ACC 225 Week 6 CheckPoint - A FIFO Date Goods Purchased...

Info iconThis preview shows pages 1–3. 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 Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: A. FIFO Date Goods Purchased Cost of Goods Sold Inventory Balance 7-Dec [email protected]$6 =$60 [email protected]$6 =$60 14-Dec [email protected]$12=$240 =$300 15-Dec [email protected]$12 =$180 21-Dec [email protected]$14=$210 =$390 B. LIFO Date Goods Purchased Cost of Goods Sold Inventory Balance 7-Dec [email protected]$6 =$60 [email protected]$6 =$60 14-Dec [email protected]$12=$240 =$300 15-Dec [email protected]$12=$180 =$120 21-Dec [email protected]$14=$210 =$330 C. Weighted Average Date Goods Purchased Cost of Goods Sold Inventory Balance 7-Dec [email protected]$6 =$60 [email protected]$6 =$60 14-Dec [email protected]$12=$240 =$300 15-Dec [email protected]$10=$150 [email protected]$10 =$150 21-Dec [email protected]$14=$210 =$360 D. Specific Identification (2 units x $6) + (13 units x $12) + (15 units x $14) = $378 [email protected]$6 [email protected]$12 [email protected]$6 [email protected]$12 =$120 [email protected]$12 [email protected]$14 [email protected]$6 [email protected]$12 [email protected]$6 [email protected]$12 [email protected]$12 [email protected]$14 [email protected]$6 [email protected]$12 average cost is $10 [email protected]$10 [email protected]$14 average cost is $12 A. Specific Identification Ending Inventory Cost of Goods Sold (400 x $5.00) + (100 x $4.10) =$2410 $6380-$2410 =$3970 B. Weighted Average Perpetual Date Goods Purchased Cost of Goods Sold Inventory Balance 1-Jan [email protected]$6.00 =$720 10-Jan [email protected]$6=$420...
View Full Document

{[ snackBarMessage ]}

Page1 / 3

ACC 225 Week 6 CheckPoint - A FIFO Date Goods Purchased...

This preview shows document pages 1 - 3. Sign up to view the full document.

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