Ch.+5+Problem+Solutions

# Ch.+5+Problem+Solutions - Problem 5-1B(40 minutes 1 Compute...

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Problem 5-1B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory . ........................ 150 units @ \$300 \$ 45,000 May 6 . ................................................ 350 units @ \$350 122,500 May 17 . ............................................... 90 units @ \$400 36,000 May 25 . ............................................... 100 units @ \$458 45,800 Units available . .................................. 690 units Cost of goods available for sale . ..... \$249,300 2. Units in ending inventory Units available (from part 1 ) . ............ 690 units Less: Units sold (180 + 300) . ............ 480 units Ending Inventory (units) . .................. 210 units 3a. FIFO perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance May 1 150 @ \$300 = \$ 45,000 May 6 350 @ \$350 = \$122,500 150 @ \$300 350 @ \$350 = \$167,500 May 9 150 @ \$300 = \$ 45,000 30 @ \$350 = \$ 10,500 320 @ \$350 = \$112,000 May 17 90 @ \$400 = \$ 36,000 320 @ \$350 90 @ \$400

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Ch.+5+Problem+Solutions - Problem 5-1B(40 minutes 1 Compute...

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