Chapter b in Class Perpetual inventory - Specilit uel ildLIVII Date Sales (at Cost) Units Unit Cost COGS Purchases Units Unit Cost Total Cost $ $ Jan. 1 Feb. 13 Inventory Balance Units Unit Cost Total Cost $ 7 $ $ $ Feb. 15 $ $ Aug. 5 The Trump Company has the following inventory purchases during the fiscal year ended December 31, 2020 Beginning 600 units @$105/unit Feb. 13 200 units @$109/unit Aug. 5 345 units @ $112/unit Trump Company has two sales during the period: Feb. 15 300 units @$165/unit Aug. 10 335 units @$165/unit Trump Company uses perpetual inventory system. 1. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows: Feb. 15 175 units from beginning inventory 125 units from the Feb. 13 purchase Aug. 10 15 units from beginning inventory 320 units from the Aug. 5 purchase 2. Journalize the sales on Feb. 15 $ Aug. 10 $ $ $ $ $ $ Ending Inventory 0 $ $ COGS Total $ Cost of Goods Available for Sale = 0 175+125=300 units @$165 Feb. 15 Accounts Receivable Sales Cost of Goods Sold Inventory 18,375+13,625 Perpetual Specific Periodic WAVE Perpetual MWANG Perpetual FIFO Periodic FIFO Chapter 6 In Class Perpetual Inventory - FIFO The Trump Company has the following inventory Date Purchases Sales (at Cost) Inventory Balance purchases during the fiscal year ended Units Unit Cost Total Cost Units Unit Cost COGS Units Unit Cost Total Cost December 31, 2020. Jan. 1 Beginning 600 units @$105/unit Feb. 13 Feb. 13 200 units @ $109/unit Aug. S 345 units @$112/unit Feb. 15 Trump Company has two sales during the period: Feb. 15 300 units @ $165/unit Aug. 5 Aug. 10 335 units @$165/unit e Trump Company uses perpetual inventory system. 3 1. Calculate the dollar value of cost of goods sold Aug. 10 and ending inventory using FIFO 52. Journalize the sales on Feb. 15 6 Total 7 Cost of Goods Available for Sale COGS Ending Inventory 8 19 Feb. 15 Accounts Receivable 20 Sales 21 Cost of Goods Sold 22 Inventory 23 24 25 26 Periodic FIFO Periodic WAVE Perpetual Specific Perpetual MWAvg Perpetual FC Inventory Balance Units Unit Cost Total Cost Chapter 6 In Class Perpetual Inventory - Moving Weighted Average The Trump Company has the following inventory Date Purchases Sales (at Cost) purchases during the fiscal year ended Units Unit Cost Total Cost Units Unit Cost COGS December 31, 2020. Jan. 1 Beginning 600 units @ $105/unit Feb. 13 Feb. 13 200 units @$109/unit Feb. 15 Aug. 5 345 units @ $112/unit Aug. 5 Trump Company has two sales during the period: Aug. 10 Feb. 15 300 units @$165/unit Total Aug. 10 335 units @ $165/unit Cost of Goods Available for Sale = COGS Trump Company uses perpetual inventory system. 1. Calculate the dollar value of cost of goods sold Note 1: and ending inventory using Moving Weighted Average Average unit cost: 2. Journalize the sales on Feb. 15 Note 2: Average unit cost: Ending Inventory $ 84,800 800 Feb. 15 Accounts Receivable Sales Cost of Goods Sold Inventory Periodic WAVE Periodic FIFO Perpetual Specific Perpptual MWAvg Perpetual FIFO Chapter 6 In Class Periodic Inventory - FIFO The Trump Company has the following inventory Remember under periodic inentory, we know the ending inventory, and then calculate COGSI purchases during the fiscal year ended December 31, 2020. Cost of goods available for sale Beginning 600 units @ $105/unit Less: ending inventory (note) Feb. 13 200 units @$109/unit Aug. 5 345 units @ $112/unit Trump Company has two sales during the period: Feb. 15 300 units @$165/unit COGS 1 Aug. 10 335 units @$165/unit Trump Company uses periodic inventory system. Note: Calculate the dollar value of cost of goods sold How many units are available? and ending inventory using FIFO How much is the total amount available? How many units are sold? How many units are left as ending inventory? Since it's FIFO, the units left as ending inentory has the most recent purchase @ $???/unit? 3 2 3 7 Periodic WAVE Perpetual Specific Perpetual FIFO Perpetual MWAvg Periopic FIFO Chapter 6 In Class Periodic Inventory - Weighted Average The Trump Company has the following inventory purchases during the fiscal year ended December 31, 2020 Cost of goods available for sale Beginning 600 units @$105/unit Less: ending inventory Feb. 13 200 units @$109/unit COGS Aug. 5 345 units @ $112/unit Trump Company has two sales during the period: Feb. 15 300 units @$165/unit Aug. 10 335 units @ $165/unit Trump Company uses periodic inventory system. Note: Calculate the dollar value of cost of goods sold How many units are available? and ending inventory using Weighted Average How much is the total amount available? What's the weighted average cost? How many units are sold? How many units are left as ending inventory? Use the same weighted average cost on ending inventory. PdNodie WAVE Periodic FIFO Perpetual MWANG Perpetual FIFO Perpetual Specific