ILLUSTRATION VIII (cost formulas)ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shownbelowDate TransactionUnits Unit costTotal costAug 1 Inventory712P72,000111,6002,000 P36.003,000 37.204,2006004,800 38.003,8001,900 38.60300PurchaseSalesSales returnPurchase1321182,40022SalesPurchase73,340(11,580)P427,7602930Purchase return38.60Total goods available for saleCompute for the (a) ending inventory and (b) COGS under the following cost formulas1. FIFO - periodic2. FIFO - perpetual3. Weighted average - periodic4. Weighted average - perpetual Illustration IV (Retail method)Presented below is information pertaining to ABC Co.CostRetailInventory, January 1Purchases8,70014,00055,30080,300Freight-in2,000Purchase discounts500Purchase returns5,200Departmental Transfers-In (Debit)Departmental Transfers-Out (Credit)8,6001,5001,2001,000800MarkupsMarkup cancellations6,0002,000Markdowns12,000Markdown cancellations3,000Abnormal spoilage (theft and casualty loss)Sales5,0007,00043,800Sales returns2,500Sales discounts1,000Employee discountsNormal spoilage (shrinkage and breakages)500200Compute for the COGS and Ending Inventory using the Average Cost and FIFO Method

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ILLUSTRATION VIII (cost formulas) ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below Units Unit cost 2,000 P36.00 3,000 37.20 4,200 600 Total cost P72,000 111,600 Date Transaction Aug 1 Inventory Purchase Sales 7 12 13 21 Sales return Purchase Sales Purchase Purchase return 4,800 38.00 3,800 1,900 38.60 300 182,400 22 29 73,340 (11,580) P427,760 30 38.60 Total goods available for sale Compute for the (a) ending inventory and (b) COGS under the following cost formulas 1. FIFO - periodic 2. FIFO - perpetual 3. Weighted average - periodic 4. Weighted average - perpetual

ILLUSTRATION VIII (cost formulas) ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below Units Unit cost 2,000 P36.00 3,000 37.20 4,200 600 Total cost P72,000 111,600 Date Transaction Aug 1 Inventory Purchase Sales 7 12 13 21 Sales return Purchase Sales Purchase Purchase return 4,800 38.00 3,800 1,900 38.60 300 182,400 22 29 73,340 (11,580) P427,760 30 38.60 Total goods available for sale Compute for the (a) ending inventory and (b) COGS under the following cost formulas 1. FIFO - periodic 2. FIFO - perpetual 3. Weighted average - periodic 4. Weighted average - perpetual

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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Kaizen Furniture has the following information in respect to coffee tables for 2011: Production specifications: Beginning Target Ending Inventory Inventory Direct Materials: Particle board 20,000 b.f. 18,000 b.f. Red oak 25,000 b.f. 22,000 b.f. Finished goods Coffee tables 5,000 units 3,000 units Revenue expected for 2011 are: Selling price $392 per table Units sold 52,000 coffee tables Each coffee table requires 9.00 b.f. of particle board and 10.00 b.f. of red oak. Costs expected for 2011 include: 2010 2011 Particle board (per b.f.) $ 3.90 $ 4.00 Red oak (per b.f.) $ 5.80 $ 6.00 Laminating labor (per hour) $24.00 $25.00 Machining labor (per hour) $29.00 $30.00 Prepare the following budgets for 2011: a. Revenues Budget b. Production Budget (in units) c. Direct Materials Usage Budget
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