Homework answers / question archive / Problem 1 grade Problem 2 Perpetual Inventory System Determine case poads sold and ending inventarusino FFQUFT and average cost wis anasis FIFO Glee Distribution markets CDs of the performing artist Unique

Problem 1 grade Problem 2 Perpetual Inventory System Determine case poads sold and ending inventarusino FFQUFT and average cost wis anasis FIFO Glee Distribution markets CDs of the performing artist Unique

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Problem 1 grade Problem 2 Perpetual Inventory System Determine case poads sold and ending inventarusino FFQUFT and average cost wis anasis FIFO Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Purchases COST OF GOODS SOLD Cost Cost Total Per unit Total Cos Units Per unit Per unit Cost Balance Cost Per unit Total Cost Date Units Units Oct. 3 Oct. 9 Oct. 19 Oct. 25 2,500 @ $8 3,500 @$9 3,000 @ $10 4,000 $11 6 18 75 105 204 value During October, 10,900 units were sold. Instructions (a) Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts. (b) Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Value 75 pts. Problem 2 (a) Determine using the perpetual inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Use the information given, fill the yellow area. Value 105 pts. Date Explanation Units Unit Cost Total Cost Beginning 1-Jan inventory 150 $ 1100 llene los espacios en amarillo 15-Feb Purchases 100 $ 12.00 12-Apr Purchases 200 $ 13.00 5-May Sale 400 6 pts. 3-Jun Purchases 100 $ 14.00 Total Units Purchases sold NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". Problem 1 (a) Determine the cost of goods available for sale. Cost of Goods Sold Ending inventory Date 'Oct. 1 3 COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Beginning inventory Value Value Purchase Value Value Total Cost ? ? 9 Purchase Value Value ? Perpetual Inventory System LIFO Value ? 19 25 Purchase Purchase Value Value Value ? Purchases Cost Total Per unit Cost COST OF GOODS SOLD Total Units Per unit Cost Cost Balance Cost Total Per unit Cost Total ? ? Date Units Units (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Date Date (1) Ending Inventor - FIFO Units Unit Cost Value | Value Value Value ? ? Total Cost ? ? Date ? Date Date Date Date Date 2 Cost of Goods Sold - FIFO Units Unit Cost Value Value Value Value Value Value Value Value ? Total Cost ? ? ? ? ? Date Date Date (1 Ending Inventor - LIFO Units Unit Cost Value Value Value | Value Total Cost ? ? ? ? ? Perpetual Inventory System WEIGHTED AVERAGE Purchases Cost Total Per unit Cost Sales Cost Units Per unit Total Cost Balance Cost Total Units Per unit Cost Date Units Date Date Date Date Date (2- Cost of Goods Sold -LIFO Units Unit Cost Value Value Value Value Value Value Value Value ? Total Cost ? ? ? ? ? AVERAGE COST Total goods available for sale Total units available Average cost" "Round to two decimal points Value Value ? 1 Ending Inventor - Average Cost Units Unit Cost Total Cost Value Value Value 12 Cost of Goods Sold - Average Cost Units Unit Cost Total Cost Value Value Value
Problem grade Determine cost of goods sold and ending inventory using FIFO, LIFO and average cost with analysis Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs Oct 3 2,500 @ $8 Oct. 93,500 @59 Oct. 193,000 @ $10 Oct. 25 4,000 @ S11 value During October 10,900 units were sold Instructions (a) Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts. (b) Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Value 75 pts 6 18 75 105 204 Problema (a) Determine using the perpetual inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Use the information given till the yellow area Value 105 pts. Date Explanation Units Unit Cost Total Cost Beginning 1-Jan inventory 150 $ 11.00 llene los espacios en amarillo 15-Feb Purchases 100 $ 12.00 12-Apr Purchases 200 $ 13.00 5-May Sale 400 6 pts 3-Jun Purchases 100 $ 14.00 Total Units Purchases sold NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"