ACCOUNTING 2010-SURVEY OF FINANCIAL ACCOUNTING Hannah King-Guffey Homework: Chap

Question

ACCOUNTING 2010-SURVEY OF FINANCIAL ACCOUNTING Hannah King-Guffey Homework: Chapter 6 Homework Score: 0 of 13 pts E6-19A (similar to) 2 of 5 10 complete) HWScore: 0%, 0 of 56 pts Question Help Big Fish, Inc's inventory records for a particular development program show the following at December 31: EB(Click the icon to view the accounting records.) At December 31, 11 of these programs are on hand Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific unit cost, with seven $165 units and four $175 units stll on hand at the end b. Average cost c. First-in, first-out d. Last-in, first-out Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific unit cost then (b) average cost then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.) Number of units Cost of goods sold Ending inventory L-? Data Table Dec Beginning inventory 9 $165 $ 1.485 15 Purchase5 166- $ 26 Purchase 13 175- $ 2,275 units Print Done

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 9 165 1485 9 165 1485 Purchasse 15-Dec 5 166 830 5 166 830 26-Dec 13 175 2275 2 175 350 11 175 1925 TOTAL 27 4590 16 2665 11 1925 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 9 165 1485 9 165 1485 Purchasse 15-Dec 5 166 830 3 166 498 2 166 332 26-Dec 13 175 2275 13 175 2275 TOTAL 27 4590 16 2773 11 1817 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 9 165 1485 Purchasse 15-Dec 5 166 830 26-Dec 13 175 2275 TOTAL 27 170 4590 16 170 2720 11 170 1870 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 $ Balance 9 165 1485 2 165 330 7 165 1155 Purchasse 15-Dec 5 166 830 5 166 830 26-Dec 13 175 2275 9 175 1575 4 175 700 TOTAL 27 170 4590 16 2735 11 1855 Number of Unitd COGS 16 Ending inventory 11 Req COGS Ending Inventory Specific Identification 2735 1855 Average 2720 1870 FIFO 2665 1925 LIFO 2773 1817

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