Question

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Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 2. $___ For case 1, determine goods available for sale _For case 1, determine ending inventory For case 2, determine goods available for sale For case 2, determine Purchases For case 3, determine cost of goods sold For case 4, determine beginning inventory 6.$_

Answer 1

Answers:

1	780,200.00	Beginning Inventory + Purchases (85200+695000)
2	56,200.00	Ending Inventory
3	676,700.00	Beginning Inventory + Purchases (35400+641300)
4	641,300.00	Purchases
5	456,300.00	Cost of good sold = Opening Inventory + Purchase - Closing Inventory
6	85,300.00	Beginning Inventory

Case - 1
Beginning Inventory	85,200.00
Ending Inventory
Purchases	695,000.00
Cost of goods sold	724,000.00
Cost of good sold = Opening Inventory + Purchase - Closing Inventory
724000 = 85200+695000 - closing inventory
724000 + Closing inventory = 780200
Closing Inventory = 780200-724000
56,200.00

Case - 2
Beginning Inventory	35,400.00
Ending Inventory	22,000.00
Purchases	-
Cost of goods sold	654,700.00
Cost of good sold = Opening Inventory + Purchase - Closing Inventory
654700 = 35400+purchase-22000
654700+22000 = 35400+Purchase
676700 = 35400 + Purchases
Purchases = 676700-35400
641,300.00

Case - 3
Beginning Inventory	40,000.00
Ending Inventory	31,200.00
Purchases	447,500.00
Cost of goods sold
Cost of good sold = Opening Inventory + Purchase - Closing Inventory
	456,300.00

Case - 4
Beginning Inventory	-
Ending Inventory	41,500.00
Purchases	856,200.00
Cost of goods sold	900,000.00
Cost of good sold = Opening Inventory + Purchase - Closing Inventory
900,000 = Opening Stock + 856200-41500
900,000=opening stock + 814,700
Opening Stock = 900,000-814,700
Opening Stock =	85,300.00

7. Company sales for the period = $2,940,000 (9800*300)
8. Ending Inventory (FIFO) = $40,000
9. Cost of good sold (FIFO) = $1,946,500
10. Gross Profit = $993,500
Calculation under FIFO
Particulars	QTY	PRICE	AMOUNT
Beginning inventory	300.00	$       195.00	$         58,500.00
Purchase 4-Sep	6,000.00	$       198.00	$   1,188,000.00
Purchase 24-Sep	3,700.00	$       200.00	$      740,000.00
Closing Inventory			$                        -
Sales	300.00	195.00	58,500.00
Sales	6,000.00	198.00	1,188,000.00
Sales	3,500.00	200.00	700,000.00
Closing Inventory	200.00
Cost of Goods Sold	FIFO
	QTY	COST	AMOUNT
	300.00	195.00	58,500.00
	6,000.00	198.00	1,188,000.00
	3,500.00	200.00	700,000.00
	Total		1,946,500.00
Closing Inventory	QTY	COST	AMOUNT
	200.00	200.00	40,000.00
	-	-	-
Value of closing inventory under FIFO Method	-		40,000.00
Opening Stock			58,500.00
Purchase			1,928,000.00
Closing Inventory			40,000.00
Cost of Goods Sold			1,946,500.00
Sales=			2,940,000.00
Gross Profit = Sales - Cost of goods sold			993,500.00

11. Ending Inventory (LIFO) = $39,000
12. Cost of good sold (LIFO) = $1,947,500
13. Gross Profit = $992,500
Calculation under LIFO
Particulars	QTY	PRICE	AMOUNT
Beginning inventory	300.00	$       195.00	$         58,500.00
Purchase 4-Sep	6,000.00	$       198.00	$   1,188,000.00
Purchase 24-Sep	3,700.00	$       200.00	$      740,000.00
Closing Inventory			$                        -
Sales	3,700.00	200.00	740,000.00
Sales	6,000.00	198.00	1,188,000.00
Sales	100.00	195.00	19,500.00
Cost of Goods Sold	LIFO
	QTY	COST	AMOUNT
	3,700.00	200.00	740,000.00
	6,000.00	198.00	1,188,000.00
	100.00	195.00	19,500.00
	Total		1,947,500.00
Closing Inventory	QTY	COST	AMOUNT
	200.00	195.00	39,000.00
Value of closing inventory under LIFO Method	200.00		39,000.00
Opening Stock			58,500.00
Purchase			1,928,000.00
Closing Inventory			39,000.00
Cost of Goods Sold			1,947,500.00
Sales=			2,940,000.00
Gross Profit = Sales - Cost of goods sold			992,500.00

14. Ending Inventory (WA) = $39,730
15. Cost of good sold (WA) = $1,946,770
16. Gross Profit = $993,230
Calculation under Weighted Average Cost
Particulars	QTY	PRICE	AMOUNT
Beginning inventory	300.00	$       195.00	$         58,500.00
Purchase 4-Sep	6,000.00	$       198.00	$   1,188,000.00
Purchase 24-Sep	3,700.00	$       200.00	$      740,000.00
Total Units	10,000.00	$       198.65	$   1,986,500.00
Sales	9,800.00	198.65	1,946,770.00
Cost of Goods Sold	LIFO
	QTY	COST	AMOUNT
	9,800.00	198.65	1,946,770.00
	Total		1,946,770.00
Closing Inventory	QTY	COST	AMOUNT
	200.00	198.65	39,730.00
Value of closing inventory under Weighted Average Method	200.00		39,730.00
Opening Stock			58,500.00
Purchase			1,928,000.00
Closing Inventory			39,730.00
Cost of Goods Sold			1,946,770.00
Sales=			2,940,000.00
Gross Profit = Sales - Cost of goods sold			993,230.00

17. Large Income is under FIFO method ie = 993,500

18	Net Sales = Sales - retur - Discount
	900000-6700-15000		878,300.00
19	Cost of goods sold = 582300
20	Gross profit = Sales - Cost of sales
	Net Sales =		878,300.00
	Cost of sales=		582,300.00
	Gross Profit =		296,000.00
21	GP Ratio = Gross profit / Sales *100
			33.7%