Chapter 5 Exercise Answers w Explanations.pdf - Score 1...

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1. Award: 2 out of 2.00 points Score: 6.32/10 Points 63.20 % Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory. Cost of inventory Price $ 37,900 Transportation-in 1,400 Insurance on shipment 190 Cleaning and refurbishing 530 Total cost of inventory $ 40,020 Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory. $ Cost of inventory Price 37,900 Transportation-in 1,400 Insurance on shipment 190 Cleaning and refurbishing 530 Total cost of inventory $ 40,020 F Explanation: No further explanation details are available for this problem.
Score: 6.32/10 Points 63.20 % [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
2. Award: 0.32 out of 2.00 points Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Required 1 Required 2 Required 3 Required 4 Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Jan. 1 Beginning inventory 145 $ 7.00 125 $ 7.00 $ 875 20 $ 7.00 $ 140 Jan. 20 Purchase 70 $ 6.00 65 $ 6.00 $ 390 5 $ 6.00 $ 30 Jan. 30 Purchase 190 $ 5.50 0 190 $ 5.50 $ 1,045 405 190 $ 1,265 215 $ 1,215 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

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