The following pertains to the cost of H’s only inventory item:Inventory on hand, January 1                                        290 units @ $52 per unitPurchases, January 8                                        200 units @ $85 per unitPurchases, January 12                                                         950 units @ $88 per unitPurchases, January 20                                        400 units @ $91 per unitPurchases, January 26                                        600 units @ $92 per unit2,440 Sales, January 5      50 units @ $200 per unitSales, January 7      60 units @ $200 per unitSales, January 13    200 units @ $200 per unitSales, January 17    600 units @ $200 per unitSales, January 22    450 units @ $200 per unitSales, January 30    540 units @ $200 per unit1,900                                          (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 LIFOEI:                                                                                  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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Asked Nov 4, 2019
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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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Prepare perpetual inventory under...

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PERPETUAL INVENTORY UIFO METHOD Ending Balance Per unit Amount Units Purchases Sales Date Per unit Amount Per unit Amount Units Units January 1 290 $52 $15,080 lanuary 50 $2,600 $52 12,450 240 lanuary 7 60 $52 $3.120 552 9380 180 lanuary 3 200 $85 180 200 52 S9,360 $17,000 $17,000 S05 $26,350 380 S83,0C 180 $52 $9,350 lanuary 12 950 200 SH5 $17,000 950 S88 $33,600 S109,950 1,330 S9,360 $17,000 S88 $17,600 200 January 13 180 552 200 S05 S8 $66,000 $92,360 750 1,130 $88 $9,350 $17,000 January 17 S00) $52,800 180 $52 200 $85 $13,20 $39,500 S82 150 530 $91 S36,400 180 53,360 $52 $17,000 January 20 400 200 150 S05 S00 $13,200 $36,400 400 $91 930 S75,960 4U0 $35,400 $4,400 January 22 $91 180 $52 $9,300 50 450 $88 S85 $17,000 $88 $8,800 200 $40,800 100 S35,160 480 $32 S55,200 $9,360 $17,000 January 26 600 180 $52 200 100 $85 $8,800 $5,200 S90,30 S82 $42 1,080 SA0 $32 $49,680 180) lanuary 30 $52 $9.350 200 100 $85 $17,000 S3,800 $5,520 60 S92 $165,600 S40 $40.680 1900

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