1 Given PA7-1 2 3 GLADSTONE COMPANY December 31, 2012 Unit Cost Units 1,800 $ 50 Transactions Beginning Inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 62 2,500 (1.450) 1,200 (1,900) 80 Periodic 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Additional Information: Inventory System Used Requirement di Percentage of March 14 sale from Beginning Inventory Percentage of March 14 sale from Jan. 30 purchase 2/5 3/5 Amount of August 31 sale from Beginning inventory Amount of August 31 sale from May 1 purchase Balance Remaining ? 24 25 16 wy 13 Goods Available for Sale Tuy 5500 AUTOS Ch07 Excel PM 6 O Page Layout Formulas Data Review View Home Insert X A A Paste B I 4 X fc Instructor A B D E F G H 5 Requirement 1: Good available for sale for all methods: Units Unit Cost Total Cost Beginning Inventory, January 1 Purchase - January 30 Purchase - May 1 Goods Available for Sale Goods sold Ending Inventory: 0 $ Ty units 0 MON a. LIFO B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Units 0 Unit Cost S Total Cost $ First units in-Beg. Inventory Next units in-Jan. 30 Ending Inventory 0 S Tiya s Cost of Goods Sold Tryan b. Weighted average cost: AVATAC units PA7-1 Instructions DIV/01 PA7-1 Problem + Ready POKONY . F PL W ome Insert Page Layout Formulas Data Review View X A A ste B IU - $ 4 xfx Instructor B D E G F H b. Weighted average cost: SONO Average unit cost Ending Inventory Cost of Goods Sold #DIV/0! #DIV/OI #DIV/0! NOVO NOVO c. FIFO Unit Cost Total Cost Units 0 $ Last units in-May 1 Next units in-Jan. 30 Ending Inventory $ 0 TIS Cost of Goods Sold 5 B 7 8 19 30 1 42 43 44 45 46 47 48 49 50 51 52 53 d. Specific identification Remainder of Jan. 30 purchase Remainder of May 1 purchase Ending Inventory 0 Try Try $ . Cost of Goods Sold Try PA7-1 Instructions PA7-1 Problem + Ready Tui A Pc W