Homework Answers
| Purchases | Cost of Goods Sold | Ending Inventory | |||||||
| Date | Units | Unit Price | Total | Units | Unit Price | Total | Units | Unit Price | Total |
| 01-Jan | 18 | 13 | 234 | ||||||
| 12-Jan | 30 | 14 | 420 | 48 | 13.625 | 654 | |||
| 19-Jan | 24 | 13.625 | 327 | 24 | 13.625 | 327 | |||
| 20-Jan | 24 | 17 | 408 | 48 | 15.3125 | 735 | |||
| 27-Jan | 27 | 15.3125 | 413.4375 | 21 | 15.3125 | 321.5625 | |||
Closing Inventory as on 27th January is $ 321.56 (Rounded off $322)
Total Cost of Goods Sold is 327+413.44 = $740.44
Total Sales Value = (24*30) + (27*30) = 1530
Gross Profit = Sales Value - Cost of Goods Sold = 1530 - 740.44 = $789.56
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Date
Activities
Units Acquired at Cost
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Jan.
1
Beginning inventory
620
units
@ $45 per unit
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Purchase
310
units
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Purchase
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Mar.
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Sales
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units
@ $85 per unit
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21
Purchase
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units
@ $50 per unit
Sept.
5
Purchase
520
units
@ $48...
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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
620
units
@ $45 per unit
Feb.
10
Purchase
310
units
@ $42 per unit
Mar.
13
Purchase
120
units
@ $30 per unit
Mar.
15
Sales
770
units
@ $85 per unit
Aug.
21
Purchase
190
units
@ $50 per unit
Sept.
5
Purchase
520
units
@ $48...
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