Homework Answers
| 1) | ||||||||||
| Date | Purchases | cost of merchandise sold | Inventory | |||||||
| Quantity | unit cost | total cost | Quantity | unit cost | total cost | Quantity | unit cost | total cost | ||
| Jun-01 | 500 units | $ 30.000 | $ 15,000 | |||||||
| Jun-10 | 1500 units | $ 34.00 | $ 51,000 | 500 units | $ 30.000 | $ 15,000 | ||||
| 1500 units | $ 34.00 | $ 51,000 | ||||||||
| Jun-28 | 500 units | $ 30.000 | $ 15,000 | |||||||
| 250 units | $ 34.00 | $ 8,500 | 1,250 units | $ 34.00 | $ 42,500 | |||||
| Jun-30 | 250 units | $ 34.00 | $ 8,500 | 1,000 units | $ 34.00 | $ 34,000 | ||||
| Jul-05 | 100 units | $ 34.00 | $ 3,400 | 900 units | $ 34.00 | $ 30,600 | ||||
| Jul-10 | 3,600 units | $ 35.00 | $ 126,000 | 900 units | $ 34.00 | $ 30,600 | ||||
| 3,600 units | $ 35.00 | $ 126,000 | ||||||||
| Jul-16 | 900 units | $ 34.00 | $ 30,600 | |||||||
| 900 units | $ 35.00 | $ 31,500 | 2,700 units | $ 35.00 | $ 94,500 | |||||
| Jul-28 | 1,700 units | $ 35.00 | $ 59,500 | 1,000 units | $ 35.00 | $ 35,000 | ||||
| Aug-05 | 3,000 units | $ 35.80 | $ 107,400 | 1,000 units | $ 35.00 | $ 35,000 | ||||
| 3,000 units | $ 35.80 | $ 107,400 | ||||||||
| Aug-14 | 1,000 units | $ 35.00 | $ 35,000 | |||||||
| 1,000 units | $ 35.80 | $ 35,800 | 2,000 units | $ 35.80 | $ 71,600 | |||||
| Aug-25 | 500 units | $ 36.00 | $ 18,000 | 2,000 units | $ 35.80 | $ 71,600 | ||||
| 500 units | $ 36.00 | $ 18,000 | ||||||||
| Aug-30 | 1,750 units | $ 35.80 | $ 62,650 | 250 units | $ 35.80 | $ 8,950 | ||||
| 500 units | $ 36.00 | $ 18,000 | ||||||||
| Aug-31 | Balances | $ 290,450 | $ 26,950 | |||||||
| 2) | |||
| Account title and explanation | Debit | Credit | |
| Accounts receivable | $ 483,800 | ||
| Sales | $ 483,800 | ||
| ($37,500 +$ 13,000+$ 5,500 + $ 100,800+ | |||
| $ 102,000 + $ 120,000 + $ 105,000) | |||
| ( to record total sales ) | |||
| Cost of Merchandise sold | $ 290,450 | ||
| Merchandise inventory | $ 290,450 | ||
| ( to record total cost of merchandise sold) | |||
| 3) | Gross profit = Total Sales - Total cost of merchandise sold | ||
| Gross profit = $ 483,800 - $ 290,450 | |||
| Gross profit = $ 193,350 | |||
| 4) | Ending inventory cost as of August 31,2014 | ||
| Ending inventory =$ 8,950 +$ 18,000 | |||
| Ending inventory = $ 26,950 | |||
| 5) | Hence, the price per unit rises from $ 30 for June 1 inventory | ||
| to $ 36 for the purchase on August 25 . So, we would expect | |||
| that under the last-in , First out method the inventory would | |||
| be lower . | |||
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