ig spe,130 r dvertising, and $1,250 for sales staff salaries. For computing inve

Question

ig spe,130 r dvertising, and $1,250 for sales staff salaries. For computing inventory, what cost c2 is assigned to the used car? Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it pur- a chases an additional 10 units at respective costs of S61. S62, S65, and S70 per unit for weeks l through 4· C Calculate the cost of goods available for sale and the units available for sale for this four-week period. av Assume that no sales occur during those four weeks. A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January I Purchase on January 9 Purchase on January 25 320 80 100 $3.00 3.20 3.34 Required Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.) Refer to the information in QS 6-4 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are asigned based on LIFO. (Round per unit costs and inventory amounts to cents.) Refer to the information in QS 6-4 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to cents.) Refer to the information in QS 6-4 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to cents.) Refer to the information in QS 6-4 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit costs and inventory amounts to cents.) Refer to the information in QS 6-4 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to cents.) Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@$6.00 cost 20 units@$12.00 cost 15 units@$14.00 cost

Explanation / Answer

ans 1 Unit Unit cost Total cost Beginning Inv 10 60 600 1st week 10 61 610 2nd week 10 62 620 3rd week 10 65 650 4th week 10 70 700 50 3180 Units avaialble for sale 50 COG avaialble for sale 3180 ans 2 Unit Unit cost Total cost beginning Inv 320 3 960 Jan 9 Purchases 80 3.2 256 Jan 25 Purchases 100 3.34 334 500 1550 weighted avg cost 1550/500 3.10 ans 1 Perpetual system FIFO Unit Unit cost Total cost Jan 9 Purchases 50 3.2 160 Jan 25 Purchases 100 3.34 334 Ending Inventory 494 ans 2 Perpetual system LIFO Unit Unit cost Total cost beginning Inv 150 3 450 Ending Inventory 450 ans 3 Perpetual system Weighted avg Ending Inventory 150*3.1 465 ans 4 From periodic also answers are same as the sale is after all purcahses are made. Periodic system FIFO Unit Unit cost Total cost Jan 9 Purchases 50 3.2 160 Jan 25 Purchases 100 3.34 334 Ending Inventory 494 ans 5 Periodic system LIFO Unit Unit cost Total cost beginning Inv 150 3 450 Ending Inventory 450 ans 6 Periodic system Weighted avg Ending Inventory 150*3.1 465

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