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

This preview shows pages 1–3. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 6

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online