Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 185 units @ $ 11.00 = $ 2,035 Jan. 10 Sales 145 units @ $ 20.00 Jan. 20 Purchase 100 units @ $ 10.00 = 1,000 Jan. 25 Sales 125 units @ $ 20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 185 units @ $ 11.00 = $ 2,035 Jan. 10 Sales 145 units @ $ 20.00 Jan. 20 Purchase 100 units @ $ 10.00 = 1,000 Jan. 25 Sales 125 units @ $ 20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
|
Date |
|
Activities |
Units Acquired at Cost |
Units sold at Retail |
||||||||||||||
|
Jan. |
1 |
|
Beginning inventory |
185 |
units |
@ |
$ |
11.00 |
= |
$ |
2,035 |
|
|
|
|
|
|
|
|
Jan. |
10 |
|
Sales |
|
|
|
|
|
|
|
|
|
145 |
units |
@ |
$ |
20.00 |
|
|
Jan. |
20 |
|
Purchase |
100 |
units |
@ |
$ |
10.00 |
= |
|
1,000 |
|
|
|
|
|
|
|
|
Jan. |
25 |
|
Sales |
|
|
|
|
|
|
|
|
|
125 |
units |
@ |
$ |
20.00 |
|
|
Jan. |
30 |
|
Purchase |
270 |
units |
@ |
$ |
9.50 |
= |
|
2,565 |
|
|
|
|
|
|
|
|
|
|
|
Totals |
555 |
units |
|
|
|
|
$ |
5,600 |
|
270 |
units |
|
|
|
|
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
Transcribed Image Text:Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)
Perpetual FIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per # of units
unit
Cost per Cost of Goods
unit
Cost per
unit
Inventory
Date
# of units
sold
Sold
Balance
January 1
185 e s 11.00 = $2,035.00
January 10
January 20
January 25
January 30
Totals
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)
Perpetual LIFO:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
Cost per
unit
# of units
sold
Cost per Cost of Goods
unit
Cost per
unit
Inventory
Balance
Date
# of units
Sold
January 1
185 @ $ 11.00 = $ 2,035.00
January 10
January 20
January 25
January 30
Totals
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
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.)
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Ending
Inventory-
Ending
Unit
Units
Cost Per
Purchase Date
Activity
Units
Unit Cost
COGS
Inventory-
Cost
Cost
Sold
Unit
Units
Beginning inventory
Purchase
185$ 11.00
100$ 10.00
270 s 9.50
Jan. 1
Jan. 20
Jan. 30
Purchase
555
24
< Required 1
Required 2 >
Required 1
Required 2
Required 3
Required 4
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
units
sold
# of
Cost per
Cost per Cost of Goods
Sold
Cost per
Inventory
Balance
Date
# of units
units
unit
unit
unit
January 1
185 @ S 11.00 =s 2,035.00
January 10
danuary 20
Average cost
January 25
January 30
Totals
< Required 1
Required 3 >
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