Homework Help is Here – Start Your Trial Now!
Business
Accounting
Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and th ending inventory. Date of purchase Beginning inventory Units Cost per purchased unit 40 $850 Total cost $ Retail price Total retail per unit value $965

Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and th ending inventory. Date of purchase Beginning inventory Units Cost per purchased unit 40 $850 Total cost $ Retail price Total retail per unit value $965

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
**Inventory Calculation Exercise** Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and the ending inventory. **Inventory Table** | Date of Purchase | Units Purchased | Cost per Unit | Total Cost | Retail Price per Unit | Total Retail Value | |-----------------------|-----------------|---------------|------------|-----------------------|--------------------| | Beginning Inventory | 40 | $850 | $ | $965 | | **Instructions:** 1. Calculate the **Total Cost** by multiplying the **Units Purchased** by the **Cost per Unit**. 2. Determine values for goods available for sale, cost of goods available for sale, and ending inventory. This exercise aims to enhance skills in inventory management and cost calculation.
Transcribed Image Text:**Inventory Calculation Exercise** Complete the inventory table by calculating the total cost of purchases, the goods available for sale, the cost of the goods available for sale, and the ending inventory. **Inventory Table** | Date of Purchase | Units Purchased | Cost per Unit | Total Cost | Retail Price per Unit | Total Retail Value | |-----------------------|-----------------|---------------|------------|-----------------------|--------------------| | Beginning Inventory | 40 | $850 | $ | $965 | | **Instructions:** 1. Calculate the **Total Cost** by multiplying the **Units Purchased** by the **Cost per Unit**. 2. Determine values for goods available for sale, cost of goods available for sale, and ending inventory. This exercise aims to enhance skills in inventory management and cost calculation.
**Inventory Purchase Summary** **Date of Purchase and Inventory Details:** 1. **Beginning Inventory** - **Units Purchased:** 40 - **Cost per Unit:** $850 - **Retail Price per Unit:** $965 2. **February 5** - **Units Purchased:** 20 - **Cost per Unit:** $1,770 - **Retail Price per Unit:** $2,105 3. **February 19** - **Units Purchased:** 15 - **Cost per Unit:** $965 - **Retail Price per Unit:** $2,016 4. **March 3** - **Units Purchased:** 26 - **Cost per Unit:** $480 - **Retail Price per Unit:** $600 **Summary:** - **Goods Available for Sale** - Total number of units accounted for inventory process. - **Units Sold:** 82 - **Ending Inventory:** Calculation to determine remaining inventory.
Transcribed Image Text:**Inventory Purchase Summary** **Date of Purchase and Inventory Details:** 1. **Beginning Inventory** - **Units Purchased:** 40 - **Cost per Unit:** $850 - **Retail Price per Unit:** $965 2. **February 5** - **Units Purchased:** 20 - **Cost per Unit:** $1,770 - **Retail Price per Unit:** $2,105 3. **February 19** - **Units Purchased:** 15 - **Cost per Unit:** $965 - **Retail Price per Unit:** $2,016 4. **March 3** - **Units Purchased:** 26 - **Cost per Unit:** $480 - **Retail Price per Unit:** $600 **Summary:** - **Goods Available for Sale** - Total number of units accounted for inventory process. - **Units Sold:** 82 - **Ending Inventory:** Calculation to determine remaining inventory.
Expert Solution
Step 1

Solution:-

Calculation of the total cost of purchases, goods available for sale, cost of goods available for sale, and ending inventory as follows under:-

  • goods available for sale means all purchases and beginning inventory
  • Ending inventory difference between cost of goods available for sale and cost of goods sold.
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost allocation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS