(Solution) Assignment for Chapter 6

(Solution) Assignment for Chapter 6 - Assignment for...

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Assignment for Chapter 6 Question 1 (a) COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Total Cost 1/1 Beginning Inventory 100 $ 84 $ 8,400 3/15 Purchase 300 96 28,800 7/20 Purchase 200 100 20,000 9/4 Purchase 300 112 33,600 12/2 Purchase 100 120 12,000 Total 1,000 $102,800 (b) FIFO (1) Ending Inventory Date Units Unit Cost Total Cost 12/2 100 $ 120 $ 12,000 9/4 100 112 11,200 200 $23,200 (2) Cost of Goods Sold Cost of goods available for sale $102,800 Less: Ending inventory 23,200 Cost of goods sold $79,600 LIFO (1) Ending Inventory Date Units Unit Cost Total Cost 1/1 100 $84 $8,400 3/15 100 96 9,600 200 $18,000 (2) Cost of Goods Sold Cost of goods available for sale $102,800 Less: Ending inventory 18,000 Cost of goods sold $84,800 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost 1/1 100 $ 84 $ 8,400 3/15 300 96 28,800 7/20 200 100 20,000 9/4 200 112 22,400 800 $79,600 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost 12/2 100 $ 120 $ 12,000 9/4 300 112 33,600 7/20 200 100 20,000
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AVERAGE COST (1) Ending Inventory $102,800 ÷ 1,000 = $102.80 Units Unit Cost
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This note was uploaded on 02/04/2012 for the course ACCT 2111 taught by Professor Eric during the Spring '11 term at CUHK.

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(Solution) Assignment for Chapter 6 - Assignment for...

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