330 units $57 per unit 110 units $45 per unit Units Sold at Retail Date 1 Beginning inventory Jan 1 Feb. 10 Purchase polnts Mar 13 Purchase 715 units@$70 per unit Mar. 15 Sales 160 units $65 per unit 570 units@$61 per unit Aug. 21 Purchase Sept. Sept....
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 Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $35 per unit Feb. 10 Purchase 300 units @ $32 per unit Mar. 13 Purchase 150 units @ $20 per unit Mar. 15 Sales 725 units @ $80 per unit Aug. 21 Purchase 190 units @ $40 per unit Sept. 5 Purchase 540 units @ $37...