# Compute the number of units in ending inventory

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2. Compute the number of units in ending inventory. Ending inventory 170 units Explanation: Units available (from part 1) 560 units Less: Units sold (260 + 130) 390 units Ending Inventory (units) 170 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and specific identification. For specific identification, the March 9 sale consisted of 65 units from beginning inventory and 195 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 85 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.) (d)
*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 100 @ 51.00 = 5,100.00 March 5 225 @ 56.00 100 @ 51.00 = 5,100.00 225 @ 56.00 = 12,600.00 17,700.00 March 9 35 @ 51.00 = 1,785.00 65 @ 51.00 = 3,315.00 225 @ 56.00 = 12,600.00 0 @ 56.00 = 14,385.00 3,315.00 March 18 85 @ 61.00 65 @ 51.00 = 3,315.00 0 @ 56.00 85 @ 61.00 = 5,185.00 8,500.00 March 25 150 @ 63.00 65 @ 51.00 = 3,315.00 0 @ 56.00 85 @ 61.00 = 5,185.00 150 @ 63.00 9,450.00 17,950.00 March 29 0 @ 51.00 = 0.00 65 @ 51.00 = 3,315.00 0 @ 56.00 = 0.00 0 @ 56.00 0 @ 61.00 = 0.00 85 @ 61.00 = 5,185.00 130 @ 63.00 = 8,190.00 20 @ 63.00 = 1,260.00 8,190.00 9,760.00 Totals 22,575.00 9,760.00 \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ Weighted Average Perpetual: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 100 @ 51.00 = 5,100.00 March 5 225 @ 56.00 100 @ 51.00 = 5,100.00 225 @ 56.00 = 12,600.00 Average 325 @ 54.46 = 17,700.00 March 9 260 @ 54.46 = 14,159.60 65 @ 54.46 = 3,539.90 March 18 85 @ 61.00 65 @ 54.46 = 3,539.90 85 @ 61.00 = 5,185.00 Average 150 @ 58.17 = 8,724.90 March 25 150 @ 63.00 65 @ 54.46 = 3,539.90 85 @ 61.00 5,185.00 150 @ 63.00 = 9,450.00 300 @ 60.58 = 18,174.90 March 29 130 @ 60.58 = 7,875.40 170 @ 60.58 = 10,298.60 Totals 22,035.00
\$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ Specific Identification: Goods purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 100 @ 51.00 = 5,100.00 March 5 225 @ 56.00 100 @ 51.00 = 5,100.00 225 @ 56.00 = 12,600.00 17,700.00 March 9 65 @ 51.00 = 3,315.00 35 @ 51.00 = 1,785.00 195 @ 56.00 = 10,920.00 30 @ 56.00 = 1,680.00 14,235.00 3,465.00 March 18 85 @ 61.00 35 @ 51.00 = 1,785.00 30 @ 56.00 = 1,680.00 85 @ 61.00 = 5,185.00 8,650.00 March 25 150 @ 63.00 35 @ 51.00 = 1,785.00 30 @ 56.00 = 1,680.00 85 @ 61.00 = 5,185.00 150 @ 63.00 9,450.00 18,100.00 March 29 0 @ 51.00 = 0.00 35 @ 51.00 = 1,785.00 0 @ 56.00 = 0.00 30 @ 56.00 = 1,680.00 45 @ 61.00 = 2,745.00 40 @ 61.00 = 2,440.00 85 @ 63.00 = 5,355.00 65 @ 63.00 = 4,095.00 8,100.00 10,000.00 Totals 22,335.00 10,000.00 rev: 03_21_2013_QC_27089, 03_29_QC_27089, 04_17_2013_QC_29162 Expanded table Learning Objective: 05-P1 Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.