Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March, Greehey had beginning inventory of 1,800 Lotta CDs with a unit cost of $7. During March, Greehey made the following purchases of Lotta CDs. Hard copy due on 4/9/24 at the start of class. (After printing project with numbers, click CTRL ~ and print a hard copy of formulas revealed. Staple.) Date: Quantity: Cost: Date: Quantity: Cost: Mar 5 4,000 $8 Mar 21 4,000 $10 Mar 13 5,500 $9 Mar 26 2,000 $11 During March, 12, 500 units were sold. Greehey uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label with letter in parenthesis. Instructions: (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Mar 1 Text Number Value Formula Mar 5 Text Number Value Formula Mar 13 Text Number Value Formula Mar 21 Text Number Value Formula Mar 26 Text Number Value Formula Total Formula Formula (b) Determine the ending inventory under FIFO. (c) Determine the COGS under FIFO. FIFO Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Title Amount Mar 26 Quantity Amount Formula Title Amount Mar 21 Quantity Amount Formula Title Formula Formula Formula (d) Prove the accuracy of the cost of goods sold under FIFO. Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 1 Quantity Amount Formula Mar 5 Quantity Amount Formula Mar 13 Quantity Amount Formula Mar 21 Quantity Amount Formula Formula Formula (e) Determine the ending inventory under LIFO. (f) Determine the COGS under LIFO. LIFO Ending Inventory Cost of Goods Sold Date Units Unit Cost Total Cost Title Amount Mar 1 Quantity Amount Formula Title Amount Mar 5 Quantity Amount Formula Title Formula Formula Formula ( g) Prove the accuracy of the cost of goods sold under LIFO. Date Units Unit Cost Total Cost Mar 26 Quantity Amount Formula Mar 21 Quantity Amount Formula Mar 13 Quantity Amount Formula Mar 5 Quantity Amount Formula Formula Formula (h) Determine the ending inventory under weighted average. (1) Ending Inventory (2) Cost of Goods Sold Cost of goods available for sale Avg. cost per unit = Less: Ending inventory (2 decimal places) Cost of goods sold

Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March, Greehey had beginning inventory of 1,800 Lotta CDs with a unit cost of $7. During March, Greehey made the following purchases of Lotta CDs. Hard copy due on 4/9/24 at the start of class. (After printing project with numbers, click CTRL ~ and print a hard copy of formulas revealed. Staple.) Date: Quantity: Cost: Date: Quantity: Cost: Mar 5 4,000 $8 Mar 21 4,000 $10 Mar 13 5,500 $9 Mar 26 2,000 $11 During March, 12, 500 units were sold. Greehey uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label with letter in parenthesis. Instructions: (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Mar 1 Text Number Value Formula Mar 5 Text Number Value Formula Mar 13 Text Number Value Formula Mar 21 Text Number Value Formula Mar 26 Text Number Value Formula Total Formula Formula (b) Determine the ending inventory under FIFO. (c) Determine the COGS under FIFO. FIFO Ending Inventory (2) Cost of Goods Sold Date Units Unit Cost Total Cost Title Amount Mar 26 Quantity Amount Formula Title Amount Mar 21 Quantity Amount Formula Title Formula Formula Formula (d) Prove the accuracy of the cost of goods sold under FIFO. Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 1 Quantity Amount Formula Mar 5 Quantity Amount Formula Mar 13 Quantity Amount Formula Mar 21 Quantity Amount Formula Formula Formula (e) Determine the ending inventory under LIFO. (f) Determine the COGS under LIFO. LIFO Ending Inventory Cost of Goods Sold Date Units Unit Cost Total Cost Title Amount Mar 1 Quantity Amount Formula Title Amount Mar 5 Quantity Amount Formula Title Formula Formula Formula ( g) Prove the accuracy of the cost of goods sold under LIFO. Date Units Unit Cost Total Cost Mar 26 Quantity Amount Formula Mar 21 Quantity Amount Formula Mar 13 Quantity Amount Formula Mar 5 Quantity Amount Formula Formula Formula (h) Determine the ending inventory under weighted average. (1) Ending Inventory (2) Cost of Goods Sold Cost of goods available for sale Avg. cost per unit = Less: Ending inventory (2 decimal places) Cost of goods sold

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

See similar textbooks