Question
In: Accounting
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the...
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Expert Solution
| Ans. | Available for sale | ||||||||||
| Date | Units | Rate | Total | ||||||||
| 01-Jan | 3980 | $18.00 | $71,640 | ||||||||
| 04-Feb | 4000 | $22.00 | $88,000 | ||||||||
| 02-Apr | 5250 | $24.00 | $126,000 | ||||||||
| 17-Jul | 3100 | $27.00 | $83,700 | ||||||||
| Cost of goods available for sale | 16330 | $369,340 | |||||||||
| Total number of units sold (4,650 + 6,200) = 10,850 units | |||||||||||
| Ans. A | Periodic FIFO: | ||||||||||
| Date | Units | Rate | Total | ||||||||
| 01-Jan | 3980 | $18.00 | $71,640 | ||||||||
| 04-Feb | 4000 | $22.00 | $88,000 | ||||||||
| 02-Apr | 2870 | $24.00 | $68,880 | ||||||||
| Cost of goods sold | 10850 | $228,520 | |||||||||
| Ans. B | Perpetual FIFO: | ||||||||||
| Purchase | Cost of goods sold | Balance | |||||||||
| Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | ||
| 01-Jan | 3980 | $18.00 | $71,640 | ||||||||
| 04-Feb | 4000 | $22.00 | $88,000 | 3980 | $18.00 | $71,640 | |||||
| 4000 | $22.00 | $88,000 | |||||||||
| 20-Feb | 3980 | $18.00 | $71,640 | ||||||||
| 670 | $22.00 | $14,740 | 3330 | $22.00 | $73,260 | ||||||
| 02-Apr | 5250 | $24.00 | $126,000 | 3330 | $22.00 | $73,260 | |||||
| 5250 | $24.00 | $126,000 | |||||||||
| 17-Jul | 3100 | $27.00 | $83,700 | 3330 | $22.00 | $73,260 | |||||
| 5250 | $24.00 | $126,000 | |||||||||
| 3100 | $27.00 | $83,700 | |||||||||
| 04-Nov | 3330 | $22.00 | $73,260 |
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Purchase
2,500
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2/20
Sale
3,000
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4/2
Purchase
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11/4
Sale
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(b.) Compute cost of goods sold, assuming Concord uses:
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Your answer is correct.
Calculate average-cost per unit. (Round answer to 4
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23.1282
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Attempts: 2 of 5 used
(b)
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information concerning one of its products, the Hawkeye.
Date
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Quantity
Price/Cost
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Beginning inventory
1,300
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2/4
Purchase
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21
2/20
Sale
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34
4/2
Purchase
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Sale
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Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
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eTextbook and Media
Compute cost of goods sold, assuming Swifty uses:
(Round average cost per unit to 4 decimal places, e.g.
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