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Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 15-Dec Sold 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 1.) Calculate the value of ending inventory 2.) Calculate and show the schedule for Cost of Goods Sold 3.) Calculate and show the schedule for Gross Profit 4.) Calculate and show the Gross Profit Percentage Remember FIFO means - First In, First Out LIFO means - Last in Last Out 8 Cost of goods available for sale 25-Dec 10 Sales 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 19 20 21 Sales 32 33 34 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory 22 23 24 25 26 27 Ending Inventory 28 29 Gross Profit Calculation (show calculation here): 30 31 Units 35 Gross Profit Percentage (show calculation here): 36 37 Units units@ units@ units@ Schedule of Ending Inventory (Inventory Remaining) units@ units@ Units

Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 15-Dec Sold 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 1.) Calculate the value of ending inventory 2.) Calculate and show the schedule for Cost of Goods Sold 3.) Calculate and show the schedule for Gross Profit 4.) Calculate and show the Gross Profit Percentage Remember FIFO means - First In, First Out LIFO means - Last in Last Out 8 Cost of goods available for sale 25-Dec 10 Sales 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 19 20 21 Sales 32 33 34 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory 22 23 24 25 26 27 Ending Inventory 28 29 Gross Profit Calculation (show calculation here): 30 31 Units 35 Gross Profit Percentage (show calculation here): 36 37 Units units@ units@ units@ Schedule of Ending Inventory (Inventory Remaining) units@ units@ Units

FINANCIAL ACCOUNTING
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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Page #1:   Instructions / Fifo

