Accounting assignments

Accounting assignments - 02/14/2011 Student: LE VIET...

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02/14/2011 Student: LE VIET Advanced Accounting Problem Instructors: Dr. Lewis Assingments for MODULE 08 P8.1 Flynt 's inventory record for Product X Units Unit cost Jan 1, 2007 (Beginning inventory) 1,600.00 $18.00 Purchase Jan 5, 2007 2,600.00 $20.00 Jan 25, 2007 2,400.00 $21.00 Feb 16,2007 1,000.00 $22.00 Mar 15, 2007 1,800.00 $23.00 A physical inventory on March 31, 2007, shows 2,500 units on hand a - using FIFO method (Cost = Units * Unit Cost) We are to assume you sell the goods that have been in stock the longest. (Unit cost in ending inventory = Unit cost of the last one purchased) (1800 units with $23 and 700 Units with $22) Units Unit cost Cost Jan 1, 2007 (Beginning inventory) 1,600.0 $18.00 $28,800.00 Purchase Jan 5, 2007 2,600.0 $20.00 $52,000.00 Jan 25, 2007 2,400.0 $21.00 $50,400.00 Feb 16,2007 1,000.0 $22.00 $22,000.00 Mar 15, 2007 1,800.0 $23.00 $41,400.00 Total Purchase 7,800.0 $165,800.00 Mar 31, 2007 (Ending Inventory) 2,500.0 $56,800.00 b - using LIFO method We are to assume you sell the goods that have been in stock the shortest. (Unit cost in ending inventory = Unit cost of the First one purchased) (2500 Units with $23) Units Unit cost Cost Jan 1, 2007 (Beginning inventory) 1,600.0 $18.00 $28,800.00 Purchase Jan 5, 2007 2,600.0 $20.00 $52,000.00 Jan 25, 2007 2,400.0 $21.00 $50,400.00 Feb 16,2007 1,000.0 $22.00 $22,000.00 Mar 15, 2007 1,800.0 $23.00 $41,400.00 Total Purchase 7,800.0 $165,800.00 Mar 31, 2007 (Ending Inventory) 2,500.0 $20.00 $50,000.00 c - Weight - average Wa= (BI cost+Total Purchased cost)/(Total Units) EI = Wa * Units Units Unit cost Cost Jan 1, 2007 (Beginning inventory) 1,600.0 $18.00 $28,800.00 Purchase Jan 5, 2007 2,600.0 $20.00 $52,000.00 Jan 25, 2007 2,400.0 $21.00 $50,400.00 Feb 16,2007 1,000.0 $22.00 $22,000.00 Mar 15, 2007 1,800.0 $23.00 $41,400.00 9,400.0 $194,600.00 We have:
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02/14/2011 Student: LE VIET Advanced Accounting Problem Instructors: Dr. Lewis Wa=$19460/940 = $20.70 Ending Inventory(on Mar 31,2007) = 2500*$20.70213 = $51,755.32 P8.2 Transaction on May Purchase Sale Date Units Unit cost Date Units Unit cost May 1 (Balance) 400.0 $4.2 May 3 300.0 $7.0 4 1,300.0 $4.1 6 1,000.0 $7.0 8 800.0 $4.3 12 900.0 $7.5 14 700.0 $4.4 18 400.0 $7.5 22 1,200.0 $4.5 25 1,400.0 $8.0 29 500.0 $4.6 Perpetual inventory records are kept in dollars Required: Determine the inventory using LIFO Balance Purchase (Inventory) Sale Date Units Unit cost Total cost Units Unit sale Total sale May 1 400.0 $4.2 $1,680.0 3 300.0 $7.0 $2,100.0 100.0 $4.2 $420.0 $420.0 4 1,300.0 $4.1 $5,330.0 6 100.0 $4.2 $420.0 1,000.0 $7.0 $7,000.0 300.0 $4.1 $1,230.0 $1,650.0 8 800.0 $4.3 $3,440.0 12 100.0 $4.2 $420.0 900.0 $7.5 $6,750.0 200.0 $4.1 $820.0 $1,240.0 14 700.0 $4.4 $3,080.0 18 100.0 $4.2 $420.0 400.0 $7.5 $3,000.0 200.0 $4.1 $820.0 300.0 $4.4 $1,320.0 $2,560.0 22 1,200.0 $4.5 $5,400.0 25 100.0 $4.2 $420.0 1,400.0 $8.0 $11,200.0 200.0 $4.1 $820.0 100.0 $4.4 $440.0 $1,680.0 29 500.0 $4.6 $2,275.0 Inventory on May (in Dollars): = Total cost purchased on 29, May +Inventory on 25, May = $2275 + $1680 = $3955
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This note was uploaded on 02/14/2011 for the course ACT 6692 taught by Professor Lewis during the Spring '11 term at Troy.

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Accounting assignments - 02/14/2011 Student: LE VIET...

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