ACCG210 HW6 C BRANA.xlsx - #1 BEGINNING INVENTORY...

This preview shows page 1 - 17 out of 17 pages.

The preview shows page 16 - 17 out of 17 pages.
#1COST OF GOODS AVAILABLE FOR SALE# OF UNITSCOST PER UNITCOST OF GOODS AVAILABLEBEGINNING INVENTORY100$50$5,000PURCHASES:5-Mar4005522,00018-Mar120607,20025-Mar2006212,400TOTAL820$46,600#2ENDING INVENTORY = 240#3 FIFOGoods PurchasedCost of Goods SoldDate# unitsCost/unit#units soldCost/unitCOGS1-Mar5-Mar400$55.009-Mar100$50.00$5,000.00320$55.0017,600.00$22,600.0018-Mar120$60.0025-Mar200$62.0029-Mar80$55.00$4,400.0080$60.004,800.00$9,200.00$31,800.00
LIFOGoods PurchasedCost of Goods SoldDate# unitsCost/unit#units soldCost/unitCOGS1-Mar5-Mar400$55.009-Mar20$50.00$1,000.00400$55.0022,000.00$23,000.0018-Mar120$60.0025-Mar200$62.0029-Mar160$62.00$9,920.00$32,920.00Weighted Average PerpetualGoods PurchasedCost of Goods SoldDate# unitsCost/unit#units soldCost/unitCOGS1-Mar5-Mar400$55.00Average9-Mar420$54.00 $22,680.0018-Mar120$60.00Average
25-Mar200$62.0029-Mar160$59.80$9,568.00$32,248.00SPECIFIC IDENTIFICATIONGoods PurchasedCost of Goods SoldDate# unitsCost/unit#units soldCost/unitCOGS1-Mar5-Mar400$55.009-Mar80$50.00$4,000.00340$55.0018,700.00$22,700.0018-Mar120$6025-Mar200$6229-Mar40$60.00$2,400.00120$62.007,440.00$9,840.00$32,540.00
#4FIFOLIFOWeighted AveSpecificIdentificationSales$50,900.$50,900$50,900$50,900Less: Cost of $31,800.32,920.32,248.32,540.Gross profit$19,100.$17,980.$18,652.$18,360.
LE FOR SALEInventory Balance# unitscost/unitInventory balance100$50.00 =$5,000.00100$50.00 =$5,000.00400$55.00 =$22,000.00$27,000.0080$55.00 =$4,400.00$4,400.0080$55.00 =$4,400.00120$60.00 =$7,200.00$11,600.00
End of preview. Want to read all 17 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
BOKMIER
Tags
Financial Accounting, Goods Sold, 2 400 00 7 440 00, 4 000 00 80 120, 4 400 00 4 800 00

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture