ButovaS_P6-3B

ButovaS_P6-3B - Section Date 7/5/2008 Shellankamp Comp (b)...

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374 Name Svetlana Butova Problem 6-3B Section Date 7/5/2008 Shellankamp Company (a) COST OF GOODS AVAILABLE FOR SALE Unit Total Date Explanation Units Cost Cost 1 Jan 1 Beginning Inventory 100 $. 21 $. 2,1001 2 Mar 15 Purchase 300 24 7,200 2 3 July 20 Purchase 200 25 5,000 3 4 Sept 4 Purchase 300 28 8,400 4 5 Dec 2 Purchase 100 30 3,000 5 6 Total 1,000 25,700 6 7 7 (b) 1 FIFO 1 2 (1) Ending Inventory (2) Cost of Goods Sold 2 3 Unit Total Cost of goods available 3 4 Date Units x Cost = Cost for sale 25,700 4 5 12/2 100 30 3,000 5 6 9/4 100 28 2,800 Less: Ending inventory 5,800 6 7 200 5,800 Cost of goods sold 19,900 7 8 8 9 9 10 Proof of Cost of Goods Sold 10 11 Unit Total 11 12 Date Units x Cost = Cost 12 13 1-Jan 100 21 2,100 13 14 15-Mar 300 24 7,200 14 15 20-Jul 200 25 5,000 15 16 4-Sep 200 28 5,600 16 17 800 19,900 17 18 18 19 LIFO 19 20 (1) Ending Inventory (2) Cost of Goods Sold 20 21 Unit Total Cost of goods available 21 22 Date Units x Cost = Cost for sale 25,700 22 23 1/1 100 21 2,100 23 24 3/15 100 24 2,400 Less: Ending inventory 4,500 24 25 200 4,500 25 26 Cost of goods sold 21,200 26 27 27
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374
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375 Name Svetlana Butova Problem 6-3B Conclu
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Unformatted text preview: Section Date 7/5/2008 Shellankamp Comp (b) (Continued) and (c) LIFO 1 (b) Proof of Cost of Goods Sold 2 Unit Total 3 Date Units x Cost = Cost 4 12/2 100 30 3,000 5 4-Sep 300 28 8,400 6 20-Jul 200 25 5,000 7 15-Mar 200 24 4,800 8 800 21,200 9 10 11 AVERAGE-COST 12 13 (1) Ending Inventory (2) Cost of Goods Sold 14 $ 25,700 / 1,000 = $ 25.7 15 16 Cost of goods available for sale 25,700 17 Unit Total 18 Units x Cost = Cost Less: Ending inventory 5,140 19 200 25,7 5,140 20 Cost of goods sold 20,560 21 22 23 24 25 26 Proof of Cost of Goods Sold 27 Unit Total 28 Units x Cost = Cost 29 800 25,7 20,560 30 31 (c ) (1) 32 FIFO results the highest inventory amount for the dalance sheet $ 5,800 33 34 (2) results the highest cost of good sold for the income statement $21,200 35 375 uded pany 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35...
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ButovaS_P6-3B - Section Date 7/5/2008 Shellankamp Comp (b)...

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