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Cost Flow Methods Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 $286 July 17 Purchase 1 290 July 26 Purchase 1 294 3 $870 Total Average cost per unit $290 ($870 3 units) Assume that one unit is sold on July 31 for $423. Determine the gross profit for July and ending inventory on July 31 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $ Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 71 units @ $16 9 13 Sale 53 units Purchase 79 units @ $18 28 Sale 25 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $ Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for ZT901 are as follows: a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 15 purchase. Round your answer to two decimal places. $ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 27. Round your "average unit cost" to two decimal places. $ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. Round your "average unit cost" to two decimal places. $ Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $49 $245 July 7 Purchase 8 units at $52 416 Nov. 23 Purchase 20 units at $53 1,060 33 units $1,721 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $ Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9. Item Inventory Quantity Unit Cost Price Unit Market Price CK3J 63 $57 $62 O5T4 123 29 25 $ Effect of Inventory Errors During the taking of its physical inventory on December 31, 2014, Zula Company incorrectly counted its inventory as $470,815 instead of the correct amount of $527,315. Indicate the effect of the misstatement on Zula's December 31, 2014, balance sheet and income statement for the year ended December 31, 2014. Cost of merchandise sold Select Select $ Current assets Select Select $ Gross profit Select Select $ Merchandise inventory Select Select $ Net income Select Select $ Owner's equity Select Select $ Total assets Select Select $ Inventory Turnover and Number of Days' Sales in Inventory The following financial statement data for years ending December 31 for Gillispie Company are shown below. 2014 2013 Cost of merchandise sold $1,442,480 $898,484 $310,980 $217,540 Inventories: Beginning of year End of year 448,220 310,980 a. Determine the inventory turnover for 2014 and 2013. Round to one decimal place. Inventory Turnover 2014 2013 b. Determine the number of days' sales in inventory for 2014 and 2013. Assume 365 days a year. Round interim calculations and final answers to one decimal place. Number of Days' Sales in Inventory 2014 days 2013 days c. Does the change in inventory turnover and the number of days' sales in inventory from 2013 to 2014 indicate a favorable or an unfavorable trend? Select Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 52 units @ $41 6 Sale 35 units 14 Purchase 30 units @ $43 19 Sale 25 units 25 Sale 16 units 30 Purchase 30 units @ $45 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Hide a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost June 1 June 6 June 14 June 19 June 25 June 30 $ $ $ $ Inventory Quantity 52 Inventory Unit Cost $ 41 Inventory Total Cost $ 2,132 June 30 Balances $ $ b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Select Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 72 units @ $49 6 Sale 48 units 14 Purchase 94 units @ $51 19 Sale 52 units 25 Sale 17 units 30 Purchase 28 units @ $55 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Hide Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost June 1 June 6 June 14 June 19 $ $ $ $ Inventory Quantity 72 Inventory Unit Cost $ 49 Inventory Total Cost $ 3,528 June 25 June 30 June 30 Balance $ $ Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory Purchases Sales July 1 3,200 units at $38 July 10 1,600 units at $40 July 12 2,240 units July 20 1,440 units at $42 July 14 1,920 units July 31 960 units Hide a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost July 1 July 10 $ $ Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity 3,200 Inventory Unit Cost $ 38 Inventory Total Cost $ 121,600 July 12 $ $ July 14 July 20 July 31 July 31 Balances $ b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? Select Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: Inventory Purchases Sales August 1 2,500 units at $28 August 10 1,250 units at $30 August 12 1,750 units August 20 1,125 units at $32 August 14 1,500 units August 31 750 units Hide Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold FIFO Method $ Prepaid Cell Phones Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Aug. 1 Inventory Quantity 2,500 Aug. 10 $ Inventory Unit Cost Inven $ 28 $ $ Aug.1 2 $ $ Aug. 14 Aug. 20 Aug. 31 Aug. 31 Balances FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 46 units @ $48 Sale 37 units @ $67 First purchase 15 units @ $51 Sale 14 units @ $69 Second purchase 14 units @ $53 Sale 13 units @ $70 The firm uses the perpetual inventory system, and there are 11 units of the item on hand at the end of the year. $ $ a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO? $ Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Date Quantity Unit Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Inventory Total Cost Jan. 1 Mar. 18 $ May 2 $ Quantity Unit Cost Total Cost $ $ $ $ $ $ Aug. 9 Oct. 20 Dec. 31 Balances Weighted Average Cost Flow Method Under Perpetual Inventory System $ The following units of a particular item were available for sale during the calendar year: The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Date Quantity Unit Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Inventory Total Cost Quantity Jan. 1 Apr. 19 $ June 30 $ Unit Cost Total Cost $ $ $ $ $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Purchases Date Quantity Unit Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Jan. 1 $ Apr. 19 $ June 30 $ $ $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ $ Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units @ $30 Feb. 17 Purchase 12 units @ $32 Jul. 21 Purchase 7 units @ $34 Nov. 23 Purchase 17 units @ $36 There are 25 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $ b. Determine the inventory cost by the last-in, first-out method. $ c. Determine the inventory cost by the weighted average cost method. $ Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Purchases Date Quantity Unit Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Inventory Total Cost Jan. 1 Quantity Unit Cost $ Apr. 19 $ June 30 $ Total Cost $ $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 70 units @ $118 Aug. 30 Purchase 10 units @ $124 Dec. 12 Purchase 70 units @ $130 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. $ Hide Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Inventory Method First-in, first-out (FIFO) $ Merchandise Sold $ Last-in, first-out (LIFO) Weighted average cost Lower-of-Cost-or-Market Inventory On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit Market Price $182 AL65 20 $170 CA22 21 131 112 LA98 36 161 167 SC16 8 51 71 UT28 13 242 262 Hide Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Commodit y Total Cost Total Market Total Lower of C or M AL65 $ $ $ $ $ $ CA22 LA98 SC16 UT28 Total Effect of Errors in Physical Inventory Hydro White Water Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2014, Hydro White Water incorrectly counted its inventory as $433,860 instead of the correct amount of $446,880. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 2014, balance sheet of Hydro White Water. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Select $ Current Assets Select $ Total Assets Select $ Owner's Equity Select $ b. State the effect of the error on the income statement of Hydro White Water for the year ended December 31, 2014. Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold Select $ Gross Profit Select $ Net Income Select $ c. If uncorrected, what would be the effect of the error on the 2015 income statement? Income Statement Items Overstated / Understated Amount Cost of Merchandise Sold Select $ Gross Profit Select $ Net Income Select $