& Horne Rowan Colles. G Google @ Vacation Packages1 m! Ethics. By Branch /: Madi

Question

& Horne Rowan Colles. G Google @ Vacation Packages1 m! Ethics. By Branch /: Madison Devinel Lin D Mathway | Math Prol H8O GO.irs H Mathway 1 Math polHEOGOrsve e Exam #1 Montoure Company uses a perpetual inventory system It entered into th following calendar-year purchases and sales transactions Date Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 18 Sales tivit its Acquired at 580 units $40 per unit 420 units $38 per unit 180 units $25 per unit 755 units@ $78 per unit 190 units @ $45 per unit 560 units$41 per unit 75e unitse 578 per unit Totals 1,930 units 1,585 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale 751 Number of units available for sale 1,930 units 2. Compute the number of units in ending inventory 425

Explanation / Answer

Req 1. Cost of goods available for sale (23200+15960+4500+8550+22960) 75170 Number of Units available f or sale (580+420+180+190+560) 1930 Req 2. Number of units available f or sale 1930 Less: Units sold 1505 Ending inventory 425 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 580 40 23200 10-Feb 420 38 15960 580 40 23200 420 38 15960 13-Mar 180 25 4500 580 40 23200 420 38 15960 180 25 4500 15-Mar 580 40 23200 245 38 9310 175 38 6650 180 25 4500 21-Aug 190 45 8550 245 38 9310 180 25 4500 190 45 8550 5-Sep 560 41 22960 245 38 9310 180 25 4500 190 45 8550 560 41 22960 10-Sep 245 38 9310 180 25 4500 190 45 8550 135 41 5535 425 41 17425 TOTAL 1350 51970 1505 57745 425 17425 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 580 40 23200 10-Feb 420 38 15960 580 40 23200 420 38 15960 13-Mar 180 25 4500 580 40 23200 420 38 15960 180 25 4500 15-Mar 180 25 4500 245 38 9310 420 38 15960 155 40 6200 425 40 17000 21-Aug 190 45 8550 425 40 17000 190 45 8550 5-Sep 560 41 22960 425 40 17000 190 45 8550 560 41 22960 10-Sep 560 41 22960 190 45 8550 425 40 17000 TOTAL 1350 51970 1505 58170 425 17000 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 580 40 23200 10-Feb 420 38 15960 580 40 23200 420 38 15960 13-Mar 180 25 4500 580 40 23200 420 38 15960 180 25 4500 Average 1180 37 43660 15-Mar 755 37 27935 425 37 15725 21-Aug 190 45 8550 425 37 15725 190 45 8550 5-Sep 560 41 22960 425 37 15725 190 45 8550 560 41 22960 Average 1175 40.2 47235 10-Sep 750 40.2 30150 425 40.2 17085 TOTAL 1350 51970 1505 58085 425 17085 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 580 40 23200 10-Feb 420 38 15960 580 40 23200 420 38 15960 13-Mar 180 25 4500 580 40 23200 420 38 15960 180 25 4500 15-Mar 580 40 23200 245 38 9310 175 38 6650 180 25 4500 21-Aug 190 45 8550 245 38 9310 180 25 4500 190 45 8550 5-Sep 560 41 22960 245 38 9310 180 25 4500 190 45 8550 560 41 22960 10-Sep 145 38 5510 100 38 3800 180 25 4500 50 45 2250 140 45 6300 275 41 11275 285 41 11685 TOTAL 1350 51970 1505 57845 425 17325 FIFO LIFO AVERAGE SPECIFIC IDENTIFICATION Sales 105350 105350 105350 105350 Less: Cost of goods sold 57745 58170 58085 57845 Gross profit 47605 47180 47265 47505

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