Scholarshipsin theo D Athena Homepage Haven-I Everfi Educ GClass Textbook and c

Question

Scholarshipsin theo D Athena Homepage Haven-I Everfi Educ GClass Textbook and c %,Class Textbook and C s Problems Montoure Company uses a perpetual inventory system It entered Into the following calender-year purchasos and sales transactons 6ee units 400 units $37 pern 190 units 15 per nit 190 units e sas per unit $58 units 543 per unit $40 per Feb:: 38 Purchase Mar.:13 Purchase ar15 Sales Au 21 Purchase Sept:5 Punchase Sept. 18 Sales 895 units sze per undt 40 units $7e per unit Tetals 1,930 units Required 1. Compute cost of goods avatable for sale and the number of units avaitable for sale 2 Compute the number of unts in ending inventory 3. Compute the cost assigned to ending inventory using ten FIFO, LFO.G weighted average, and (d specific identification For specificidentification, unts sold consist of 600 units from beginning mentory, 300 tonn the February purcnasa, t90 trom the March 13 purchase 140 from the August 21 purchase, and 315 from the September 5 purchase (Round your average cost per unit to 2 decimal places.) 4. Compute gross proft earned by the company for each of the four cossng mathods (Round your average cost per unit to 2 decimat places Complete this question by entering your answers in the tabs below Compute the cost assigned to ending nvencoty.inFIFO (/ LIFO weighted average and l) scecific idendfication For specific identification unics sold consist of 600 nits from beginning inventory 300 from the from the March 13 purchess 340 fromuss 22 Purchase and 3is fromthe StctempaPH Rne u Februery 10 purchase 190 average cost per unlt 2 ecmal Pleces LIFO

Explanation / Answer

Req 1. Cost of goods available for sale: Units CPU Cost Beginning Inv. 600 40 24000 Purchases: 10-Feb 400 37 14800 13-Mar 190 15 2850 21-Aug 190 45 8550 5-Sep 550 43 23650 Total 1930 73850 Req 2. Total units available for sale 1930 Less: Actualy sold units 1545 Ending units 385 Req 3. 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 600 40 24000 10-Feb 400 37 14800 600 40 24000 400 37 14800 13-Mar 190 15 2850 600 40 24000 400 37 14800 190 15 2850 15-Mar 600 40 24000 195 37 7215 205 37 7585 190 15 2850 21-Aug 190 45 8550 195 37 7215 190 15 2850 190 45 8550 5-Sep 550 43 23650 195 37 7215 190 15 2850 190 45 8550 550 43 23650 10-Sep 195 37 7215 190 15 2850 190 45 8550 165 43 7095 385 43 16555 TOTAL 1330 49850 1545 57295 385 16555 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 600 40 24000 10-Feb 400 37 14800 600 40 24000 400 37 14800 13-Mar 190 15 2850 600 40 24000 400 37 14800 190 15 2850 15-Mar 190 15 2850 195 37 7215 400 37 14800 215 40 8600 385 40 15400 21-Aug 190 45 8550 385 40 15400 190 45 8550 5-Sep 550 43 23650 385 40 15400 190 45 8550 550 43 23650 10-Sep 550 43 23650 190 45 8550 385 43 15400 TOTAL 1330 49850 1545 58450 385 15400 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 600 40 24000 10-Feb 400 37 14800 600 40 24000 400 37 14800 13-Mar 190 15 2850 600 40 24000 400 37 14800 190 15 2850 Average 1190 35 41650 15-Mar 805 35 28175 385 35 13475 21-Aug 190 45 8550 385 35 13475 190 45 8550 5-Sep 550 43 23650 385 35 13475 190 45 8550 550 43 23650 Average 1125 40.6 45675 740 40.6 30044 385 40.6 15631 TOTAL 1330 49850 1545 58219 385 15631 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg Inv 600 40 24000 600 40 24000 Purchasse 10-Feb 400 37 14800 300 37 11100 100 37 3700 13-Mar 190 15 2850 190 15 2850 21-Aug 190 45 8550 140 45 6300 50 45 2250 5-Sep 550 43 23650 315 43 13545 235 43 10105 TOTAL 1930 73850 1545 57795 385 16055 Ending Inventory FIFO 16555 LIFO 15400 Average 15631 Specific Identification 16055 Req 4. FIFO LIFO Average Specific Identification Sales 108150 108150 108150 108150 Less: Cost of goods sold 57295 58450 58219 57795 Gross Margin 50855 49700 49931 50355

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