Homework Answers
|
THE BRICK COMPANY Effect of Events on Financial Statements Panel 1: FIFO Cost Flow |
||||||||||||
|
Event No. |
Balance Sheet |
Income Statement |
Cash Flows |
|||||||||
|
Cash |
+ |
Inventory |
= |
Retained Earnings |
Revenue |
- |
Express |
= |
Net Income |
|||
|
1 |
229600 |
+ |
NA |
= |
229600 |
229600 |
- |
= |
229600 |
229600 |
OA |
|
|
2 |
(56350) |
+ |
56350 |
= |
NA |
NA |
- |
NA |
= |
NA |
(56350) |
OA |
|
3 |
(46710) |
+ |
46710 |
= |
NA |
NA |
- |
NA |
= |
NA |
(46710) |
OA |
|
4 |
NA |
+ |
(85510) |
= |
(85510) |
NA |
- |
85510 |
= |
(85510) |
NA |
NA |
|
5 |
(57636) |
+ |
NA |
= |
(57636) |
NA |
- |
57636 |
= |
(57636) |
(57636) |
NA |
|
Bal. |
68904 |
17550 |
86454 |
229600 |
143146 |
86454 |
68904 |
NC |
||||
|
1 |
229600 |
+ |
NA |
= |
229600 |
229600 |
- |
= |
229600 |
229600 |
OA |
|
|
2 |
(56350) |
+ |
56350 |
= |
NA |
NA |
- |
NA |
= |
NA |
(56350) |
OA |
|
3 |
(46710) |
+ |
46710 |
= |
NA |
NA |
- |
NA |
= |
NA |
(46710) |
OA |
|
4 |
NA |
+ |
(87135) |
= |
(87135) |
NA |
- |
87135 |
= |
(87135) |
NA |
NA |
|
5 |
(56986) |
+ |
NA |
= |
(56986) |
NA |
- |
56986 |
= |
(56986) |
(56986) |
NA |
|
Bal. |
69554 |
15925 |
85479 |
229600 |
144121 |
85479 |
69554 |
69554 |
||||
230*245 = 56350
173*270 = 46710
Number of units sold = 230+173-65 = 338
Cost of goods sold (FIFO) = (230*245)+(108*270) = 85510
(229600-85510)*40% = 57636
Cost of goods sold (LIFO) = (173*270)+(165*245) = 87135
(229600-87135)*40% = 56986
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