Question

Complete the Perpetual Inventory card worksheets to reflect the June purchases and sales under the 3 different Inventory costing methods. You need to include totals for Purchases and Cost of Goods Sold Quantity and Total Cost and must show Ending Inventory total units and total cost. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. Inventory Information Inventory on hand at the beginning of June: Units Cost / unit Total Cost Purchase # 1 12 35 $420 Purchase # 2 14 40 560 26 $980 June 2019 transactions related to buying and selling gidgit inventory 1-Jun Sold 16 gidgits at $98 each on credit 6-Jun Purchased 25 gidgits at a cost of $45 per gidgit on credit 15-Jun Sold 27 gidgits at $105 each on credit 20-Jun Purchased 30 gidgits at a cost of $50 per gidgit on credit 24-Jun Sold 25 gidgits at $108 each on credit The PHYSICAL count of gidgit inventory on hand at June 30, 2019 shows 10 gidgits at a LIFO cost of $980. Beginning Inventory Units Cost / unit Cost 12         35             420 14 40             560 26             980 LIFO Purchases Cost of Goods Sold Inventory on Hand Unit Total   Unit Total   Unit Total   Date Quantity Cost Cost   Quantity Cost Cost   Quantity Cost Cost   FIFO Purchases Cost of Goods Sold Inventory on Hand Unit Total   Unit Total   Unit Total   Date Quantity Cost Cost   Quantity Cost Cost   Quantity Cost Cost   Weighted Avg Purchases Cost of Goods Sold Inventory on Hand Unit Total   Unit Total   Unit Total   Date Quantity Cost Cost   Quantity Cost Cost   Quantity Cost Cost

KTZFIG Consulting & Sales and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
June 30 2019								Adjusting
		Part Adj T/B		June JEs		Trial	Balance	& Bank Rec	JEs	Adusted TB
		DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash		$241,768
Accounts Receivable		146,800
Allowance for Uncollectible Accounts			$1,980
Supplies		64,789
Inventory		980
Prepaid Insurance		16,800
Land		61,400
Building		125,500
Accumulated Depr – Building			5,670
Computer equipment		54,687
Accumulated Depr – Comp Equip			1,750
Office Furniture		96,780
Accumulated Depr - Office Furniture			890
Accounts Payable			48,526
Interest Payable			3,200
Utilities Payable			8,952
Wages Payable			78,400
Long term Note Payable			90,000
Mortgage Payable			60,000
Common Stock			400,000
Retained Earnings			106,468
Dividends		6,000
Service Revenue			345,650
Tablet Sales Revenue			211,538
Cost of Goods Sold		154,760
Bad Debt Expense
Depreciation Expense – Building		1,350
Depreciation Expense - Computer Equip		890
Depreciation Expense - Office Furn		650
Interest Expense		3560
Insurance Expense		38,950
Supplies expense		72,860
Bank fee (expense)
Utilities Expense		75,900
Wage Expense		198,600
Subtotals
Net Income
TOTALS		$1,363,024	$1,363,024

Answer 1

										(Amount($)
1	LIFO
	Date	Purchases				Cost of Goods Sold				Inventory on hand
		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost
	Opening	12	35	420
	Opening	14	40	560
		26	38	980
	06-Jun	25	45	1125
	20-Jun	30	50	1500
	01-Jun					16	38	608
	15-Jun					25	45	1125
						2	38	76
	24-Jun					25	50	1250
	30-Jun									12	35	420
										14	40	560
										8	38	304
										5	50	250
2	FIFO
	Date	Purchases				Cost of Goods Sold				Inventory on hand
		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost
	Opening	12	35	420
	Opening	14	40	560
		26	38	980
	06-Jun	25	45	1125
	20-Jun	30	50	1500
	01-Jun					12	35	420
						4	40	160
	15-Jun					10	40	400
						17	38	646
	24-Jun					9	38	342
						16	45	720
	30-Jun									9	45	405
										30	50	1500
3	Weighted Average Cost
	Date	Purchases				Cost of Goods Sold				Inventory on hand
		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost		Quantity	Unit Cost	Total Cost
	Opening	12	35	420
	Opening	14	40	560
		26	38	980
	06-Jun	25	45	1125
	20-Jun	30	50	1500
	WACost	107	42.85	4585
	01-Jun					16	42.85	686
	15-Jun					27	42.85	1157
	24-Jun					25	42.85	1071
	30-Jun									39	42.85	1671