Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 15-Dec Sold 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 1.) Calculate the value of ending inventory 2.) Calculate and show the schedule for Cost of Goods Sold 3.) Calculate and show the schedule for Gross Profit 4.) Calculate and show the Gross Profit Percentage Remember FIFO means - First In, First Out LIFO means - Last in Last Out 8 Cost of goods available for sale 25-Dec 10 Sales 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 19 20 21 Sales 32 33 34 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory 22 23 24 25 26 27 Ending Inventory 28 29 Gross Profit Calculation (show calculation here): 30 31 Units 35 Gross Profit Percentage (show calculation here): 36 37 Units units@ units@ units@ Schedule of Ending Inventory (Inventory Remaining) units@ units@ Units
Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit 15-Dec Sold 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods: 1.) Calculate the value of ending inventory 2.) Calculate and show the schedule for Cost of Goods Sold 3.) Calculate and show the schedule for Gross Profit 4.) Calculate and show the Gross Profit Percentage Remember FIFO means - First In, First Out LIFO means - Last in Last Out 8 Cost of goods available for sale 25-Dec 10 Sales 11 12 Ending Inventory 13 14 Last-In, First-Out 15 16 17 18 19 20 21 Sales 32 33 34 Cost of goods available for sale Less: Cost of Goods Sold Ending Inventory 22 23 24 25 26 27 Ending Inventory 28 29 Gross Profit Calculation (show calculation here): 30 31 Units 35 Gross Profit Percentage (show calculation here): 36 37 Units units@ units@ units@ Schedule of Ending Inventory (Inventory Remaining) units@ units@ Units
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Page #1: Instructions / Fifo
Page #2: Lifo / Weighted
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