Step 2 Solution Part a. Inventory Valuation (FIFO) Date Purchase Cost of goods sold Balance May Units Unit cost Total cost Units Unit cost Total cost Units Unit cost Total cost 1 100 $4 $400 6 810 $4.40 $3,564 100 810 $4 $4.40 $400 $3,564 7 100 250 $4 $4.40 $400 $1,100 560 $4.40 $2,464 10 350 $4.40 $1,540 210 $4.40 $924 12 450 $5 $2,250 210 450 $4.40 $5 $924 $2,250 15 210 40 $4.40 $5 $924 $200 410 $5 $2,050 18 340 $4.80 $1,632 410 340 $5 $4.80 $2,050 $1,632 22 410 40 $5 $4.80 $2,050 $192 300 $4.80 $1,440 25 510 $4.60 $2,346 300 510 $4.80 $4.60 $1,440 $2,346 30 250 $4.80 $1,200 50 510 $4.80 $4.60 $240 $1,200 Ending Inventory Using FIFO = $240 + 1,200 = $1,440 CAN YOU CROSS CHECK or WHY NOT LIKE THIS ENDING INVENTORY = (50 units@ $4.80) +(510@ $4.60)=2586

Step 2 Solution Part a. Inventory Valuation (FIFO) Date Purchase Cost of goods sold Balance May Units Unit cost Total cost Units Unit cost Total cost Units Unit cost Total cost 1 100 $4 $400 6 810 $4.40 $3,564 100 810 $4 $4.40 $400 $3,564 7 100 250 $4 $4.40 $400 $1,100 560 $4.40 $2,464 10 350 $4.40 $1,540 210 $4.40 $924 12 450 $5 $2,250 210 450 $4.40 $5 $924 $2,250 15 210 40 $4.40 $5 $924 $200 410 $5 $2,050 18 340 $4.80 $1,632 410 340 $5 $4.80 $2,050 $1,632 22 410 40 $5 $4.80 $2,050 $192 300 $4.80 $1,440 25 510 $4.60 $2,346 300 510 $4.80 $4.60 $1,440 $2,346 30 250 $4.80 $1,200 50 510 $4.80 $4.60 $240 $1,200 Ending Inventory Using FIFO = $240 + 1,200 = $1,440 CAN YOU CROSS CHECK or WHY NOT LIKE THIS ENDING INVENTORY = (50 units@ $4.80) +(510@ $4.60)=2586

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.7C

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Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
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erms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to retroactively restate or adjust…
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Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.

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Date	Purchase			Cost of goods sold			Balance
May	Units	Unit cost	Total cost	Units	Unit cost	Total cost	Units	Unit cost	Total cost
1							100	$4	$400
6	810	$4.40	$3,564				100 810	$4 $4.40	$400 $3,564
7				100 250	$4 $4.40	$400 $1,100	560	$4.40	$2,464
10				350	$4.40	$1,540	210	$4.40	$924
12	450	$5	$2,250				210 450	$4.40 $5	$924 $2,250
15				210 40	$4.40 $5	$924 $200	410	$5	$2,050
18	340	$4.80	$1,632				410 340	$5 $4.80	$2,050 $1,632
22				410 40	$5 $4.80	$2,050 $192	300	$4.80	$1,440
25	510	$4.60	$2,346				300 510	$4.80 $4.60	$1,440 $2,346
30				250	$4.80	$1,200	50 510	$4.80 $4.60	$240 $1,200