astnameExerCh.6-Saved to my Mac Q Search Sheet Home InsertPage Layout Formulas D
ID: 342378 • Letter: A
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astnameExerCh.6-Saved to my Mac Q Search Sheet Home InsertPage Layout Formulas Data Review View Danyy Chat with 2 people Calibri(Body) 11 Copy $, % | +0|400| Conditional Format Cell Formatting as Table Styles Merge & Center, InsertDelete Format Format Clear Filter Exercise 7 - Using the perpetual method, determine the cost assigned to ending inventory and cost of goods sold Beg. Inv Purchase Purchase Date Units Total 5Sale (at retail) 7 Sale (at retail) 9Sale (at retail) 1-Nov 8-Nov 10-Nov 17-Nov 24-Nov 30-Nov 15 x $ 10 x $ 20 x $ 10 x $ 50 x $ 55x S 1.00 = s 2.00$ 1.25 = $ 2.40 = $ 1.33 = $ 2.50 = $ 15.00 20.00 25.00 24.00 66.50 137.50 Want help? Click below: Demo Problem 6.1 12 13 14 15 16 17 18 19 20 21 Weighted Ave Cost of Goo ods Cost of Ending Date Sold Inventory 1-Nov 8-Nov 10-Nov 17-Nov 24-Nov 30-Nov Total 23 24 25 26 FIFO Cost of Goods Cost of Endine 8-9 x-cdt Ready 183%Explanation / Answer
Answer
Working
FIFO
Opening + Purchases
Cost of Goods Sold
Closing Inventory
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Beg Inventory
15
1.00
15
15
1.00
15.00
Sale 8 Nov
0
10
1.00
10
5
1.00
5.00
purchase 10 nov
20
1.25
25
5
1.00
5.00
0
0
20
1.25
25.00
Sale 17 Nov
5
1.00
5
15
1.25
18.75
5
1.25
6.25
0.00
0
0.00
Purchase 24 Nov
50
1.33
66.5
15
1.25
18.75
0
50
1.33
66.50
Sale 30 Nov
15
1.25
18.75
10
1.33
13.30
40
1.33
53.2
0.00
TOTAL
85
106.5
75
93.2
10
13.3
Answer – (Amount column)
Date
Cost of Goods Sold
Cost of Ending Inventory
Units
Amount ($)
Units
Amount ($)
01-Nov
0
0
15
15
08-Nov
10
10
5
5
10-Nov
25
30
17-Nov
10
11.25
15
18.75
24-Nov
65
85.25
30-Nov
55
71.95
10
$13.3
Total
75
$93.2
Working
LIFO
Opening + Purchases
Cost of Goods Sold
Closing Inventory
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Beg Inventory
15
1.00
15
15
1.00
15.00
Sale 8 Nov
0
10
1.00
10
5
1.00
5.00
0.00
purchase 10 nov
20
1.25
25
5
1.00
5.00
0
0
20
1.25
25.00
0.00
Sale 17 Nov
10
1.25
12.5
5
1.00
5.00
0
10
1.25
12.50
0
0.00
Purchase 24 Nov
50
1.33
66.5
5
1.00
5.00
0
10
1.25
12.50
50
1.33
66.50
Sale 30 Nov
50
1.33
66.5
5
1.00
5.00
5
1.25
6.25
5
1.25
6.25
0
0.00
TOTAL
85
106.50
75
95.25
10
11.25
Answer
Date
Cost of Goods Sold
Cost of Ending Inventory
Units
Amount ($)
Units
Amount ($)
01-Nov
0
0
15
15
08-Nov
10
10
5
5
10-Nov
25
30
17-Nov
10
12.5
15
17.5
24-Nov
65
84
30-Nov
55
72.75
10
$11.25
Total
75
$95.25
FIFO
Opening + Purchases
Cost of Goods Sold
Closing Inventory
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Unit
Rate ($)
Amount ($)
Beg Inventory
15
1.00
15
15
1.00
15.00
Sale 8 Nov
0
10
1.00
10
5
1.00
5.00
purchase 10 nov
20
1.25
25
5
1.00
5.00
0
0
20
1.25
25.00
Sale 17 Nov
5
1.00
5
15
1.25
18.75
5
1.25
6.25
0.00
0
0.00
Purchase 24 Nov
50
1.33
66.5
15
1.25
18.75
0
50
1.33
66.50
Sale 30 Nov
15
1.25
18.75
10
1.33
13.30
40
1.33
53.2
0.00
TOTAL
85
106.5
75
93.2
10
13.3
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