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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

The following data represents the inventory for home burglar alarm systems at First Alert Security Corporation.

First Alert Security Corporation

Burglar Alarm Systems Inventory

Date Units Cost per Unit Total Cost
Beginning Inventory. January 1 235 $140.00
Purchase. March 10 152 143.50
Purchase. May 16 135 146.80
Purchase. October 9 78 150.00
Alarm Systems Available for Sale Cost of Goods Available for Sale

a. How many alarm systems did First Alert Security have available for sale?

b. What is the total cost of the alarm systems available for sale?

c. If physical inventory on December 31 showed 167 alarm systems on hand, calculate their dollar value by using FIFO.

d. Calculate the value of the 167 alarm systems by using LIFO.

e. Calculate the dollar value of the 167 alarm systems by using the average cost method.

(a)

To determine

To calculate: The total alarm system available for sale of First Alarm Security Corporation.

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for SaleCost of Goods Available for sale

Explanation

Given Information:

The information given in the table is-

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for Sale     __Cost of Goods Available for sale           __

Calculation:

The total alarm system available for sale of First Alarm Security Corporation-

Add all units for each month given in the information-

235+152+135+78=600

(b)

To determine

To calculate: The total cost available for sale of First Alarm Security Corporation.

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for SaleCost of Goods Available for sale

(c)

To determine

To calculate: The dollar value of 167 alarm system which is showed on December 31 with the help of FIFO method of inventory pricing of First Alarm Security Corporation.

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for SaleCost of Goods Available for sale

(d)

To determine

To calculate: The dollar value of 167 alarm system which is showed on December 31 with the help of LIFO method of inventory pricing of First Alarm Security Corporation.

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for SaleCost of Goods Available for sale

(e)

To determine

To calculate: The dollar value of 167 alarm system with the help of average cost method.

The table is given as follows-

First Alarm Security CorporationBurglar Alarm Security InventoryDateUnitsCost per UnitTotal CostBeginning Inventory, January 1235$140.00_____Purchase, March 10152143.50_____Purchase,May 16135146.80_____Purchase, October 978150.00_____Alarm Security Available for SaleCost of Goods Available for sale

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