I need help with this problem. Any help is appreciated! Thank you.
Posted: Fri Jul 01, 2022 8:52 am
I need help with this problem. Any help is appreciated! Thankyou.
Problem 6-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Units Acquired at Cost 600 units @ $60 per unit 400 units @ $57 per unit Mar. 13 Purchase 150 units @ $45 per unit Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales. Totals Cost of goods available for sale Number of units available for sale 150 units @ $65 per unit 450 units @ $61 per unit 1,750 units Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. units 2. Compute the number of units in ending inventory. Units Sold at Retail units 750 units@ $85 per unit 600 units @ $85 per unit 1,350 units
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Date Sept 10 Totals Goods Purchased # of units Specific Id Cost per # of units unit sold Cost of Goods Sold Cost per Cost of Goods Sold unit $ < Perpetual FIFO 0.00 Inventory Balance Cost per unit # of units 600 @ $60.00 = Perpetual LIFO > Inventory Balance $36,000.00 $ 0.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Date Sept 10 Totals Goods Purchased # of units Specific Id Cost per # of units sold unit Cost of Goods Sold Cost per Cost of Goods Sold unit < Perpetual FIFO 0 # of units Inventory Balance Cost per unit 600 @ $ 60.00 = Weighted Average Inventory Balance $36.000.00 $ 0.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Average Mar 13 Date Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Goods Purchased # of units Cost per unit Specific Id # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit $ < Perpetual LIFO 0.00 Inventory Balance Cost per # of units 600 @ unit $60.00 = Specific ld > Inventory Balance $36,000.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Beginning inventory Purchases: Feb 10 March 13 Aug 21 Sep 5 Weighted Average Specific Identification Cost of Goods Available for Sale Cost of Goods Available for Sale 600 $ 60.00 $ 27,000 Total # of units Cost per unit 400 $ 57.00 $ 45.00 150 150 $ 65.00 450 $ 61.00 1,750 Specific Id 16,800 5,400 5,000 23,000 $ 77,200 Cost of Goods Sold # of units Cost per sold unit 330 $ 57.00 330 < Weighted Average Cost of Goods Sold 0 18,810 0 0 0 $ 18,810 Ending Inventory # of units in ending inventory 70 70 Specific ld > Cost per unit Ending Inventory $ 60.00 $ $ 57.00 $ 45.00 $ 65.00 $ 61.00 0 3,990 0 0 0 $ 3,990
4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less: Cost of goods sold Gross profit FIFO 0 $ LIFO Weighted Average 0 $ 0 Specific Identification
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3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Date Sept 10 Totals Goods Purchased # of units Specific Id Cost per # of units unit sold Cost of Goods Sold Cost per Cost of Goods Sold unit $ < Perpetual FIFO 0.00 Inventory Balance Cost per unit # of units 600 @ $60.00 = Perpetual LIFO > Inventory Balance $36,000.00 $ 0.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using LIFO. (Round your average cost per unit to 2 decimal places.) Perpetual LIFO: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Mar 13 Mar 15 Aug 21 Sept 5 Date Sept 10 Totals Goods Purchased # of units Specific Id Cost per # of units sold unit Cost of Goods Sold Cost per Cost of Goods Sold unit < Perpetual FIFO 0 # of units Inventory Balance Cost per unit 600 @ $ 60.00 = Weighted Average Inventory Balance $36.000.00 $ 0.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Weighted Average Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Perpetual FIFO Perpetual LIFO Jan 1 Feb 10 Average Mar 13 Date Mar 15 Aug 21 Average Sept 5 Sept 10 Totals Goods Purchased # of units Cost per unit Specific Id # of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit $ < Perpetual LIFO 0.00 Inventory Balance Cost per # of units 600 @ unit $60.00 = Specific ld > Inventory Balance $36,000.00
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 330 from the February 10 purchase, 150 from the March 13 purchase, 100 from the August 21 purchase, and 200 from the September 5 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Beginning inventory Purchases: Feb 10 March 13 Aug 21 Sep 5 Weighted Average Specific Identification Cost of Goods Available for Sale Cost of Goods Available for Sale 600 $ 60.00 $ 27,000 Total # of units Cost per unit 400 $ 57.00 $ 45.00 150 150 $ 65.00 450 $ 61.00 1,750 Specific Id 16,800 5,400 5,000 23,000 $ 77,200 Cost of Goods Sold # of units Cost per sold unit 330 $ 57.00 330 < Weighted Average Cost of Goods Sold 0 18,810 0 0 0 $ 18,810 Ending Inventory # of units in ending inventory 70 70 Specific ld > Cost per unit Ending Inventory $ 60.00 $ $ 57.00 $ 45.00 $ 65.00 $ 61.00 0 3,990 0 0 0 $ 3,990
4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places.) Sales Less: Cost of goods sold Gross profit FIFO 0 $ LIFO Weighted Average 0 $ 0 Specific Identification