ActivitiesUnits Acquired at Cost100 units @ $50 per unit400 units @ $55 per unitDateMar.Mar.Mar.Mar. 18 PurchaseMar. 25 PurchaseMar. 29 SalesUnits Sold at Retail1 Beginning inventory5 Purchase9 Sales420 units @ $85 per unit120 units @ $60 per unit200 units @ $62 per unit160 units @ $95 per unitTotals820 units580 units3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Forspecific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; theMarch 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.Complete this question by entering your answers in the tabs below.WeightedAveragePerpetual FIFO Perpetual LIFOSpecific IdCompute the cost assigned to ending inventcry using specific identification. For specific identification, the March 9 sale consisted of 80 units from beginninginventory and 340 units from the March 5 puichase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purcSpecific Identification:Goods PurchasedCost of Goods SoldInventory Balance# ofunits# of unitssoldCostCostCostInventoryBalanceDateCost of Goods Sold# of unitsper unitper unitper unitMarch 1100 @$50.002$5,000.00March 5March 9March 18March 25

There is various type of inventory valuation. 1. FIFO Method - Where goods purchased first sell…

Date Mar. Mar. 5 Purchase Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Units Sold at Retail 9 Sales 420 units@ $85 per unit 120 units@ $60 per unit 200 units @ $62 per unit 160 units@ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

Date Mar. Mar. 5 Purchase Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory Units Acquired at Cost 100 units@ $50 per unit 400 units@ $55 per unit Units Sold at Retail 9 Sales 420 units@ $85 per unit 120 units@ $60 per unit 200 units @ $62 per unit 160 units@ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.

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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Date Oct. 1 Oct. 9 Oct. 17 Oct. 11 Sale Oct. 22 Oct. 25 Description Beginning inventory Purchase (a1) Purchase Sale Purchase Oct.29 Sale Units 70 125 95 95 70 80 105 Unit Cost or Selling Price $26 Weighted-average cost per unit $ 28 40 29 45 31 45 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) 11₁ SI
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
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A-7
Calculate cost of goods sold using the following information under the LIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $112,500 $200,000 $175,000 $62,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
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Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.
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