Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Number Of Units Cost per Total Unit Cost 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 Inventory, Dec 31st INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3 for your calculations -> -> -> -> Weighted Average 2022 a. Ending Inventory 2022 a. Cost of Goods Sold 2023-2nd year b. Cost of Goods Soldm LIFO FIFO mait old
Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Number Of Units Cost per Total Unit Cost 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 Inventory, Dec 31st INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3 for your calculations -> -> -> -> Weighted Average 2022 a. Ending Inventory 2022 a. Cost of Goods Sold 2023-2nd year b. Cost of Goods Soldm LIFO FIFO mait old
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
None
Transcribed Image Text:Part 1: Information relating to the inventory quantities, purchases and sales of an eight
inch (8") speaker unit by the Stereo Company during 2022 is shown below:
Inventory, Jan 1
First purchase - May 12th
Second purchase - July 9th
Third purchase - Oct 4th
Fourth purchase - Dec 18th
Goods available for sale
Units sold during the year
Number
Of Units
Cost per
Total
Unit
Cost
2,700
$30.00
$81,000
3,540
30.60
108,324
2,400
31.05
74,520
1,860
32.10
59,706
3,000
32.55
97,650
13,500
$421,200
10,400
3,100
Inventory, Dec 31st
INSTRUCTIONS: Show all final answers in the Answer Grid below
a. Compute the cost of the December 31, 202 inventory and the cost of goods sold
for the units in 2022 using:
1. Weighted Average
2. LIFO
3. FIFO
b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit,
and then in March of 2023 they sold 2000 units. What is the cost of goods sold
for the 2000 units sold in March, 2023 under each of the three methods?
There is space on page 3 for your calculations -> -> -> ->
Weighted Average
2022
a. Ending
Inventory
2022
a. Cost of Goods
Sold
2023-2nd year
b. Cost of Goods
Soldm
LIFO
FIFO
mait old
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education