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Date   Activities Units Acquired at Cost Units sold at Retail Jan. 1   Beginning inventory 185 units @ $ 11.00  = $ 2,035               Jan. 10   Sales                   145 units @ $ 20.00   Jan. 20   Purchase 100 units @ $ 10.00  =   1,000               Jan. 25   Sales                   125 units @ $ 20.00   Jan. 30   Purchase 270 units @ $ 9.50 =   2,565                     Totals 555 units         $ 5,600   270 units             The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Date   Activities Units Acquired at Cost Units sold at Retail Jan. 1   Beginning inventory 185 units @ $ 11.00  = $ 2,035               Jan. 10   Sales                   145 units @ $ 20.00   Jan. 20   Purchase 100 units @ $ 10.00  =   1,000               Jan. 25   Sales                   125 units @ $ 20.00   Jan. 30   Purchase 270 units @ $ 9.50 =   2,565                     Totals 555 units         $ 5,600   270 units             The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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Question

 

Date

 

Activities

Units Acquired at Cost

Units sold at Retail

Jan.

1

 

Beginning inventory

185

units

@

$

11.00

 =

$

2,035

 

 

 

 

 

 

 

Jan.

10

 

Sales

 

 

 

 

 

 

 

 

 

145

units

@

$

20.00

 

Jan.

20

 

Purchase

100

units

@

$

10.00

 =

 

1,000

 

 

 

 

 

 

 

Jan.

25

 

Sales

 

 

 

 

 

 

 

 

 

125

units

@

$

20.00

 

Jan.

30

 

Purchase

270

units

@

$

9.50

=

 

2,565

 

 

 

 

 

 

 

 

 

 

Totals

555

units

 

 

 

 

$

5,600

 

270

units

 

 

 

 
 

 
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units unit Cost per Cost of Goods unit Cost per unit Inventory Date # of units sold Sold Balance January 1 185 e s 11.00 = $2,035.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 January 20 January 25 January 30 Totals
Transcribed Image Text:Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per # of units unit Cost per Cost of Goods unit Cost per unit Inventory Date # of units sold Sold Balance January 1 185 e s 11.00 = $2,035.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per Cost of Goods unit Cost per unit Inventory Balance Date # of units Sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 January 20 January 25 January 30 Totals
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Ending Unit Units Cost Per Purchase Date Activity Units Unit Cost COGS Inventory- Cost Cost Sold Unit Units Beginning inventory Purchase 185$ 11.00 100$ 10.00 270 s 9.50 Jan. 1 Jan. 20 Jan. 30 Purchase 555 24 < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units sold # of Cost per Cost per Cost of Goods Sold Cost per Inventory Balance Date # of units units unit unit unit January 1 185 @ S 11.00 =s 2,035.00 January 10 danuary 20 Average cost January 25 January 30 Totals < Required 1 Required 3 >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Ending Unit Units Cost Per Purchase Date Activity Units Unit Cost COGS Inventory- Cost Cost Sold Unit Units Beginning inventory Purchase 185$ 11.00 100$ 10.00 270 s 9.50 Jan. 1 Jan. 20 Jan. 30 Purchase 555 24 < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units sold # of Cost per Cost per Cost of Goods Sold Cost per Inventory Balance Date # of units units unit unit unit January 1 185 @ S 11.00 =s 2,035.00 January 10 danuary 20 Average cost January 25 January 30 Totals < Required 1 Required 3 >
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