1. Based on the following information, what is C/G/S for Moroni Industries, Inc.

Question

1. Based on the following information, what is C/G/S for Moroni Industries, Inc. using FIFO under the perpetual inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35 2. Based on the following information, what is C/G/S for Moroni Industries, Inc. using weighted average cost under the perpetual inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35 3.Based on the following information, what is ending inventory for Moroni Industries, Inc. using average cost under the periodic inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35 4. Based on the following information, what is C/G/S for Moroni Industries, Inc. using LIFO under the perpetual inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35 5. Based on the following information, what is ending inventory for Moroni Industries, Inc. using weighted average cost under the perpetual inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35 6.Based on the following information, what is C/G/S for Moroni Industries, Inc. using LIFO under the periodic inventory method? Beginning Inventory 10 @ $120; Purchase 60 @ $112, Sale 40; Purchase 30 @ $115; Sale 35

Explanation / Answer

1)

cost of goods sold = $4560

2)

Cost of goods sold = $4525.60

3)

Average cost = ($10170+ $1200) / 90 = $113.70

Cost of goods sold = $113.70 * 40 = $4548

Cost of ending inventory = 60*113.70 = $6822

4)

Cost of goods sold = $4480

5)

Refreing the table in (2)

cost of ending inventory = $6844.20

6)

Cost of goods available for sale = $10170 + $1200 = $11370

Cost of goods sold = 10 * $112 + 30*$115 = $4570

Cost of ending inventory = 11370 - 4570 = $6800

Goods Purchased Cost of goods sold Inventory Balance No. Of units Cost perunit no. Of units cost per unit cost of goods sold no of units cost per unit ($) inventory balance 10 @ $ 120.00 = $ 1,200.00 60 @ $ 112.00 = $   6,720.00 60 @ $ 112.00 = $ 6,720.00 70 $ 7,920.00 10 @ $ 120.00 = $ 1,200.00 30 @ $ 112.00 = $ 3,360.00 30 @ $ 112.00 = $ 3,360.00 30 @ $ 115.00 = $   3,450.00 40 $ 4,560.00 30 @ $ 115.00 = $ 3,450.00 90 $ 10,170.00 60 $ 6,810.00

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