BATAM Unit 3, Activity 1 Assignment Inventory Methods 1. Calculate the cost of goods sold and ending inventory using the specific identification method. On December 1, Discount Electronics has three Blu-Ray players left in stock. All are identical and priced to sell at $750. Of the three Blu-Ray players left in stock, one with serial #1012 was purchased on June 1 at a cost of $500, another with a serial #1045 was purchased on November 1 for $450. The last player, serial #1056, was purchased on November 30 for $400. Customers purchased two of the three Blu-Ray players. Serial #1045 is the only Blu-Ray player left in stock. 2. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory using FIFO, LIFO, and the average cost method. Choi Company had a beginning inventory on January 1 of 100 units of Product SXL, at a cost of $20 per unit. During the year the following purchases were made: Mar. 15 300 units @ $24 July 20 200 units @ $25 Sept 4 300 units @ $28 Dec 2 100 units @ $30 By the end of the year, 750 units were sold. Choi Company uses the periodic inventory system 3. Fill in the missing numbers for the cost of Goods Sold section for four different companies. JX E B Unit 3, Activity 1, Assignment - Discount Electronics Cost of Goods Available for Sale Make/Model Blu-Ray Player Blu-Ray Player Blu-Ray Player Serial # Cost 2 3 Cost of Goods Sold Blu-Ray Player Blu-Ray Player TOTAL 8 Ending Inventory Blu-Ray Player 3 1 2. 3 1 3 3 Unit 3, Activity 1. Assignment Chol Company Cost of Goods Available for Sale (for all methods) Units Unit Cost Total Cost 10 11 TOTAL 13 14 a) FIFO Cost of Goods Sold Units Unit Cost Total Cost 17 15 19 TOTAL 21 Ending Inventory TOTAL b) LIFO Cost of Goods Sold Units Unit Cost Total Cost TOTAL Ending Inventory 34 TOTAL 36 c) Average Cost Method 37 38 Average Cost per Unt 30 = Total Cost/Number of Units 40 43 Cost of Goods Sold 44 = Unit cost x units sold 45 46 48 Ending Inventory Unit costxints in ending inventory 50 51 53 54 55 Below is a series of Cost of Goods Sold sections for four companies Please fill in the missing numbers (erase the question mark and replace it with the correct amount) Company 1 Company 2 Company 3 Company 4 Beginning Inventory 250 120 1,000 ? Purchases 1,500 1,080 ? 44,590 Purchase returns and allowances 40 ? 290 7 Net Purchases ? 1,020 7,210 44,330 Freight in 110 7 2.240 Cost of Goods Purchased 1.230 7,940 ? Cost of Goods Available for Sale 1,820 1,350 ? 49,530 Ending Inventory 310 1,450 6,230 Cost of Goods Sold 1.250 7,490 43,300 ? 2 ? ? BATAM Unit 3, Activity 1 Assignment Inventory Methods 1. Calculate the cost of goods sold and ending inventory using the specific identification method. On December 1, Discount Electronics has three Blu-Ray players left in stock. All are identical and priced to sell at $750. Of the three Blu-Ray players left in stock, one with serial #1012 was purchased on June 1 at a cost of $500, another with a serial #1045 was purchased on November 1 for $450. The last player, serial #1056, was purchased on November 30 for $400. Customers purchased two of the three Blu-Ray players. Serial #1045 is the only Blu-Ray player left in stock. 2. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory using FIFO, LIFO, and the average cost method. Choi Company had a beginning inventory on January 1 of 100 units of Product SXL, at a cost of $20 per unit. During the year the following purchases were made: Mar. 15 300 units @ $24 July 20 200 units @ $25 Sept 4 300 units @ $28 Dec 2 100 units @ $30 By the end of the year, 750 units were sold. Choi Company uses the periodic inventory system 3. Fill in the missing numbers for the cost of Goods Sold section for four different companies. JX E B Unit 3, Activity 1, Assignment - Discount Electronics Cost of Goods Available for Sale Make/Model Blu-Ray Player Blu-Ray Player Blu-Ray Player Serial # Cost 2 3 Cost of Goods Sold Blu-Ray Player Blu-Ray Player TOTAL 8 Ending Inventory Blu-Ray Player 3 1 2. 3 1 3 3 Unit 3, Activity 1. Assignment Chol Company Cost of Goods Available for Sale (for all methods) Units Unit Cost Total Cost 10 11 TOTAL 13 14 a) FIFO Cost of Goods Sold Units Unit Cost Total Cost 17 15 19 TOTAL 21 Ending Inventory TOTAL b) LIFO Cost of Goods Sold Units Unit Cost Total Cost TOTAL Ending Inventory 34 TOTAL 36 c) Average Cost Method 37 38 Average Cost per Unt 30 = Total Cost/Number of Units 40 43 Cost of Goods Sold 44 = Unit cost x units sold 45 46 48 Ending Inventory Unit costxints in ending inventory 50 51 53 54 55 Below is a series of Cost of Goods Sold sections for four companies Please fill in the missing numbers (erase the question mark and replace it with the correct amount) Company 1 Company 2 Company 3 Company 4 Beginning Inventory 250 120 1,000 ? Purchases 1,500 1,080 ? 44,590 Purchase returns and allowances 40 ? 290 7 Net Purchases ? 1,020 7,210 44,330 Freight in 110 7 2.240 Cost of Goods Purchased 1.230 7,940 ? Cost of Goods Available for Sale 1,820 1,350 ? 49,530 Ending Inventory 310 1,450 6,230 Cost of Goods Sold 1.250 7,490 43,300 ? 2