ACCT Dec 11

ACCT Dec 11 - ACCT Professor Williams Chapter 8 Homework...

This preview shows pages 1–3. Sign up to view the full content.

ACCT Professor Williams Chapter 8 Homework Page 360 PB8-1 Weighted Average Number of Units x Unit Cost = Total Cost 500 5 2500 600 9 5400 160 8 1280 1260 9180 Weighted average cost = \$ cost of goods available for sale = 9180 =\$7.29 # of units available for sale 1260 Ending Inventory = 560 x 7.29 = \$4082.40 Cost of Goods Sold = 700 x 7.29 = \$5103.00 Gross Profit = Sales Revenue - COGS 5103 First in First out (FIFO) Units Unit Cost Total Cost First units in Jan 1 500 5 2500 Next units in Jan 12 600 9 5400 Last units in Jan 26 160 8 1280 \$ cost of goods available for sale = 9180 COGS = 2500 + 1800 = 4300 Ending inventory = 400 x 9 + 160 x 8 = 4880 Gross Profit = Sales Revenue - COGS 4300 Last in First out (LIFO)

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

View Full Document
Units Unit Cost Total Cost Last units in Jan 26 160 8 1280 Next units in Jan 12 600 9 5400 First units in Jan 1 500 5 2500 \$ cost of goods available for sale = 9180 COGS = 1280 + 4860 = 6140 Ending inventory = 60 x 9 + 500 x 5 = 3040 Gross Profit = Sales Revenue - COGS 6140 Specific Identification
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 3

ACCT Dec 11 - ACCT Professor Williams Chapter 8 Homework...

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

View Full Document
Ask a homework question - tutors are online