Accounting Fundamentals Chaoter 5 Quiz and Test - Chapter 5...

• Test Prep
• LieutenantHackerStork2070
• 13
• 88% (17) 15 out of 17 people found this document helpful

This preview shows page 1 - 5 out of 13 pages.

Chapter 5 Homework QS 5-1 Inventory costing with FIFO perpetual L.O. P1 A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 \$6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60 What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of FIFO? (Round your per unit costs to 3 decimal places and final answer to the nearest dollar amount. Omit the "\$" sign in your response.)
QS 5-2 Inventory costing with LIFO perpetual L.O. P1 A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 \$6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60
What is the cost of the 155 units that remain in ending inventory at January 31, assuming the costs assigned to ending inventory based on a perpetual inventory system and use of LIFO. (Omit the "\$" sign in your response.)
QS 5-3 Inventory costing with weighted average perpetual L.O. P1 A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 \$6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60 What is the cost of the 155 units that remain in ending inventory at January 31, assuming the costs assigned to ending inventory based on a perpetual inventory system and use of weighted average. (Round your per unit costs to 3 decimal places and final answer to the nearest dollar amount. Omit the "\$" sign in your response.) 1,920 2,464
\$6.084*) 1/2 5 110 @ \$6.60 320 @ \$6.00 85 @ \$6.40 = \$ 3,190 110 @ \$6.60 (avg. cost is \$6.194*) 1/2 6 36 0 @ \$6.194 = \$2,230* 155 @ \$6.194 = \$ 960* *rounded QS 5-4 Computing goods available for sale L.O. P1 Segoe Company reports beginning inventory of 10 units at \$50 each. Every week for four weeks it purchases an additional 10 units at respective costs of \$51, \$52, \$55 and \$60 per unit for weeks 1 through 4. Calculate the cost of goods available for sale and the units available for sale for this four week period. Assume that no sales occur during those four weeks. (Omit the "\$" sign in your response.)
3rd week