Homework #4 - Student Name: Jeremy Pflug Class: ACCT 600...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Student Name: Jeremy Pflug Class: ACCT 600 Problem 04-20 Requirement a. BROOKS PHOTOGRAPHY, INC. Inventory Purchases Cost Units per Unit Cost Beginning Inventory 75 @ $90 = $6,750 First Purchase 100 @ 92 = 9,200 Second Purchase 175 @ 100 = 17,500 Total 350 $33,450 Correct! Correct! Requirement a. (1) Cost of Goods Sold and Ending Inventory Cost FIFO - Cost of Goods Sold Units per Unit Cost From Beginning Inventory 75 @ $90 = $6,750 From First Purchase 100 @ 92 = 9,200 From Second Purchase 125 @ 100 = 12,500 Total Units Sold 300 $28,450 Correct! Correct! Cost FIFO - Ending Inventory Units per Unit Cost From Second Purchase 50 @ $100 = $5,000 Correct! Correct! Requirement a. (2) Cost of Goods Sold and Ending Inventory Cost LIFO - Cost of Goods Sold Units per Unit Cost From Second Purchase 175 @ $100 = $17,500 From First Purchase 100 @ $92 $9,200 From Beginning Inventory 25 @ 90 = 2,250 Total Units Sold 300 $28,950 Correct! Correct! Cost LIFO - Ending Inventory Units per Unit Cost From Beginning Inventory 50 @ $90 = 4,500 Total Ending Inventory 50 $4,500...
View Full Document

This note was uploaded on 08/28/2011 for the course BUS 600 taught by Professor Thomas during the Spring '11 term at Morehead State.

Page1 / 4

Homework #4 - Student Name: Jeremy Pflug Class: ACCT 600...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online