Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March, Greehey
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Question:
Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March,
Greehey had beginning inventory of Lotta CDs with a unit cost of $
During March, Greehey made the following purchases of Lotta CDs Hard copy due on 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 $ Mar $
Mar $ Mar $
During March, 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 Text Number Value Formula
Mar Text Number Value Formula
Mar Text Number Value Formula
Mar Text Number Value Formula
Mar Text Number Value Formula
Total Formula Formula
b Determine the ending inventory under FIFO. c Determine the COGS under FIFO.
FIFO
Ending Inventory Cost of Goods Sold
Date Units Unit Cost Total Cost Title Amount
Mar Quantity Amount Formula Title Amount
Mar 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 Quantity Amount Formula
Mar Quantity Amount Formula
Mar Quantity Amount Formula
Mar 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 Quantity Amount Formula Title Amount
Mar 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 Quantity Amount Formula
Mar Quantity Amount Formula
Mar Quantity Amount Formula
Mar Quantity Amount Formula
Formula Formula
h Determine the ending inventory under weighted average.
Ending Inventory Cost of Goods Sold
Cost of goods available for sale
Avg. cost per unit Less: Ending inventory
decimal places Cost of goods sold
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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