E6_1_Nirh - 1/1 140 @ 6.00 = $840 1/10 100 units @ $6.00 =...

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Exercise 6-1 (30 minutes) Round to the nearest cent. a. Specific identification Ending inventory—100 units from January 30, 70 units from January 20, and 20 units from beginning inventory Ending Cost of Computations Inventory Goods Sold 350 units. .................................................................. $1,012 $2,008 b. Weighted average perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 140 @ 6.00 = $840 1/10 100 units @ $6.00 = $600 40 @ 6.00 = $240 1/20 40 @ 6.00 = $240 300 @ 5.60 = $1,680 300 @ 5.60 = $1,680 Average Cost is 5.647 1/25 250 @ $5.647 = $1,412 * $2,012 90 @ 5.657 = $508 * 1/30 100 @ 5.00 = 500 90 @ 5.657 = $508 100 @ 5.00 = $500 $1,008 * rounded c. FIFO Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance
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Unformatted text preview: 1/1 140 @ 6.00 = $840 1/10 100 units @ $6.00 = $ 600 40 @ 6.00 = $240 1/20 300 @ 5.60 = $1,680 40 @ 6.00 = $240 300 @ 5.60 = $1,680 1/25 40 units @ $6.00 = $ 240 210 units @ $5.60 = $1176 $2,016 90 @ 5.60 = $504 1/30 100 @ 5.00 = $500 90 @ 5.60 = $504 100 @ 5.00 = $500 $1,004 Exercise 6-1 (Continued) d. LIFO Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/1 140 @ 6.00 = $ 840 1/10 100 units @ $6.00 = $ 600 40 @ 6.00 = $ 240 1/20 300 @ 5.60 = $1,680 40 @ 6.00 = $ 240 300 @ 5.60 = $1,680 1/25 250 units @ $5.60 = $1400 40 @ 6.00 = $ 240 50 @ 5.60 = $ 280 $2000 1/30 100 @ 5.00 = $500 40 @ 6.00 = $ 240 50 @ 5.60 = $ 280 1100 @ 5.00= $ 500 $1,020...
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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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E6_1_Nirh - 1/1 140 @ 6.00 = $840 1/10 100 units @ $6.00 =...

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