CJP_Inventory_Problems

CJP_Inventory_Proble - Net Additional Markups $1,340,000 Net Markdowns $ 890,000 Ending Inventory at Retail $1,392,000 The price index associated

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Question 1 CJP, Inc. has the following information about January, 2007: Units             Total Cost Beginning Inventory     200,000 $2,243,000 Purchase (1)     400,000 $4,566,000 Inventory    600,000 Sale (1) (   425,000) Inventory      175,000 Purchase (2)      500,000 $5,812,000 Inventory     675,000 Sale (2) (   450,000) Inventory     225,000 Purchase (3)     550,000 $6,546,000 Inventory     775,000 Sale (3) (  500,000) Ending Inventory     275,000 REQUIRED: Calculate ending inventory and cost of goods sold for the following inventory methods: ROUND ALL UNIT COSTS TO TWO DECIMAL PLACES; ROUND ALL ANSWERS TO WHOLE  DOLLARS. COST OF GOODS SOLD MUST BE SHOWN FOR ALL SALES IF A PERPETUAL METHOD IS  REQUIRED. 1. Periodic FIFO 2. Perpetual LIFO 3. Periodic Weighted Average 4. Pooled LIFO Question 2 CJP, Inc. has the following information about 2007 : Cost Retail Inventory 1/1/2007 $696,000 $1,200,000 Purchases  $8,004,000 $12,910,000
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Unformatted text preview: Net Additional Markups $1,340,000 Net Markdowns $ 890,000 Ending Inventory at Retail $1,392,000 The price index associated with the 1/1/2007 beginning Inventory (the base inventory) is 322. The price index associated with the 12/31/2007 ending inventory is 345. ROUND ALL COST PERCENTAGES TO TWO DECIMAL PLACES; I.E., 43% ROUND ALL PRICES INDICES TO TWO DECIMAL PLACES; I.E., 1.23 ROUND ALL ANSWERS TO WHOLE DOLLARS.SHOW ALL WORK; PLACE YOUR ANSWERS IN THE DESIGNATED PLACES. A. Calculate ending inventory and cost of goods sold for 2007 using the conventional retail method. ENDING INVENTORY __________________ COST OF GOODS SOLD __________________ B. Calculate ending inventory and cost of goods sold for 2007 using the retail dollar value LIFO method. ENDING INVENTORY __________________ COST OF GOODS SOLD __________________...
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This note was uploaded on 09/20/2011 for the course ACCT 301 taught by Professor Staff during the Spring '11 term at S.F. State.

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CJP_Inventory_Proble - Net Additional Markups $1,340,000 Net Markdowns $ 890,000 Ending Inventory at Retail $1,392,000 The price index associated

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