Question
In: Finance
Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15...
Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 15 Xbox′s 360 $ 275 2 Xbox′s from March April 1 45 Xbox′s 360 250 15 Xbox′s from April May 1 60 Xbox′s 360 240 12 Xbox′s from May
a. Calculate the ending inventory.Ending inventory $:
b. Calculate the cost of goods sold. Cost of goods sold $:
Solutions
Expert Solution
| Ans. | Specific Identification: | |||||||||
| Available for sale | Cost of goods sold | Ending inventory | ||||||||
| Purchase date | Units | Rate | Cost | Units | Rate | Cost | Units | Rate | Cost | |
| 1-Mar | 15 | $275 | $4,125 | 13 | $275 | $3,575 | 2 | $275 | $550 | |
| 1-Apr | 45 | $250 | $11,250 | 30 | $250 | $7,500 | 15 | $250 | $3,750 | |
| 1-May | 60 | $240 | $14,400 | 48 | $240 | $11,520 | 12 | $240 | $2,880 | |
| Total | $29,775 | Cost of goods sold | $22,595 | Ending inventory | $7,180 | |||||
| Ending Inventory | $7,180 | |||||||||
| Cost of goods sold | $22,595 | |||||||||
| Units sold = Units available for sale - Ending inventory units | ||||||||||
| *Calculations: | ||||||||||
| Date | Units available | Ending inventory | Sold units | |||||||
| (a) | units (b) | (a - b) | ||||||||
| 1-Mar | 15 | 2 | 13 | |||||||
| 1-Apr | 45 | 15 | 30 | |||||||
| 1-May | 60 | 12 | 48 | |||||||
jeff jeffy answered 2 years agoRelated Solutions
Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 20...
Using the specific identification method:
Date
Units
purchased
Cost per unit
Ending
inventory
March 1
20 Xbox?s
360
$
275
5
Xbox?s from March
April 1
41 Xbox?s
360
250
11 Xbox?s from
April
May 1
70 Xbox?s
360
240
8 Xbox?s from
May
a. Calculate the ending inventory.
Ending inventory
$
b. Calculate the cost of goods sold.
Cost of goods sold
$
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
140
units
@
$
6.00
=
$
840
Jan.
10
Sales
100
units
@
$
15
Jan.
20
Purchase
60
units
@
$
5.00
=
300
...
Football teams ending inventory includes the following items product units cost per unit market per unit...
Football teams ending inventory includes the following items
product
units
cost per unit
market per unit
caps
200
$15
$22
travel Jerseys
55
$40
$125
windbreakers
18
$60
$85
signature stadium cushions
500
$20
$10
Compute the lower of cost or market for the ending inventory
separately for each product.
per unit
per unit
total inventory
total inventory
inventory items
units
cost
market
cost
market
LCM Applied to individual items
caps
travel jerseys
windbreakers
signature stadium cushion
Beginning Inventory # of units Cost per unit Total Beginning Inventory 15 $10 $150 Jan 1....
Beginning Inventory
# of units
Cost per unit
Total
Beginning Inventory
15
$10
$150
Jan 1. Purchase
15
$11
$165
Jan 10. Purchase
15
$12
$180
Total
45
1. During January, AA sold 20 units at $30 per unit.
Under FIFO, how much is the Gross
Profit?
$365
$380
$390
$395
2. During January, AA sold 20 units at $30 per unit
Under the Weighted Average Method, how much is the
Gross Profit?.
$365
$380
$395
$400
3. During January,...
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...
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...
The quantity purchased and purchase price is tracked through: A. specific identification method only. B. inventory...
The quantity purchased and purchase price is tracked
through:
A.
specific identification method only.
B.
inventory layers.
C.
inventory charting.
D.
FIFO and LIFO only.
Describe the specific identification inventory cost method. Explain and provide three examples of real life inventory...
Describe the specific identification inventory cost method.
Explain and provide three examples of real life inventory that
would be used for the specific identification inventory cost
method.
Data: Date Item Units Cost per unit Dec. 1 Inventory 30 $12 Dec. 10 Purchase 60...
Data:
Date Item Units Cost per unit
Dec. 1 Inventory 30 $12
Dec. 10 Purchase 60 $13
Dec. 20 Purchase 40 $14
Dec. 12 Sale 40
Dec. 27 Sale 15
Required: (1) Find the ending inventory and the cost of goods
sold for December under the
periodic inventory system using the following inventory costing
methods.
(a) average cost
(b) FIFO
(2) Also find ending inventory and the cost of goods sold for
the month of December
under the perpetual inventory...
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