Imports provided the following information regarding its inventory for the current year, its second year of operations. Sales in Transaction Units Units Unit Cost Total Cost Beginning inventory January 1 36,000 $3.40 $122,400 Purchases February 8 51,000 4.10 209,100 March 15 101,000 4.80 484,800 April 10 67,000 4.90 328,300 Subtotal 255,000 $1,144,600 Units sold April 22 at $7 153,000 May 9 85,000 5.10 433,500 June 19 25,000 5.20 130,000 Subtotal 365,000 $1,708,100 Units sold August 11 at $10 115,000 September 20 13,000 5.30 68,900 October 30 42,000 5.40 226,800 November 17 4,000 5.60 22,400 Subtotal 424,000 $2,026,200 Units sold December 21 at $12 24,000 Total available for sale 424,000 Total units sold (292,000) Ending inventory 132,000 Compute Urban's ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Urban's ending inventory and cost of goods sold under the moving-average cost-flow assumption assuming a perpetual inventory system. Begin by entering Urban's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.) Moving-average: Units Average Purchased Unit Cumulative Total Cumulative Cost Transaction (Sold) Cost Units Cost Cost Per Unit Beginning inventory Part 2 Purchase - February 8 Part 3 Purchase - March 15 Part 4 Purchase - April 10 Part 5 Sale - April 22 Part 6 Purchase - May 9 Part 7 Purchase - June 19 Part 8 Sale - August 11 Part 9 Purchase - September 20 Part 10 Purchase - October 30 Part 11 Purchase - November 17 Part 12 Sale - December 21 Part 13 Under the average-cost method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 14 Requirement b. Compute Urban's ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.) FIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 15 Purchase - February 8 Part 16 Purchase - March 15 Part 17 Purchase - April 10 Part 18 Sale - April 22 Part 19 Purchase - May 9 Part 20 Purchase - June 19 Part 21 Sale - August 11 Part 22 Purchase - September 20 Part 23 Purchase - October 30 Part 24 Purchase - November 17 Part 25 Sale - December 21 Part 26 Under the FIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 27 Requirement c. Compute Urban's ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system. Begin by preparing Urban Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.) LIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 28 Purchase - February 8 Part 29 Purchase - March 15 Part 30 Purchase - April 10 Part 31 Sale - April 22 Part 32 Purchase - May 9 Part 33 Purchase - June 19 Part 34 Sale - August 11 Part 35 Purchase - September 20 Part 36 Purchase - October 30 Part 37 Purchase - November 17 Part 38 Sale - December 21 Part 39 Under the LIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is .

Imports provided the following information regarding its inventory for the current year, its second year of operations. Sales in Transaction Units Units Unit Cost Total Cost Beginning inventory January 1 36,000 $3.40 $122,400 Purchases February 8 51,000 4.10 209,100 March 15 101,000 4.80 484,800 April 10 67,000 4.90 328,300 Subtotal 255,000 $1,144,600 Units sold April 22 at $7 153,000 May 9 85,000 5.10 433,500 June 19 25,000 5.20 130,000 Subtotal 365,000 $1,708,100 Units sold August 11 at $10 115,000 September 20 13,000 5.30 68,900 October 30 42,000 5.40 226,800 November 17 4,000 5.60 22,400 Subtotal 424,000 $2,026,200 Units sold December 21 at $12 24,000 Total available for sale 424,000 Total units sold (292,000) Ending inventory 132,000 Compute Urban's ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Urban's ending inventory and cost of goods sold under the moving-average cost-flow assumption assuming a perpetual inventory system. Begin by entering Urban's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to two decimal places.) Moving-average: Units Average Purchased Unit Cumulative Total Cumulative Cost Transaction (Sold) Cost Units Cost Cost Per Unit Beginning inventory Part 2 Purchase - February 8 Part 3 Purchase - March 15 Part 4 Purchase - April 10 Part 5 Sale - April 22 Part 6 Purchase - May 9 Part 7 Purchase - June 19 Part 8 Sale - August 11 Part 9 Purchase - September 20 Part 10 Purchase - October 30 Part 11 Purchase - November 17 Part 12 Sale - December 21 Part 13 Under the average-cost method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 14 Requirement b. Compute Urban's ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.) FIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 15 Purchase - February 8 Part 16 Purchase - March 15 Part 17 Purchase - April 10 Part 18 Sale - April 22 Part 19 Purchase - May 9 Part 20 Purchase - June 19 Part 21 Sale - August 11 Part 22 Purchase - September 20 Part 23 Purchase - October 30 Part 24 Purchase - November 17 Part 25 Sale - December 21 Part 26 Under the FIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is . Part 27 Requirement c. Compute Urban's ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system. Begin by preparing Urban Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.) LIFO: CGS Units Unit Total Units per Inventory Transaction Purchased Cost Cost Sold Unit CGS Balance Beginning inventory Part 28 Purchase - February 8 Part 29 Purchase - March 15 Part 30 Purchase - April 10 Part 31 Sale - April 22 Part 32 Purchase - May 9 Part 33 Purchase - June 19 Part 34 Sale - August 11 Part 35 Purchase - September 20 Part 36 Purchase - October 30 Part 37 Purchase - November 17 Part 38 Sale - December 21 Part 39 Under the LIFO method, Urban's total cost of ending inventory is and the cost of goods sold for the year is .

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Part 2

Purchase - February 8

Part 3

Purchase - March 15

Part 4

Purchase - April 10

Part 5

Sale - April 22

Part 6

Purchase - May 9

Part 7

Purchase - June 19

Part 8

Sale - August 11

Part 9

Purchase - September 20

Part 10

Purchase - October 30

Part 11

Purchase - November 17

Part 12

Sale - December 21

Part 13

Under the average-cost method, Urban's total cost of ending inventory is		and the cost of goods sold
for the year is		.

Part 14

Requirement b.

Compute

Urban's

ending inventory and cost of goods sold under the FIFO cost-flow assumption assuming a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.)

FIFO:					CGS
	Units	Unit	Total	Units	per		Inventory
Transaction	Purchased	Cost	Cost	Sold	Unit	CGS	Balance
Beginning inventory

Part 15

Purchase - February 8

Part 16

Purchase - March 15

Part 17

Purchase - April 10

Part 18

Sale - April 22

Part 19

Purchase - May 9

Part 20

Purchase - June 19

Part 21

Sale - August 11

Part 22

Purchase - September 20

Part 23

Purchase - October 30

Part 24

Purchase - November 17

Part 25

Sale - December 21

Part 26

Under the FIFO method, Urban's total cost of ending inventory is		and the cost of goods sold
for the year is		.

Part 27

Requirement c. Compute

Urban's

ending inventory and cost of goods sold using the LIFO cost-flow assumption assuming a perpetual inventory system.

Begin by preparing

Urban

Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.)

LIFO:					CGS
	Units	Unit	Total	Units	per		Inventory
Transaction	Purchased	Cost	Cost	Sold	Unit	CGS	Balance
Beginning inventory

Part 28

Purchase - February 8

Part 29

Purchase - March 15

Part 30

Purchase - April 10

Part 31

Sale - April 22

Part 32

Purchase - May 9

Part 33

Purchase - June 19

Part 34

Sale - August 11

Part 35

Purchase - September 20

Part 36

Purchase - October 30

Part 37

Purchase - November 17

Part 38


Sale - December 21

Part 39

Under the LIFO method, Urban's total cost of ending inventory is		and the cost of goods sold
for the year is		.

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		Sales in
Transaction	Units	Units	Unit Cost	Total Cost
Beginning inventory January 1	36,000		$3.40	$122,400
Purchases
February 8	51,000		4.10	209,100
March 15	101,000		4.80	484,800
April 10	67,000		4.90	328,300
Subtotal	255,000			$1,144,600
Units sold April 22 at $7		153,000
May 9	85,000		5.10	433,500
June 19	25,000		5.20	130,000
Subtotal	365,000			$1,708,100
Units sold August 11 at $10		115,000
September 20	13,000		5.30	68,900
October 30	42,000		5.40	226,800
November 17	4,000		5.60	22,400
Subtotal	424,000			$2,026,200
Units sold December 21 at $12		24,000
Total available for sale	424,000
Total units sold	(292,000)
Ending inventory	132,000

Moving-average:	Units					Average
	Purchased	Unit	Cumulative	Total	Cumulative	Cost
Transaction	(Sold)	Cost	Units	Cost	Cost	Per Unit
Beginning inventory