Computing Inventory Balances and Lower of Cost or Market CheckPoint ACC 225 Week 6

Computing Inventory Balances and Lower of Cost or Market CheckPoint ACC 225 Week 6

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Quick Study 6-1 Page 247 ACC 225 Week 6 FIFO per Perpetual System Date Goods Purchased Cost of Goods Sold Inventory Balance Dec. 7 Beginning Balance 10 units @ $ 6.00= $60.00 Dec. 14 20 units @ $ 12.00= $240.00 10 units @ $ 6.00 20 units @ $ 12.00 = $300.00 Dec. 15 10 units @ $ 6.00 = $ 60.00 5 units @ $ 12.00 = $ 60.00 15 units @ $ 12.00 = $120.00 = $180.00 Dec. 21 15 units @ $ 14.00 = $210.00 15 units @ $ 12.00 15 units @ $ 14.00 = $390.00 Dec. 31 $120.00 $390.00 LIFO per Perpetual System
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Date Goods Purchased Cost of Goods Sold Inventory Balance Dec. 7 Beginning Balance 10 units @ $ 6.00 = $ 60.00 Dec. 14 20 units @ $ 12.00 = $240.00 10 units @ $ 6.00 20 units @ $ 12.00 = $300.00 Dec. 15 15 units @ $ 12.00 = 10 units @ $ 6.00 $180.00 5 units @ $ 12.00 = $120.00 Dec. 21 15 units @ $ 14.00 = 10 units @ $ 6.00 $210.00 5 units @ $ 12.00 15 units @ $ 14.00 = $330.00 Dec. 31 $180.00 $330.00 Weighted Average per Perpetual System
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Date Goods Purchased Cost of Goods Sold Inventory Balance Dec. 7 Beginning Balance 10 units @ $ 6.00 = $ 60.00 Dec. 14 20 units @ $ 12.00 = 10 units @ $ 6.00
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Computing Inventory Balances and Lower of Cost or Market CheckPoint ACC 225 Week 6

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