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Homework #4

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

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

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