Q1: The Dayton company sells product Z. During a move to new location, the inventory record for product Z were misplaced. The bookkeeper has been able to gather some information from sal records and gives you the data shown below: July sales: 53500 units at 10 $ per unit July purchases: Date July 5 July 9 Unit price 6.5 $ 6.25 Quantity 10000 10 12500 5 15000000 July 12 July 25 14000 400 On July 31, 15000 units were on hand with total value 92800 $. Daytons has always used periodic FIFO inventory costing system. Gross profit on sales during July was 205875 S. Required: 6 6.2 65000 178125 190 000 86800 1) Calculate the beginning inventory (quantity and dollar value) for the month of July? 2) Calculate the beginning inventory Cost under LIFO method
Q1: The Dayton company sells product Z. During a move to new location, the inventory record for product Z were misplaced. The bookkeeper has been able to gather some information from sal records and gives you the data shown below: July sales: 53500 units at 10 $ per unit July purchases: Date July 5 July 9 Unit price 6.5 $ 6.25 Quantity 10000 10 12500 5 15000000 July 12 July 25 14000 400 On July 31, 15000 units were on hand with total value 92800 $. Daytons has always used periodic FIFO inventory costing system. Gross profit on sales during July was 205875 S. Required: 6 6.2 65000 178125 190 000 86800 1) Calculate the beginning inventory (quantity and dollar value) for the month of July? 2) Calculate the beginning inventory Cost under LIFO method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Q1: The Dayton company sells product Z. During a move to new location, the inventory record for
product Z were misplaced. The bookkeeper has been able to gather some information from sale
records and gives you the data shown below:
July sales: 53500 units at 10 $ per unit
July purchases:
Date
July 5
July 9
On
Unit price
6.5 $
6.25
Quantity
10000 10
12500 5
July 12
15000000
6
July 25
14000 400 6.2
On July 31, 15000 units were on hand with total value 92800 $. Daytons has always used periodic
FIFO inventory costing system. Gross profit on sales during July was 205875 $.
Required:
1) Calculate the beginning inventory (quantity and dollar value) for the month of July?
2) Calculate the beginning inventory Cost under LIFO method
65000
78125
190.000
86800
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