Homework Answers
| FIFO | Purchases | Cost of Goods Sold | Ending Inventory | |||||||
| Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
| Jan-01 | Beginning Inventory | 100 | $ 20.00 | $ 2,000.00 | ||||||
| March | Purchase | 500 | $ 25.00 | $ 12,500.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| April | Purchase | 1000 | $ 35.00 | $ 35,000.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| 1000 | $ 35.00 | $35,000.00 | ||||||||
| Apr-30 | Sales | 100 | $ 20.00 | $ 2,000.00 | ||||||
| 500 | $ 25.00 | $ 12,500.00 | ||||||||
| 200 | $ 35.00 | $ 7,000.00 | 800 | $ 35.00 | $28,000.00 | |||||
| May | Purchase | 500 | $ 40.00 | $ 20,000.00 | 800 | $ 35.00 | $28,000.00 | |||
| 500 | $ 40.00 | $20,000.00 | ||||||||
| Jun-30 | Sales | 800 | $ 35.00 | $ 28,000.00 | ||||||
| 200 | $ 40.00 | $ 8,000.00 | 300 | $ 40.00 | $12,000.00 | |||||
| Total | $ 67,500.00 | $ 57,500.00 | $12,000.00 | |||||||
| LIFO | Purchases | Cost of Goods Sold | Ending Inventory | |||||||
| Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
| Jan-01 | Beginning Inventory | 100 | $ 20.00 | $ 2,000.00 | ||||||
| March | Purchase | 500 | $ 25.00 | $ 12,500.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| April | Purchase | 1000 | $ 35.00 | $ 35,000.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| 1000 | $ 35.00 | $35,000.00 | ||||||||
| Apr-30 | Sales | 800 | $ 35.00 | $ 28,000.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| 200 | $ 35.00 | $ 7,000.00 | ||||||||
| May | Purchase | 500 | $ 40.00 | $ 20,000.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 500 | $ 25.00 | $12,500.00 | ||||||||
| 200 | $ 35.00 | $ 7,000.00 | ||||||||
| 500 | $ 40.00 | $20,000.00 | ||||||||
| Jun-30 | Sales | 500 | $ 40.00 | $ 20,000.00 | 100 | $ 20.00 | $ 2,000.00 | |||
| 200 | $ 35.00 | $ 7,000.00 | 200 | $ 25.00 | $ 5,000.00 | |||||
| 300 | $ 25.00 | $ 7,500.00 | ||||||||
| Total | $ 67,500.00 | $ 62,500.00 | $ 7,000.00 | |||||||
| W.Avg | Purchases | Cost of Goods Sold | Ending Inventory | |||||||
| Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | Quantity | Unit Cost | Amount | ||
| Jan-01 | Beginning Inventory | 100 | $ 20.00 | $ 2,000 | ||||||
| March | Purchase | 500 | $ 25.00 | $ 12,500 | 100 | $ 20.00 | $ 2,000 | |||
| 500 | $ 25.00 | $ 12,500 | ||||||||
| Average | 600 | $ 24.17 | $ 14,500 | |||||||
| April | Purchase | 1000 | $ 35.00 | $ 35,000 | 600 | $ 24.17 | $ 14,500 | |||
| 1000 | $ 35.00 | $ 35,000 | ||||||||
| Average | 1600 | $ 30.94 | $ 49,500 | |||||||
| Apr-30 | Sales | 800 | $ 30.94 | $ 24,750 | 800 | $ 30.94 | $ 24,750 | |||
| May | Purchase | 500 | $ 40.00 | $ 20,000 | 800 | $ 30.94 | $ 24,750 | |||
| 500 | $ 40.00 | $ 20,000 | ||||||||
| Average | 1300 | $ 34.42 | $ 44,750 | |||||||
| Jun-30 | Sales | 1000 | $ 34.42 | $ 34,420 | 300 | $ 34.42 | $ 10,330 | |||
| Total | $ 67,500 | $ 59,170 | $ 10,330 | |||||||
| Perpetual FIFO | Perpetual LIFO | Weighted Average | ||||
| Income Statement | Units | Amount | Units | Amount | Units | Amount |
| Total Purchase | 2000 | $ 67,500 | 2000 | $ 67,500 | 2000 | $ 67,500 |
| Total Revenue = Units Sold x Retail Price | 1800 | $ 126,000 | 1800 | $ 126,000 | 1800 | $ 126,000 |
| Total Cost of Goods Sold | 1800 | $ 57,500 | 1800 | $ 62,500 | 1800 | $ 59,170 |
| Total Profit | $ 68,500 | $ 63,500 | $ 66,830 | |||
| Balance Sheet | ||||||
| Total Inventory at end | 300 | $ 12,000 | 300 | $ 7,000 | 300 | $ 10,330 |
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4 A company had the following inventories during the year. Jan 1: Beginning Inventory 100 units...
4 A company had the following inventories during the year. Jan 1: Beginning Inventory 100 units...
4 A company had the following inventories during the year. Jan 1: Beginning Inventory 100 units at $ 20 March: Purchase 500 units at $25 April: Purchase 1,000 units at $35 April 30: Sold 800 units at $70 May: Purchase 500 units at $40 June 30: Sold 1,000 units at $70 Perpetual FIFO Total Unit Amount Income Statement Total Purchase Perpetual LIFO Weighted Average Total Unit Amount Unit Amount Total Revenue = Unit Sold x Retail Price Total Cost of...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
The following units of an item were available for sale during the year Jan 1. Inventory...
The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods Inventory Method Merchandise Inventory Cost...
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units...
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300...
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost 590 units $45.00 per unit 400 units 502.00 per unit 800 units $75.00 per unit Sept. 5 Purchase Sept. 10 Sales 500 units $45.00 per unit $75.00 per unit 600 units 1.400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned...
Data given Units Unit Cost 1-Jan Beginning inventory 4,190 $20 12-Feb Purchase 4,630 $25 2-Mar Sale...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
4 A company had the following inventories during the year. Jan 1: Beginning Inventory 100 units at $ 20 March: Purchase 500 units at $25 April: Purchase 1,000 units at $35 April 30: Sold 800 units at $70 May: Purchase 500 units at $40 June 30: Sold 1,000 units at $70 Perpetual FIFO Total Unit Amount Income Statement Total Purchase Perpetual LIFO Weighted Average Total Unit Amount Unit Amount Total Revenue = Unit Sold x Retail Price Total Cost of...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit...
new connecteducation.com mework Saved Uits sold at Retail Jan. 1 Beginning inventory Units Required at Cost 590 units $45.00 per unit 400 units 502.00 per unit 800 units $75.00 per unit Sept. 5 Purchase Sept. 10 Sales 500 units $45.00 per unit $75.00 per unit 600 units 1.400 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory 3. Compute the cost assigned...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
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