chapter 6 hw - Cost Total Amount Purchased May 1 30 $8 $240...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 281 Brief Exercise 6-1 (1) Included (2) Excluded (3) Included (4) Excluded Brief Exercise 6-3 Average cost method: 9500/1200 = $7.91667 * 400 = $3166.668 Brief Exercise 6-6 Lower Cost or Market Cameras 12,000 Camcorders 9,000 DVDs 12,800 Total 33,800 Brief Exercise 6-8 LIFO Reserve: Difference in the cost of FIFO and the cost of LIFO. $130,733,000 + $27,192,000 = $157,925,000 Exercise 6-5 Ending Inventory: 95 – 78 = 17 units (a) FIFO: 17 * $11 = $187 (b) Average: $930/95 = 9.789 * 17 = $166.413 (c) LIFO: 17 * $8 = $136 Problem 6-3A Date # of Units
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Cost Total Amount Purchased May 1 30 $8 $240 May 15 25 $10 $250 May 24 40 $11 $440 Total 95 $950 Units Sold: 1,800 Current Inventory: 500 (a) COGS of 500 units (b) COGS of 1,800 units FIFO (100*12)+(400*11) = 5,600 (300*8)+(700*9)+(500*10)+(200*11)=15,900 LIFO (300*8)+(200*9) = 4,200 (100*12)+(600*11)+(500*10)+(500*9)=17,300 Average (21500/2300)*500=4,673.91 (21500/2300)*1800 = 16,826.087 (c) The income statement will be the lowest with LIFO. The balance sheet will be lowest with FIFO....
View Full Document

Ask a homework question - tutors are online