Question
In: Accounting
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kaleta Company reports the following for the month of
June.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
||||
| June 1 | Inventory | 332 | $7 | $2,324 | ||||
| 12 | Purchase | 664 | 8 | 5,312 | ||||
| 23 | Purchase | 498 | 9 | 4,482 | ||||
| 30 | Inventory | 166 |
Assume a sale of 730 units occurred on June 15 for a selling price
of $10 and a sale of 598 units on June 27 for $11.
Calculate cost of goods available for
sale.
| The cost of goods available for sale |
$12,118 |
Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)
| June 1 | $
|
|
| June 12 | $ | |
| June 15 | $ | |
| June 23 | $ | |
| June 27 | $ |
Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11. (Round answers to 0 decimal places, e.g. 1,250.)
|
FIFO |
LIFO |
Moving-Average Cost |
||||
| The cost ending inventory | $ | $ | $ | |||
| The cost of goods sold | $ | $ | $ |
Solutions
Expert Solution
| Solution : 1 | |||||||||||
| FIFO METHOD | PURHASES | COST OF GOODS SOLD | INVENTORY ON HAND | ||||||||
| Date | Particulars | Units | Rate | Total Cost | Units | Rate | Total Cost | Units | Rate | Total Cost | |
| June,01 | Beginning inventory | 332 | $ 7.00 | $ 2,324 | |||||||
| June,12 | Purchases | 664 | $ 8.00 | $ 5,312 | 332 | $ 7.00 | $ 2,324 | ||||
| 664 | $ 8.00 | $ 5,312 | |||||||||
| June,15 | Sales | 332 | $ 7.00 | $ 2,324 | |||||||
| 398 | $ 8.00 | $ 3,184 | 266 | $ 8.00 | $ 2,128 | ||||||
| June,23 | Purchases | 498 | $ 9.00 | $ 4,482 | 266 | $ 8.00 | $ 2,128 | ||||
| 498 | $ 9.00 | $ 4,482 | |||||||||
| June,27 | Sales | 266 | $ 8.00 | $ 2,128 | |||||||
| 332 | $ 9.00 | $ 2,988 | 166 | $ 9.00 | $ 1,494 | ||||||
| Total | 1162 | $9,794 | 1328 | $10,624 | 166 | $ 1,494 | |||||
| LIFO METHOD | PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||
| June,01 | Beginning inventory | 332 | $ 7.00 | $ 2,324 | |||||||
| June,12 | Purchases | 664 | $ 8.00 | $ 5,312 | 332 | $ 7.00 | $ 2,324 | ||||
| 664 | $ 8.00 | $ 5,312 | |||||||||
| June,15 | Sales | 664 | $ 8.00 | $ 5,312 | |||||||
| 66 | $ 7.00 | $ 462 | 266 | $ 7.00 | $ 1,862 | ||||||
| June,23 | Purchases | 498 | $ 9.00 | $ 4,482 | 266 | $ 7.00 | $ 1,862 | ||||
| 498 | $ 9.00 | $ 4,482 | |||||||||
| June,27 | Sales | 498 | $ 9.00 | $ 4,482 | |||||||
| 100 | $ 7.00 | $ 700 | 166 | $ 7.00 | $ 1,162 | ||||||
| Total | 1162 | $9,794 | 1328 | $10,956 | 166 | $ 1,162 | |||||
| Solution : 3 | |||||||||||
| Moving Average Cost Method | PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||
| Date | Particulars | Units | Rate | Total Cost | Units | Rate | Total Cost | Units | Rate | Total Cost | |
| June,01 | Beginning inventory | 332 | $ 7.000 | $ 2,324 | |||||||
| June,12 | Purchases | 664 | $ 8.00 | $ 5,312 | 996 | $ 7.667 | $ 7,636 | ||||
| June,15 | Sales | 730 | $ 7.667 | $ 5,597 | 266 | $ 7.667 | $ 2,039 | ||||
| June,23 | Purchases | 498 | $ 9.00 | $ 4,482 | 764 | $ 8.536 | $ 6,522 | ||||
| June,27 | Sales | 598 | $ 8.536 | $ 5,105 | 166 | $ 8.536 | $ 1,417 | ||||
| Total | 1162 | $9,794 | 1328 | $10,701 | 166 | $ 1,417 | |||||
| Answer = 1, 2 & 3 | FIFO | LIFO | Weighted Avg. Method |
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Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
332
$7
$2,324
12
Purchase
664
8
5,312
23
Purchase
498
9
4,482
30
Inventory
166
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Calculate cost of goods available for sale.
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Calculate Moving-Average...
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