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
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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## This note was uploaded on 07/16/2010 for the course ACCT 220 taught by Professor Rine during the Spring '10 term at University of Phoenix.

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

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