Question

In: Accounting

Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...

Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method
Total Units Unit Cost Total Cost
Beginning inventory on hand
1-Jan 60,000 $2.00 $120,000
Purchases during month
5-Jan 103,600 $2.00 $207,200
20-Jan 293,900 $2.10 $617,190
Sales of inventory
25-Jan 383,900
Beginning inventory at
1-Feb 73,600
Purchases during month
8-Feb 282,200 $2.20 $620,840
23-Feb 153,500 $2.60 $399,100
Sales of inventory
27-Feb 407,600
Ending Inventory 101,700
LIFO
Jan Feb
Cost of goods sold Cost of goods sold
Ending inventory Ending inventory

Solutions

Expert Solution

LIFO
Jan Feb
Cost of goods sold $       797,190 Cost of goods sold $       958,120
Ending inventory $       147,200 Ending inventory $       209,020

Working:

Date Purchases Cost of Goods Sold Inventory on Hand
QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost
01-Jan 60000 $       2.00 120000
05-Jan 103600 $       2.00 207200 60000 $       2.00 120000
103600 $       2.00 207200
20-Jan 293900 $       2.10 617190 60000 $       2.00 120000
103600 $       2.00 207200
293900 $       2.10 617190
25-Jan 293900 $       2.10 617190 60000 $       2.00 120000
90000 $       2.00 180000 13600 $       2.00 27200
Total 397500 824390 383900 797190 73600 147200
01-Feb 60000 $       2.00 120000
13600 $       2.00 27200
08-Feb 282200 $       2.20 620840 60000 $       2.00 120000
13600 $       2.00 27200
282200 $       2.20 620840
23-Feb 153500 $       2.60 399100 60000 $       2.00 120000
13600 $       2.00 27200
282200 $       2.20 620840
153500 $       2.60 399100
27-Feb 153500 $       2.60 399100 60000 $       2.00 120000
254100 $       2.20 559020 13600 $       2.00 27200
28100 $       2.20 61820
Total 435700 1019940 407600 958120 101700 209020

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit Cost Total Cost Beginning inventory on hand 1-Jan 60,000 $2.00 $120,000 Purchases during month 5-Jan 103,600 $2.00 $207,200 20-Jan 293,900 $2.10 $617,190 Sales of inventory 25-Jan 383,900 Beginning inventory at 1-Feb 73,600 Purchases during month 8-Feb 282,200 $2.20 $620,840 23-Feb 153,500 $2.60 $399,100 Sales of inventory 27-Feb 407,600 Ending Inventory 101,700 FIFO Jan Feb Cost of goods sold Cost of goods sold Ending inventory...
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit Cost Total Cost Beginning inventory on hand 1-Jan 60,000 $2.00 $120,000 Purchases during month 5-Jan 103,600 $2.00 $207,200 20-Jan 293,900 $2.10 $617,190 Sales of inventory 25-Jan 383,900 Beginning inventory at 1-Feb 73,600 Purchases during month 8-Feb 282,200 $2.20 $620,840 23-Feb 153,500 $2.60 $399,100 Sales of inventory 27-Feb 407,600 Ending Inventory 101,700 LIFO Jan Feb Cost of goods sold Cost of goods sold Ending inventory...
Cost layers for perpetual system is given, how to calculate cost of goods sold, ending inventory...
Cost layers for perpetual system is given, how to calculate cost of goods sold, ending inventory under LIFO, FIFO, and Average cost
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual...
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance January 1 290 @ $13.60 = $3,944.00 January 10 260 @ $13.60 = $3,536.00 30 @ $13.60 = $408.00 March 14 500 @ $18.60 30 @ $13.60 = $408.00...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 89,000 $ 179,000 Purchases 352,000 579,000 Freight-in 8,900 Purchase returns 6,900 10,900 Net markups 15,900 Net markdowns 11,900 Normal spoilage 2,900 Abnormal spoilage 4,512 7,900 Sales 539,000 Sales returns 9,900 The company records sales net of employee discounts. Discounts for 2018 totaled $3,900. Required: 1. Estimate Sparrow’s ending inventory and cost of goods...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows: Cost Reatail Begining inventory. $90,000. $180,000 Purchases 335,000. 580,000 Freight in 9,000    Purchase returns. 7,000 11,000 Net markups 16,000 Net markdowns 12,000 Normal spoilage 3,000 Abnormal spoliage. 4,800 8,000 Sales 540,000 Sales returns 10,000 The company records sales net of employee discounts. Discounts for 2016 totaled $4,000. Required: Estimate Sparrow’s ending inventory and cost of goods sold...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 83,000 $ 173,000 Purchases 368,000 573,000 Freight-in 8,300 Purchase returns 6,300 10,300 Net markups 15,300 Net markdowns 11,300 Normal spoilage 2,300 Abnormal spoilage 4,405 7,300 Sales 533,000 Sales returns 9,300 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,300. Required: 1. Estimate Sparrow’s ending inventory and cost of...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows: Cost Retail Beginning inventory $ 92,000 $ 182,000 Purchases 360,000 582,000 Freight-in 9,200 Purchase returns 7,200 11,200 Net markups 16,200 Net markdowns 12,200 Normal spoilage 3,200 Abnormal spoilage 4,840 8,200 Sales 542,000 Sales returns 10,200 The company records sales net of employee discounts. Discounts for 2016 totaled $4,200. Required: 1. Estimate Sparrow’s ending inventory and cost of goods...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 96,000 $ 186,000 Purchases 361,000 586,000 Freight-in 9,600 Purchase returns 7,600 11,600 Net markups 16,600 Net markdowns 12,600 Normal spoilage 3,600 Abnormal spoilage 5,520 8,600 Sales 546,000 Sales returns 10,600 The company records sales net of employee discounts. Discounts for 2018 totaled $4,600. Required: 1. Estimate Sparrow’s ending inventory and cost of goods...
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold....
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail Beginning inventory $ 87,000 $ 177,000 Purchases 359,000 577,000 Freight-in 8,700 Purchase returns 6,700 10,700 Net markups 15,700 Net markdowns 11,700 Normal spoilage 2,700 Abnormal spoilage 4,240 7,700 Sales 537,000 Sales returns 9,700 The company records sales net of employee discounts. Discounts for 2018 totaled $3,700. Required: 1. Estimate Sparrow’s ending inventory and cost of goods...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT