第二次小考解&ccedi

第二次小考解&ccedi

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一、 (a) COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Oct. 1 Beginning Inventory 2,000 £7 £ 14,000 3 Purchase 3,000 8 24,000 9 Purchase 3,500 9 31,500 19 Purchase 3,000 10 30,000 25 Purchase 3,500 11 38,500 Total 15,000 £138,000 (b) FIFO (1) Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale £138,000 Oct. 25 3,500 £11 £38,500 Less: Ending inventory 39,500 19 100 10 1,000 3,600* £39,500 Cost of goods sold £ 98,500 *15,000 – 11,400 = 3,600 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Oct. 1 2,000 £ 7 £14,000 3 3,000 8 24,000 9 3,500 9 31,500 19 2,900 10 29,000 11,400 £98,500 AVERAGE COST (1) Ending Inventory (2) Cost of Goods Sold £138,000 ÷ 15,000 = £9.20 Cost of goods available for sale £138,000 Units Unit Cost Total Cost Less: Ending inventory 33,120 3,600 £9.20 £33,120 Cost of goods sold £104,880 Proof of Cost of Goods Sold 11,400 units X £9.20 = £104,880
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LIFO (1) Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Cost of goods available for sale £138,000 Oct. 1 2,000 £7 £14,000 Less: Ending inventory 26,800 3 1,600 8 12,800 3,600* £26,800 Cost of goods sold £ 111,200 (c) 1. FIFO results in the highest inventory amount for the statement of financial position, £39,500. 2. LIFO results in the highest cost of goods sold 二、 (a) General Journal J1 Date Account Titles and Explanation Ref. Debit Credit Apr. 4 Merchandise Inventory. ....................... Accounts Payable .
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This note was uploaded on 04/01/2011 for the course ACCT COST ACCT taught by Professor Wang during the Spring '11 term at National Taiwan University.

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第二次小考解&ccedi

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