SOMEBODY PROVIDED AN ANSWER BUT WAS INCOMPLETE, THE FORMULAS WERE LEFT OUT, THE

Question

SOMEBODY PROVIDED AN ANSWER BUT WAS INCOMPLETE, THE FORMULAS WERE LEFT OUT, THE TEXT ANSWERS WERE NOT GIVEN. I PREFER A TABLE FORMAT... THANK YOU.

THIS IS ORIGINALLY IN EXCEL BUT I COULDN'T PASTE IT HERE. I WOULD APPRECIATE IF SOMEONE COULD HELP ME WITH THIS.

P6-2A Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March,
Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of $7
During March Glanville made the following purchases of Clooney CDs:
Date: Quantity: Cost: Date: Quantity: Cost:
Mar 5 3,000 $8 Mar 21 4,000 $10
Mar 13 5,500 $9 Mar 26 2,000 $11
During March 12,500 units were sold. Glanville uses a periodic inventory system.

Instructions:
(a) Determine the cost of goods available for sale.

COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost Total Cost
Mar 1 Inv 03/01 Number Value Formula
Mar 5 Purchase Number Value Formula
Mar 13 Purchase Number Value Formula
Mar 21 Purchase Number Value Formula
Mar 26 Purchase Number Value Formula
Total Formula Formula

(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.


FIFO
(1) Ending Inventory (2) Cost of Goods Sold
Date Units Unit Cost Total Cost Cost of goods available for sale Amount
Mar 26 Quantity Amount Formula Less: Ending inventory Amount
Mar 21 Quantity Amount Formula Cost of goods sold Formula
Formula Formula



Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Mar 1 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Formula Formula

LIFO
(1) Ending Inventory (2) Cost of Goods Sold
Date Units Unit Cost Total Cost Cost of goods available for sale Amount
Mar 1 Quantity Amount Formula Less: Ending inventory Amount
Mar 5 Quantity Amount Formula Cost of goods sold Formula
Formula Formula

Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Mar 26 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Formula Formula

AVERAGE COST
(1) Ending Inventory (2) Cost of Goods Sold
Cost of goods available for sale Amount
Area for formula Less: Ending inventory Amount
Cost of goods sold Formula
Units Unit cost: Total cost:
#VALUE! #VALUE! #VALUE!

(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

(1)
Enter text answer here.



(2)
Enter text answer here.


In "DATE" cells enter the date in any of several formats and Excel will format it correctly.

If more than one page is preformatted into the problem, page breaks are preset and formulas are
set to copy the header into the remaining pages.

Place the proper account title in the cell where the word "ACCOUNT" appears on the template.

Place the amount in the cell where the word "AMOUNT" appears on the template. A formula may be placed in some of these cells.

Enter a number like 914 to signify units or gallons where the word "NUMBER" appears.

Write a formula into cells where the word "FORMULA" appears. In these cells, an amount calculated outside of Excel can be entered into Excel if desired.

Place the explanation for the entry in the cell where the word "EXPLANATION" appears on the template.

Insert the account number where "ACCT #" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) vice -$400.

Enter a string like: ($259,417 X 12 months) + (0.3651 X 5,434,631) where the word TEXT appears.

Explanation / Answer

(a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Mar 1 Inv 10/01 1,500 $7 $10,500 Mar 5 Purchase 3,000 8 $24,000 Mar 13 Purchase 5,500 9 $49,500 Mar 21 Purchase 4,000 10 $40,000 Mar 26 Purchase 2,000 11 $22,000 Total 16,000 $7,20,000 (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. FIFO (1) Ending Inventory Date Units Unit Cost Total Cost Mar 26 2,000 $11 $22,000 Mar 21 1,500 10 $15,000 3,500 $37,000 Ending inventory = 16,000 available for sale - 12,500 CDs sold = 3,500 CDs Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 1 1,500 $7 $10,500 Mar 5 3,000 8 $24,000 Mar 13 5,500 9 $49,500 Mar 21 2,500 10 $25,000 12,500 $1,09,000 LIFO (1) Ending Inventory Date Units Unit Cost Total Cost Mar 1 1,500 $7 $10,500 Mar 5 2,000 $8 16,000 3,500 $26,500 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Mar 26 2,000 $11 $22,000 Mar 21 4,000 10 40,000 Mar 13 5,500 9 49,500 Mar 5 1,000 8 8,000 12,500 $1,19,500

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