Ch.+5+Problem+Solutions

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

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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....

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