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Chapter 8 Q10 - Weighted Average $200,000 Total Cost...

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P Units Unit cost Total Cost Units Beginning 31-Mar 2,000 $15 $30,000 3-Apr 3,000 10-Apr 1,000 14-Apr 4,000 23-Apr 2,500 29-Apr 1,000 plus Total Purchased 11,500 = Available 13,500 minus Sold 11,000 = Ending 30-Apr 2,500 FIFO: 1,000 $30 $30,000 1,500 $22 $33,000 2,500 $63,000 LIFO: 2,000 $15 $30,000 500 $15 $7,500 $37,500 Weighted Avg 2,500 $19 $47,778
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Purchased Sold Unit cost Total Cost Units Unit cost Total Cost $15 $45,000 $18 $18,000 $20 $80,000 $22 $55,000 $30 $30,000 228,000 $19 $258,000
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FIFO $200,000 LIFO Units Unit cost Total Cost Unit cost Beginning Inventory 1-May 6,000 $10 $60,000 $10 3-May 3,000 $12 $36,000 $12 23-May 1,000 $18 $18,000 $18 Available Inventory 10,000 $114,000 Sold Inventory 9,500 Ending Inventory 29-May 500 $18 $9,000 $10 Cost of Goods Sold $105,000 Pre Tax Income $95,000 Tax 35% $33,250 Net Income $61,750
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$200,000
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Unformatted text preview: Weighted Average $200,000 Total Cost $60,000 $36,000 $18,000 $114,000 $5,000 11.40 5,700.00 $109,000 108,300.00 $91,000 $91,700 $31,850 $32,095 $59,150 $59,605 $(2,600) The following information relates to the merchandise inventory of Lightbulbs R Us for th 5/1/2008 Beginning Inventory 4000 $48,000 To open the solution: 5/9/2008 Purchased 4000 $52,000 CTRL +SHIFT + S 5/10/2008 Sold 3000 5/17/2008 Sold 2000 5/20/2008 Purchased 1000 14000 5/25/2008 Sold 3000 FIFO Units Unit cost Total Cost Beginning Inventory plus plus equals Available Inventory (Avail-End) Sold Inventory less Ending Inventory equals Cost of Goods Sold Sales Cost of Goods Sold Pre Tax Income Tax Net Income he month of June: LIFO Weighted Average Units Unit cost Total Cost...
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