6_1B - Problem 6-1B (40 minutes) 1. Compute cost of goods...

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Problem 6-1B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory. ....................... 700 units @ $55 = $ 38,500 Jan. 10. ............................................. 550 units @ $56 = 30,800 Feb. 13. ............................................. 220 units @ $57 = 12,540 July 21. ............................................. 270 units @ $58 = 15,660 Aug. 5.............................................. 445 units @ $59 = 26,255 Units available. ................................ 2,185 units Cost of goods available for sale. ... $123,755 2. Units in ending inventory Units available (from part 1 )........... 2,185 Less: Units sold (given). ................. 1,6 50 Ending Inventory. ............................. 535
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Problem 6-1B (Continued) 3a. FIFO perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 700 @ $55 = $38,500 1/10 550 @ $56 = $30,800 700 @ $55 550 @ $56 2/13 220 @ $57 = $12,540 700 @ $55 550 @ $56 = $81,840 220 @ $57 2/15 700 @ $55 200 @ $56 = $49,700 350 @ $56 220 @ $57 = $32,140 7/21 270 @ $58 = $15,660 350 @ $56 220 @ $57 270 @ $58 8/5 445 @ $59 = $26,255 350 @ $56 220 @ $57 270 @ $58 = $74,055 445 @ $59 8/10 350 @ $56 220 @ $57 = $42,580
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This note was uploaded on 02/15/2010 for the course ACCT 201 taught by Professor Carlahogan during the Spring '09 term at Shoreline.

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6_1B - Problem 6-1B (40 minutes) 1. Compute cost of goods...

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