Question
Exercise 1. Cost of goods sold Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual
Exercise 1. Cost of goods sold
Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual inventory system, the company recorded initial inventory, purchases, and sales.
Determine the cost of merchandise sold and the value of the inventory.
Date Detail Quantity Unit cost
May 1 Starting Inventory 10 $ 91
6 Sale 6
8 Buy 14 95
13 Sale 4
30 Sale 7
Exercise 2. Perpetual inventory record
Electronic Equipment and Much More had an inventory of computers. Using the LIFO method and the perpetual inventory system the company recorded the initial inventory, purchases and sales.
Determine the cost of merchandise sold and the value of the inventory.
Date Detail Quantity Unit cost
May 1 Starting Inventory 12 $ 125
6 Sale 6
8 Buy 11 110
13 Sale 4
30 Sale 2
Exercise 3. Perpetual inventory record
Msica y Ms had an inventory of guitars and other musical instruments. Using the average inventory method and the perpetual inventory system, the company recorded beginning inventory, purchases, and sales.
Determine the cost per unit and the cost of merchandise sold.
Date Detail Quantity Unit cost
May 1 Starting Inventory 8 $ 82
6 Sale 3
8 Buy 20 83
13 Sale 4
30 Sale 6
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
