The following pertains to the cost of H’s only inventory item: Inventory on hand, January 1 290 units @ $52 per unit Purchases, January 8 200 units @ $85 per unit Purchases, January 12 950 units @ $88 per unit Purchases, January 20 400 units @ $91 per unit Purchases, January 26 600 units @ $92 per unit 2,440 Sales, January 5 50 units @ $200 per unit Sales, January 7 60 units @ $200 per unit Sales, January 13 200 units @ $200 per unit Sales, January 17 600 units @ $200 per unit Sales, January 22 450 units @ $200 per unit Sales, January 30 540 units @ $200 per unit 1,900 (1,900 x $200 = $380,000) Calculate COGS AND GP for January AND EI as of 01-31 under the following assumption: H uses perpetual LIFO EI: COGS: Gross profit: Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.
The following pertains to the cost of H’s only inventory item: Inventory on hand, January 1 290 units @ $52 per unit Purchases, January 8 200 units @ $85 per unit Purchases, January 12 950 units @ $88 per unit Purchases, January 20 400 units @ $91 per unit Purchases, January 26 600 units @ $92 per unit 2,440 Sales, January 5 50 units @ $200 per unit Sales, January 7 60 units @ $200 per unit Sales, January 13 200 units @ $200 per unit Sales, January 17 600 units @ $200 per unit Sales, January 22 450 units @ $200 per unit Sales, January 30 540 units @ $200 per unit 1,900 (1,900 x $200 = $380,000) Calculate COGS AND GP for January AND EI as of 01-31 under the following assumption: H uses perpetual LIFO EI: COGS: Gross profit: Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 2AP
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The following pertains to the cost of H’s only inventory item:
- Inventory on hand, January 1 290 units @ $52 per unit
- Purchases, January 8 200 units @ $85 per unit
- Purchases, January 12 950 units @ $88 per unit
- Purchases, January 20 400 units @ $91 per unit
- Purchases, January 26 600 units @ $92 per unit
2,440
- Sales, January 5 50 units @ $200 per unit
- Sales, January 7 60 units @ $200 per unit
- Sales, January 13 200 units @ $200 per unit
- Sales, January 17 600 units @ $200 per unit
- Sales, January 22 450 units @ $200 per unit
- Sales, January 30 540 units @ $200 per unit
1,900 (1,900 x $200 = $380,000)
Calculate COGS AND GP for January AND EI as of 01-31 under the following assumption:
- H uses perpetual LIFO
EI:
COGS:
Gross profit:
Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.
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