Homework Answers
Solution:
| Computation of ending inventory COGS under FIFO | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Aug | 60 | $25.00 | $1,500.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 60 | $25.00 | $1,500.00 |
| 3-Aug | 60 | $25.00 | $1,500.00 | 0 | $0.00 | $0.00 | 45 | $25.00 | $1,125.00 | 15 | $25.00 | $375.00 |
| 8-Aug | 15 | $25.00 | $375.00 | 65 | $41.00 | $2,665.00 | 0 | $0.00 | $0.00 | 15 | $25.00 | $375.00 |
| 65 | $41.00 | $2,665.00 | ||||||||||
| 21-Aug | 15 | $25.00 | $375.00 | 0 | $0.00 | $0.00 | 15 | $25.00 | $375.00 | 25 | $41.00 | $1,025.00 |
| 65 | $41.00 | $2,665.00 | 40 | $41.00 | $1,640.00 | |||||||
| 30-Aug | 25 | $41.00 | $1,025.00 | 20 | $56.00 | $1,120.00 | 0 | $0.00 | $0.00 | 25 | $41.00 | $1,025.00 |
| 20 | $56.00 | $1,120.00 | ||||||||||
| Total | 100 | $3,140.00 | 45 | $2,145.00 | ||||||||
| Computation of ending inventory COGS under LIFO | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Aug | 60 | $25.00 | $1,500.00 | 0 | $0.00 | $0.00 | 0 | $0.00 | $0.00 | 60 | $25.00 | $1,500.00 |
| 3-Aug | 60 | $25.00 | $1,500.00 | 0 | $0.00 | $0.00 | 45 | $25.00 | $1,125.00 | 15 | $25.00 | $375.00 |
| 8-Aug | 15 | $25.00 | $375.00 | 65 | $41.00 | $2,665.00 | 0 | $0.00 | $0.00 | 15 | $25.00 | $375.00 |
| 65 | $41.00 | $2,665.00 | ||||||||||
| 21-Aug | 15 | $25.00 | $375.00 | 0 | $0.00 | $0.00 | 55 | $41.00 | $2,255.00 | 15 | $25.00 | $375.00 |
| 65 | $41.00 | $2,665.00 | 10 | $41.00 | $410.00 | |||||||
| 30-Aug | 15 | $25.00 | $375.00 | 20 | $56.00 | $1,120.00 | 0 | $0.00 | $0.00 | 15 | $25.00 | $375.00 |
| 10 | $41.00 | $410.00 | 10 | $41.00 | $410.00 | |||||||
| 20 | $56.00 | $1,120.00 | ||||||||||
| Total | 100 | $3,380.00 | 45 | $1,905.00 | ||||||||
| Computation of ending inventory COGS under Weighted Average Cost | ||||||||||||
| Date | Beginning Inventory | Purchase | Cost of Goods Sold | Ending Inventory | ||||||||
| Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | Qty | Rate | Amount | |
| 1-Aug | 60 | $25.00 | $1,500 | 0 | $0.00 | $0 | 0 | $0.00 | $0 | 60 | $25.00 | $1,500 |
| 3-Aug | 60 | $25.00 | $1,500 | 0 | $0.00 | $0 | 45 | $25.00 | $1,125 | 15 | $25.00 | $375 |
| 8-Aug | 15 | $25.00 | $375 | 65 | $41.00 | $2,665 | 0 | $0.00 | $0 | 80 | $38.00 | $3,040 |
| 21-Aug | 80 | $38.00 | $3,040 | 0 | $0.00 | $0 | 55 | $38.00 | $2,090 | 25 | $38.00 | $950 |
| 30-Aug | 25 | $38.00 | $950 | 20 | $56.00 | $1,120 | 0 | $0.00 | $0 | 45 | $46.00 | $2,070 |
| Total | 100 | $3,215 | 45 | $2,070 | ||||||||
| Income Statement | |||
| Particulars | Weighted Average | FIFO | LIFO |
| Sales | $7,970 | $7,970 | $7,970 |
| Cost of goods sold | $3,215 | $3,140 | $3,380 |
| Gross Profit (Sales - COGS) | $4,755 | $4,830 | $4,590 |
Add Answer to:
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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
@ $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...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
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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
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...
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 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
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...
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