Answer_Keys_WEEK8

Answer_Keys_WEEK8 - Problem 6-2A(40 minutes 1 Compute cost...

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Problem 6-2A (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory. ................................................. 770 units @ $50 $38,500 Feb. 10 420 units @ $41 17,220 Mar. 13. ................................................................. 260 units @ $25 6,500 Aug. 21. ................................................................. 180 units @ $49 8,820 Sept. 5.................................................................. 585 units @ $42 24,570 Units available. ........................................................... 2,215 units Cost of goods available for sale $95,610 2. Units in ending inventory Units available (from part 1 ).................................... 2,215 Less: Units sold (770 + 650). ..................................... 1,420 Ending Inventory (units). .......................................... 795
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Problem 6-2A (Continued) 3a. FIFO perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/ 1 770 @ $50 = $38,500 2/10 420 @ $41 = $17,220 770 @ $50 420 @ $41 = $55,720 3/13 260 @ $25 = $ 6,500 770 @ $50 420 @ $41 = $62,220 260 @ $25 3/15 770 @ $50 = $38,500 420 @ $41 260 @ $25 = $23,720 8/21 180 @ $49 = $ 8,820 420 @ $41 260 @ $25 = $32,540 180 @ $49 9/ 5 585 @ $42 = $24,570 420 @ $41 260 @ $25 = $57,110 180 @ $49 585 @ $42 9/10 420 @ $41 230 @ $25 = $22,970 _______ 30 @ $25 180 @ $49 585 @ $42 = $34,140 $61,470 Problem 6-2A (Continued) 3b. LIFO perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1/ 1 770 @ $50 = $38,500 2/10 420 @ $41 = $17,220 770 @ $50 420 @ $41 = $55,720 3/13 260 @ $25 = $ 6,500 770 @ $50 420 @ $41 = $62,220 260 @ $25 3/15 260 @ $25 420 @ $41 = $28,220 90 @ $50 680 @ $50
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Answer_Keys_WEEK8 - Problem 6-2A(40 minutes 1 Compute cost...

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