Answer Happy

Exercise 6-3 (30 minutes) a. Specific identification Ending inventory-90 units from March 30, 80 units from March 20, and 55 units from beginning inventory Ending Cost of Computations Inventory Goods Sold. (90 x $5.00) + (80 x $6.00) + (55 x $7.00). $1,315. $2,820 - $1,315 $1,505 + BB scene Exercise 6-3 (Continued). b. Weighted average cost perpetual. Date Goods Purchased Cost of Goods Sold twentory Balance 3/14 150 $7.000 = $1,050 3/10 90 @ $7.00 = $ 630 60 @ $7.000 a $-420 3/20 220 @ $6.00 60 $7.000 220 $6.000. = $1,740 (avg.cost is $5.214")- 3/25 145 @ $6.214 = $ 901 135 $5.214. =$ 839" 3/30 90 $5.00 135 @ $6.214 90 $5.000. = $1.289 $1.531- (avg.cost is $5.729") rounded - Cost of Goods Sold c. FIFO Perpetual Date Goods Purchased 3/12 3/10 3/20 220 @ $6.00 90 $7.00 = $ 630. Inventory Balance 150 $7.00 = $1,050 60 $7.00. = $ 420 60 $7.00. 220 @ $6.00 = $1,740- . . 3/25 60 $7.00. 85 @ $6.00 = $ 930 = $ 810 .. 135 @ $6.00 135 $6.00 90 $5.00 3/30. 90 @ $5.00 = $1.260 $1,560- Alternate Solution Format for FIFO Perpetual Ending Inventory Cost of Goods Sold- Computations FIFO (135 x $6.00) + (90 x $5.00) (90 x $7.00) + (60 x $7.00) +(85 x $6.00) $1,260- $1,560