Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March, Greehey had beginning inventory of 1 , 8 0

Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March,
Greehey had beginning inventory of 1,800 Lotta CDs with a unit cost of $7.
During March, Greehey made the following purchases of Lotta CDs. Hard copy due on 4/9/24 at the start
of class. (After printing project with numbers, click CTRL ~ and print a hard copy of formulas revealed. Staple.)
Date: Quantity: Cost: Date: Quantity: Cost:
Mar 54,000 $8 Mar 214,000 $10
Mar 135,500 $9 Mar 262,000 $11
During March, 12,500 units were sold. Greehey uses a perpetual inventory system.
Prepare answers on an Excel spreadsheet using the following templates. Label with letter in parenthesis.
Instructions:
(a) Determine the cost of goods available for sale.
COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost Total Cost
Mar 1 Text Number Value Formula
Mar 5 Text Number Value Formula
Mar 13 Text Number Value Formula
Mar 21 Text Number Value Formula
Mar 26 Text Number Value Formula
Total Formula Formula
(b) Determine the ending inventory under FIFO. (c) Determine the COGS under FIFO.
FIFO
Ending Inventory (2) Cost of Goods Sold
Date Units Unit Cost Total Cost Title Amount
Mar 26 Quantity Amount Formula Title Amount
Mar 21 Quantity Amount Formula Title Formula
Formula Formula
(d) Prove the accuracy of the cost of goods sold under FIFO.
Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Mar 1 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Formula Formula
(e) Determine the ending inventory under LIFO. (f) Determine the COGS under
LIFO.
LIFO
Ending Inventory Cost of Goods Sold
Date Units Unit Cost Total Cost Title Amount
Mar 1 Quantity Amount Formula Title Amount
Mar 5 Quantity Amount Formula Title Formula
Formula Formula
(g) Prove the accuracy of the cost of goods sold under LIFO.
Date Units Unit Cost Total Cost
Mar 26 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Formula Formula
(h) Determine the ending inventory under weighted average.
(1) Ending Inventory (2) Cost of Goods Sold
Cost of goods available for sale
Avg. cost per unit = Less: Ending inventory
(2 decimal places) Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer Here is the Excel spreadsheet with the solutions for the given problem a Determine the cost of goods available for sale COST OF GOODS AVAILABLE ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
663e67e152048_956864.pdf

180 KBs PDF File

Word file Icon
663e67e152048_956864.docx

120 KBs Word File

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

Graph the solution sets in Problems 316. x 100

Answered: 1 week ago

Question

Name four variables that might interest a child welfare agency.

Answered: 1 week ago