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Please use the below information to answer questions 11-20. Inventory Date Amounts of Caskets Purchased Cost...

Please use the below information to answer questions 11-20.

Inventory

Date

Amounts of Caskets Purchased

Cost of Casket

10-Jun

2

$            500

11-Jun

3

$            600

12-Jun

3

$            800

13-Jun

2

$            900

Each casket will be sold for $1,200.

  1. What is the weighted average cost per casket for the above inventory?
  2. Using this weighted average, if you sold 3 caskets, what is your gross profit?
  3. Using this weighted average, if you sold 2 caskets, what is your CGS?

Assume LIFO for the following questions, 14-19

  1. If you sold 3 caskets, what is your cost of goods sold?
  2. If you sold 3 caskets, what is your gross profit?
  3. If you sold 3 caskets, what is your ending inventory?
  4. If you sold 1 casket, what is your cost of goods sold?
  5. If you sold 1 casket, what is your gross profit
  6. If you sold 1 casket, what is your ending inventory?

Assume FIFO for the following questions, 20-25

  1. If you sold 3 caskets, what is your cost of goods sold?
  2. If you sold 3 caskets, what is your gross profit?
  3. If you sold 3 caskets, what is your ending inventory?
  4. If you sold 1 casket, what is your cost of goods sold?
  5. If you sold 1 casket, what is your gross profit
  6. If you sold 1 casket, what is your ending inventory?

26. If you purchased a limousine for $50,000 and decided to depreciate it using the declining balance method, what would your salvage value be after 5 years? Use a chart to display numbers if it helps.

Hint: Declining Balance Method assumes a rate of 40%.

27. If you purchased a limousine for $50,000 and decided to depreciate it using the sum of the years digits method, what would your depreciation expense be each year if the useful life was 5 years and the salvage value was $5,000?

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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