Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i got most of it done but can not figure out 3d Specific Id nor #4 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id (need

i got most of it done but can not figure out 3d "Specific Id" nor #4
image text in transcribed
image text in transcribed
image text in transcribed
Perpetual FIFO
image text in transcribed
Perpetual LIFO
image text in transcribed
Weighted Average
image text in transcribed
Specific Id (need help on)
image text in transcribed
Specific Id (need help on)
image text in transcribed
Need help with computing gross profit
image text in transcribed
more info
2. Compute the number of units in ending inventory. Answer is complete and correct. Ending inventory 415 units Check my work mode : This shows what is correct or incorrect for the w Jan 1 600 e H 50.00 35,000.00 Feb 10 4800 o 600 l 5700 60.00 480 @ 5700 38.000.00 27350.00 $ 63 380.00 15 36,000.00 27,360.00 Mar 1a 120 l 600 @ 42.00 00.00 480 @ 1200 57.00 15 42.00 5,040.00 15 68.400.00 $ 18.815.00 Mar 15 $ 38,000.00 2950 57.00 600 185 le $ 60.00 5 57.00 10.545.00 1200 42.00 5.040.00 $ 46,545.00 Aug 21 180 @ 65.00 295 le 1200 57.00 21,655.00 S 16.815.00 5,040.00 42.00 5 65.00 1800 11.700.00 $ 33,555.00 Sept 470 63.00 295 15 57.00 16,815.00 120 42.00 5.040.00 11,700.00 180 @ 470 @ 6800 $ 63.00 29,610.00 63.165.00 Sept 10 295 le $ 16,815.00 120 l is 57.00 $ 42.00 5 65.00 5,040.00 mo 180 11.700.00 2.465.00 55 63.00 415 la 63.00 28,145.00 5 26.145.00 $37.020.00 Total 583 565.00 20,145.00 4. Compute gross profit eamed by the company for each of the four costing methods. (Round your average cost per unit to 2 decir places) Answer is not complete. Prov 1 of 2 Perpetual LIFO: Inventory Balance Goods Purchased of Cost per unit Cest of Goods Sold of units Cost Cost of Goods sold per Sold unit Cost Date of units per Inventory Balance 600 60.00 $38,000.00 Feb 10 480 $ 57.00 600 $ 60.00 $38,000.00 57.00 27,350.00 $63,360.00 120 Mar 13 $ 42.00 600 > 80.00 $36,000.00 480 109 27,360.00 . 5700 $ 120 42.00 5,040.00 $58.400.00 Mar 15 120 @ $ 5,040.00 42.00 415 80.00 $24.900.00 480 27.380.00 185@ 5700 S 60.00 11.100.00 $43,500.00 $24.900.00 Aug 21 180 > 65.00 4150 60.00 $24.900.00 180 65.00 11.700.00 $36,600.00 Sep 5 470 415 63.00 $ 60.00 $24.900.00 180 @ 11.700.00 65.00 0 0 470 29.610.00 63.00 $56,210.00 Sept 10 470 B 63.00 $29.610.00 415 60.00 $24,900.00 180 l 65.00 11,700.00 Totals 41,310 $84.81000 $24.900.00 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 de places.) Prev 1 of 2 Weighted Average Perpetual Goods Purchased Cost of Data per unit Jan 1 # of units sold Cost of Goods Sold Cost Cost of Goods per Sold unit Inventory Balance Cost # of units Inventory per unit Balance S 600 @ 60.00 36,000.00 Feb 10 480 600 57.00 480 s 60.00 $ 5700 $ 58.67 36,000.00 27.360.00 S 63,360,00 Average 1,080 @ Mar 13 120 @ 42.00 1,000 @ $ 63,363.60 120 @ s 58.67 $ 42.00 $ 57.00 1,200 5 Mar 15 785 $ 44,745.00 S 57.00 57.00 415 Aug 21 180 85.00 415 5.040.00 S 68.403.60 IS 23.655.00 $ 23,655.00 11,700.00 $ 35,35500 $ 35,354.90 29.610.00 180 8 Average 595 Sept5 470 @ 63.00 > $ 5700 $ 65.00 $ 59.42 IS 59.42 $ 63.00 S 61.00 s 61.00 595 470 1,065 B $ 54,964.90 S Sept 10 650 S 61.00 415 $ 39,650.00 $ 84,395.00 $ 25,315.00 Totals Cost of Goods Sold Goods Purchased Cost #of per units unit Date # of units sold Cost per unit Cost of Goods Sold January 1 Inventory Balance Cost of units per Inventory unit Balance 600 $ 60.00 $36,000.00 $ 600 60.00 $36,000.00 $ 480 @ 57.00 27,360.00 3 3 February 10 480 57.00 SI $63,360.00 March 13 $ 42.00 120 600 $ a $ 35,000.00 $ > 480 @ 80.00 $ 57.00 $ 42.00 $ 27,360.00 120 @ $ 5,040.00 $68,400.00 March 15 600 60.00 36,000 @ $ 57.00 120 $36,000.00 Aug 21 180 S 65.00 @ $ 57.00 IS 65.00 Sep 5 470 $ 63.00 o $ 57.00 180 11,700.00 @ @ IS 65.00 $ 63.00 470 29,610.00 $ 41,310.00 Sep 10 100 @ 5 57.00 $ 5,700.00 100 57.00 $ 5.700.00 130 $ 65.00 8.450.00 180 @ $ 65.00 X 11,700.00 Totals $14,150.00 $50,150.00 $ 17,400.00 $ 17,400.00 Perpetual FIFO Perpetual LIFO Weighted Average Specific ld Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Specific Identification Good Purchased of Cost units per un January 1 February 10 $5700 Cost of Goods Sold #of units Cost sold per unit Cost of Goods Sold lewentory Balance #of units Cost Inventory per unit Balance 600 $6000 $ 36,000.00 600 560.00 - $36.000.00 480 $5700 27.360.00 563,300.00 480 March 13 120 $42.00 600 480 120 e $60.00 - $57.00 $42.00 $ 35,000.00 $ 27.350.00 $ 5,040.00 $58.400.00 March 15 6000 60.00 - 30.000 $5700 120 $ 38,000.00 Aug 21 100 G $65.00 557,00 @365.00 teps 470 500.00 S5700 elle 1800 36500 - 470 363.00 11,700.00 29.610.00 $ 41,310.00 Sep 10 100 56700 $ 5.700.00 10055700 - 5700.00 130 165.00 450.00 100 165.00 11.700.00 Totals S 14.150.00 30.15000 317.400.00 $17.400.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Auditing That Matters Case Studies

Authors: Norman David Marks

1st Edition

B089J17FFW, 979-8650160410

More Books

Students also viewed these Accounting questions

Question

1 What is meant by disclosure?

Answered: 1 week ago

Question

Group Size and Communication

Answered: 1 week ago

Question

Understanding Group Roles

Answered: 1 week ago