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Mgmt_200_Spring_2008_Extracredit_1(2,21)

Mgmt_200_Spring_2008_Extracredit_1(2,21) - and provides the...

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NAME: ___________________________ PUID _________________ Please write your name in BLOCK letters and in the format: Last name, First name. Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Extra Credit 1 – due Monday, March 3, 2008 – 10 points IMPORTANT: This assignment must be turned in on this page. The grade for this assignment may be based on the correctness of a partial portion of the assignment – the full assignment will not necessarily be graded. Please print your name and PUID clearly and legibly in the spaces above. Roma Imports was formed in late 2005 to sell a single product, the Mafissio, which is imported from Italy. Due to unfavorable exchange rates the cost of this product increased dramatically during 2006 and 2007. Sales for 2006 totaled $476,000 or 34,000 units. Sales for 2007 totaled $756,000 or 42,000 units. Roma uses a periodic inventory system
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Unformatted text preview: and provides the following information about cost of goods purchased during the last two years: Opening Inventory (12/31/05) 4,000 units @ $7.50 $30,000 Purchase, February 16, 2006 20,000 units @ $9.00 $180,000 Purchase, June 23, 2006 16,000 units @ $10.00 $160,000 Purchase, March 20, 2007 18,000 units @ $12.50 $225,000 Purchase, July 13, 2007 26,000 units @ $13.00 $338,000 A physical inventory count at year-end, December 31, 2007 reveals 8,000 units still on hand. Required: Compute Cost of Goods Sold and Ending Inventory for both 2006 and 2007 for Roma Imports for each of the three inventory methods: Weighted average (WAVE), FIFO, and LIFO. WAVE FIFO LIFO Cost of goods sold, 2006 _________ _________ _________ Inventory, December 31, 2006 _________ _________ _________ Cost of goods sold, 2007 _________ _________ _________ Inventory, December 31, 2007 _________ _________ _________...
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