Page #2:   Lifo / Weighted

1 2 3 4 5 6 7 8 A 19 20 21 22 9 10 Sales 23 24 25 26 B Beginning inventory Purchases INVENTORY CALCULATIONS 10-Dec 15-Dec Cost of goods available for sale 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 25-Dec Sales C Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units Instructions 27 28 29 Gross Profit Calculation (show calculation here): 30 31 32 33 34 35 Gross Profit Percentage (show calculation here): 36 37 38 39 40 41 42 FIFO Ready Accessibility: Good to go E (a a @ Units Schedule of Ending Inventory (Inventory Remaining) units @ units @ Units @ Units units @ units @ units @ LIFO F Cost = = G ||||||II = = = = H Total Weighted Average $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 I J K A INVENTORY CALCULATIONS 1 2 3 4 Beginning inventory 5 6 7 Total 8 9 Weighted Average Unit Cost 10 11 Cost of goods available for sale 12 13 Sales 25 26 27 28 14 15 Ending Inventory 16 17 Weighted Average 18 19 20 21 22 23 24 Purchases Purchases Ready B Instructions 10-Dec 15-Dec 25-Dec Sales C 29 30 31 Gross Profit Calculation (show calculation here): 32 33 34 35 36 37 Gross Profit Percentage (show calculation here): 38 39 40 41 42 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units FIFO Accessibility: Good to go #DIV/0! E LIFO @ @ @ @ @ Schedule of Ending Inventory (Inventory Remaining) units @ units @ Units units @ units @ F Cost #DIV/0! #DIV/0! Weighted Average G = = = = = = H T Total $0 #DIV/0! $0 #DIV/0! $0 $0 #DIV/0! $0 #DIV/0! $0 $0 I J K
Transcribed Image Text:1 2 3 4 5 6 7 8 A 19 20 21 22 9 10 Sales 23 24 25 26 B Beginning inventory Purchases INVENTORY CALCULATIONS 10-Dec 15-Dec Cost of goods available for sale 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 25-Dec Sales C Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units Instructions 27 28 29 Gross Profit Calculation (show calculation here): 30 31 32 33 34 35 Gross Profit Percentage (show calculation here): 36 37 38 39 40 41 42 FIFO Ready Accessibility: Good to go E (a a @ Units Schedule of Ending Inventory (Inventory Remaining) units @ units @ Units @ Units units @ units @ units @ LIFO F Cost = = G ||||||II = = = = H Total Weighted Average $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 I J K A INVENTORY CALCULATIONS 1 2 3 4 Beginning inventory 5 6 7 Total 8 9 Weighted Average Unit Cost 10 11 Cost of goods available for sale 12 13 Sales 25 26 27 28 14 15 Ending Inventory 16 17 Weighted Average 18 19 20 21 22 23 24 Purchases Purchases Ready B Instructions 10-Dec 15-Dec 25-Dec Sales C 29 30 31 Gross Profit Calculation (show calculation here): 32 33 34 35 36 37 Gross Profit Percentage (show calculation here): 38 39 40 41 42 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units FIFO Accessibility: Good to go #DIV/0! E LIFO @ @ @ @ @ Schedule of Ending Inventory (Inventory Remaining) units @ units @ Units units @ units @ F Cost #DIV/0! #DIV/0! Weighted Average G = = = = = = H T Total $0 #DIV/0! $0 #DIV/0! $0 $0 #DIV/0! $0 #DIV/0! $0 $0 I J K
A1 A Jx Financial Accounting B 1 Financial Accounting 2 Chapter 6 - Inventory 3 Homework - Inventory Handout 4 Bartlett Corp has the following information: Instructions C D 9 Beginning Inventory 10 11 Purchased 12 13 Purchased 14 15 Sold 16 17 For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 18 1-Dec 3,000 units @ $25/unit 5 Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. 6 7 8 15-Dec 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 25-Dec 4,000 units for $60 each 19 1.) Calculate the value of ending inventory 20 2.) Calculate and show the schedule for Cost of Goods Sold 21 3.) Calculate and show the schedule for Gross Profit 22 4.) Calculate and show the Gross Profit Percentage 23 24 Remember 25 FIFO means - First In, First Out 26 LIFO means - Last in Last Out 27 28 29 30 31 32 33 34 35 36 37 38 FIFO E LIFO F G Weighted Average H 1 2 A 3 4 5 Purchases 6 7 8 B 9 10 Sales 19 20 21 22 23 24 25 26 INVENTORY CALCULATIONS Beginning inventory 10-Dec 15-Dec Cost of goods available for sale 25-Dec 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 Sales C Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units Instructions 27 28 29 Gross Profit Calculation (show calculation here): 30 31 32 33 34 35 Gross Profit Percentage (show calculation here): 36 37 38 39 40 41 42 E (@ (α) (@ Units Schedule of Ending Inventory (Inventory Remaining) units @ units@ Units Units units@ units @ units @ FIFO Select destination and press ENTER or choose Paste LIFO F Cost = = G = = = = = H Total Weighted Average $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 I J K
Transcribed Image Text:A1 A Jx Financial Accounting B 1 Financial Accounting 2 Chapter 6 - Inventory 3 Homework - Inventory Handout 4 Bartlett Corp has the following information: Instructions C D 9 Beginning Inventory 10 11 Purchased 12 13 Purchased 14 15 Sold 16 17 For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 18 1-Dec 3,000 units @ $25/unit 5 Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. 6 7 8 15-Dec 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 25-Dec 4,000 units for $60 each 19 1.) Calculate the value of ending inventory 20 2.) Calculate and show the schedule for Cost of Goods Sold 21 3.) Calculate and show the schedule for Gross Profit 22 4.) Calculate and show the Gross Profit Percentage 23 24 Remember 25 FIFO means - First In, First Out 26 LIFO means - Last in Last Out 27 28 29 30 31 32 33 34 35 36 37 38 FIFO E LIFO F G Weighted Average H 1 2 A 3 4 5 Purchases 6 7 8 B 9 10 Sales 19 20 21 22 23 24 25 26 INVENTORY CALCULATIONS Beginning inventory 10-Dec 15-Dec Cost of goods available for sale 25-Dec 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 Sales C Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory Ending Inventory D Units Instructions 27 28 29 Gross Profit Calculation (show calculation here): 30 31 32 33 34 35 Gross Profit Percentage (show calculation here): 36 37 38 39 40 41 42 E (@ (α) (@ Units Schedule of Ending Inventory (Inventory Remaining) units @ units@ Units Units units@ units @ units @ FIFO Select destination and press ENTER or choose Paste LIFO F Cost = = G = = = = = H Total Weighted Average $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 I J K
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