M&M InventoryCostTotalDATEColorofUnitsCostUnit1stRed2$10203rdOrange$12245thYellow4$1456SoldSALE6th3#1Units8thGreen$163210thBlue3$1854SoldSALE11th4#2Units12thBrown3$2060SoldSALE15th# 3UnitsCalculate COGS for each sale and Ending Inventoryunder FIFO, LIFO, and Wtd. Avg. Methods%232.

FIFO Method- Date Receipt Issue Balance Quantity Rate Amount Quantity Rate…

Answered: Cost Total DATE Color of Units Cost…

Business

Accounting

Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange 2 $12 24 5th Yellow 4 $14 56 23

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

M&M Inventory
Cost
Total
DATE
Color
of
Units
Cost
Unit
1st
Red
2
$10
20
3rd
Orange
$12
24
5th
Yellow
4
$14
56
Sold
SALE
6th
3
#1
Units
8th
Green
$16
32
10th
Blue
3
$18
54
Sold
SALE
11th
4
#2
Units
12th
Brown
3
$20
60
Sold
SALE
15th
# 3
Units
Calculate COGS for each sale and Ending Inventory
under FIFO, LIFO, and Wtd. Avg. Methods
%23
2.

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2 3 Sales Projections in Units # January February March 5 6 7 8 9 14 15 0 Projected Sales Price/Unit $ 11 12 Monthly Projected Selling & Administrative Expenses 13 16 17 7 18 9 20 21 2 23 24 25 25 27 28 29 20 31 2 33 4 5 36 37 38 39 19 22 April May 20 Materials 32 Variable Cost/Unit Fixed Costs 34 Production: 35 Desired Ending Inventory Beginning 26 Direct Labor Inventory (new business) Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) 30 Manufacturing Overhead Variable Cost/Unit Fixed Costs Time per Unit (in hours) per Hour Cost 21,945 28,615 $ 42,948 54,526 34,817 $ 12.00 $ 2,662.00 $ $ 206.00 52.6% 0 81.0% 0 7.0 5.00 1.00 $ 16.00 5.00 3,909
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VAR COST Student Name => ______________________ Section Number => ______________________ - - - - - - - - 6 Data Section: 7 8 Actual production in units 100,000 9 Sales in units 80,000 10 Sales price per unit $30 11 Variable manufacturing costs per unit $14 12 Variable selling costs per unit $2 13 Fixed manufacturing costs $630,000 14 Fixed selling expenses $100,000 28 15 - - - 16 Answer Section: 17 Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs FORMULA2 22 Fixed manufacturing costs FORMULA3 23 ---------- 24 Total goods available for sale $0 25 Less ending inventory FORMULA4 26 ---------- 27 Cost of goods sold $0 28 ---------- 29 Gross profit $0 30 Fixed selling expenses FORMULA5 31…
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