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ACCT 2013 Problems for Test Three Review

# ACCT 2013 Problems for Test Three Review - Problems for...

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Problems for Test Three Review ACCT 2013 Spring, 2011 Problem One A company had the following purchases and sales during the accounting period. Using the information provided, calculate the costs of goods sold for the period and the ending inventory, using the weighted-average, FIFO, and LIFO methods. Perform these calculations using both the perpetual and the periodic methods. Also, calculate the gross margin (gross profit) under each of the three options. Perform this calculation for both the periodic and perpetual inventory methods. 7/1 Beginning inventory 150 units at \$16.00 per unit 7/5 Bought 450 units at \$17.00 per unit 7/9 Bought 300 units at \$16.50 per unit 7/12 Sold 375 units for \$31.00 per unit. 7/22 Bought 200 units for \$17.50 per unit 7/29 Sold 450 units for \$31.50 per unit Perpetual method Weighted-average COGS_________ Ending inventory________ Gross margin__________ FIFO COGS_________ Ending inventory________ Gross margin__________ LIFO COGS_________ Ending inventory________ Gross margin__________ Periodic method Weighted-average COGS_________ Ending inventory________ Gross margin__________ FIFO COGS_________ Ending inventory________ Gross margin__________ LIFO COGS_________ Ending inventory________ Gross margin__________ 1

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Problem Two Carpenter Productions bought a piece of inspection equipment on 8/2/2011 for \$80,000. The
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