LIFO | ||||
Cost of goods sold | ||||
110 units from | units | rate | amount | |
Jun28 purchase | 20 | 70 | 1400 | |
Jun18 purchase | 20 | 66 | 1320 | |
Jun4 purcahse | 70 | 63 | 4410 | |
total | 110 | 7130 | ||
ending inventory | ||||
Jun 4 purchase | 15 | 63 | 945 | |
beginning invenotry | 25 | 60 | 1500 | |
total | 40 | 2445 | ||
Gross Profit | ||||
Sales | 10175 | |||
Less:Cost of goods sold | 7130 | |||
Gross Profit | 3045 |
FIFO | ||||
Cost of goods sold | ||||
110 units from | units | rate | amount | |
Beg inventory | 25 | 60 | 1500 | |
Jun 4 purchase | 85 | 63 | 5355 | |
total | 110 | 6855 | ||
ending inventory | ||||
Jun18 purchase | 20 | 66 | 1320 | |
Jun 28 purchase | 20 | 70 | 1400 | |
total | 40 | 2720 | ||
Gross Profit | ||||
Sales | 10175 | |||
Less:Cost of goods sold | 6855 | |||
Gross Profit | 3320 | |||
Weighted average | ||||
Cost of goods sold | ||||
110 units from inventory | units | rate | amount | |
we have calculated average rate | ||||
63.833 | 110 | 63.833 | 7022 | |
(9575/150) | ||||
ending inventory | 40 | 63.833 | 2553 | |
Gross Profit | ||||
Sales | 10175 | |||
Less:Cost of goods sold | 7022 | |||
Gross Profit | 3153 |
Workings:
Date | Description | quantity | unit cost | amount |
Jun-01 | beg inve | 25 | 60 | 1500 |
Jun-04 | purchase | 85 | 63 | 5355 |
Jun-18 | purchase | 35 | 66 | 2310 |
Jun-18 | purchase returns | -15 | 66 | -990 |
Jun-28 | purchase | 20 | 70 | 1400 |
150 | 63.833 | 9575 | ||
Date | Description | quantity | unit cost | amount |
Jun-10 | Sale | 60 | 90 | 5400 |
Jun-11 | Sale return | -5 | 90 | -450 |
Jun-25 | Sale | 55 | 95 | 5225 |
110 | 10175 |
Please help to do p6 5b most closely appreciate the a rt that we have inventory?...
can I please have explanations as well P6-5A You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory Unit Cost or Date Quantity Selling Price Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase $40 40 135 110 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 70 70 46 46 75 50 65 30 Instructions...
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You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. June 1- Beginning inventory 40@ $40 June 4- Purchase 135 @ $43 June 10- Sale 110 @ $70 June 11- Sale return 15 @ $70 June 18- Sale 55 @ $46 June 18- Purchase 10@ $46 June 25 - Purchase return 65 @ $76 June 28- Purchase 35@ $50 Instructions (a) Calculate (i) ending inventory, (ii)...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
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