Lesson 6 Quick Study

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_ ( C I 9 Secure hpswnewconnect.mheducation.corn,lflnwiconnec1.htrm Q 311" e 5 Lesson 6 Quick Sway 0 5m: Hulp 5.\": an Submit 21 Confuclus Bookstores Invemory Is destroyed by a re on September 5, 2017. The followIng data for year 2011' are avaHable from the accou nrjng Iecaldsr 10 Forms Jan. 1 invanmry summon Jan. 1 mmuqh Sept. 5 purchase [netl 5352mm: Jan. 1 through Sept. 5 aclaa inst} ssnsmun gawk Yea: zen estimated gruas profit rate a Hlnt pl 1 Esilmame the cost :1er Inventory destroyed. m Mamas Beglnnlng Imam 3 131000 Eidrrmd Seplnmber 5 Invanlary dulruyad Munc- llnls eBoak: Am both the retail lnventorv and qmss pmt methuds to est'mate lnventom Next ( Prev 21 of 21 ( C I 9 Secure hpsmnewconnect.mheducationoomrflowioonneci.htmI Q 311" e 5 Lesson 6 Quick Study 0 5m: Help 5.\": an Submll 20 In laklng a physicaI Inventory a1 the end ofyear 201?, Gram Company forgot lo count. certaln unlls. Indlcate now this error aects 1he ioIIowing: 10 {31 2017 coal of goods soIcI. Palms 0 Overstates 2017 c051 of goods sold. gawk 0 Understaies 201? cost of goods com. 0 None ofthe above. pun: Renae-ms {bl 2017 gross prot. 0 Understa'les 2017 gross prot. 0 Overstahes 2017 gross prot. 0 None ofthe above. {12.1 2017 ner. Income. 0 Understa'les 2017 net Income. 0 Overstahes 2017 ne1 Income. 0 None ofthe above. {d} 2018 ne11ncome. 0 UndemaIes 2018 ne1 Income. 0 Ovelstahes 2018 nei Income. 0 None ofthe above. {e} The corn nlned two-year Income. ( Flev Next ) _ ( C I 9 Secure hpswnewcanneal.mheducation.com,lflnwiconnec1.htrm Q 311" e 5 Lesson 6 Quick Sway 0 Sang! Hulp 5.\": an Submit 19 Ames Trading Co. has the followlng products In Its emdlng Inventory. hoax-t 9min!- oont par: Unit. mm per! Unit 10 Hauntain bikes 11 560D 555D mm; Skateboard: 13 350 4:5 Glider: IE 800 'JDD 26ml: Compute \\mver of cost or market for Inventory applled separate'y to each product Hlm. Pllnl memes Mountain h'lms Skateboards G1Idnrs Ruhr-na- um aBouk: Cnmpme the lower aims: a! marine! amuunt ul Imam ( Prev 19 of 21 Next ) \fales ( C I 9 Secure hpsnewconnect.mheducationhemf'flewiconnem.htrm Help See-8E3!!! Subvllll check my walk Lesson 6 Quick sum 0 17 Requlred infomeon Pen .1 M4 Trey Manson star's a mertha ndislng buslness on December 1 and enters Into three Inventory purchases: Puzuhleee on December 7 10 units 9 s 6 . on cost. 1\" Purchase an beau-be: 1.4 20 units 9 51: . no cost WM! Puzch-aae m. Mamba): 21 15 units 9 51d . an met. I eHbek \"m Required: mm Manson sells 15 un1ts1'er820 each on December 15. Ohm unns sold, e'ghl are from the December? purchase and seven are 1mm Ihe December 14 purchase and assume the pelled'c Inventory system Is used. Determlne The costs asslgnedlo endlng Inventory when \"Emma casts are ass1gned based on specic idencabn. Pulrheeee: December 7 December 14 December 21 Tahl Rel-runa- um aisles ( C I 9 Secure hpsnewconnect.mheducation.com,lflnwiconnec1.htrm Help Sun-sen: Submit Lesson 6 Quick sum 0 Requlred infomaon Pen 3 an Trey Manson star's a mertha ndhslng buslness on December 1 and enters Into three Inventory purchases: manusss on December 7 10 units 9 s 6 . on coat. 1\" Purchase on December 1.4 20 units 9 51: . no cost WM! Puzch-eae m. Member 21 15 units 9 51d . an met. I eaek \"m Required: mm Manson sells 15 un1t5 for $20 each on December 15. Assume the periodic Inventory system Is used. Determlne the com asslgned to endlng Inventory when c0515 are assigned based on [he welghted average melhod. {Amountsm be deducted should be Indicated \"Emma mm a mlnus sign. Round cost per units no 2 detlmels) 3 El Pursheee - December 7 Purdue - December 14 Pursheee - December 21 Ammame for Bah December Sales Total 3 D Reference um ( Prev 16 \"I? of 21 Next ) _ ( C I 9 Secure hpsnewconnect.mhedunationhomlnwiconnem.htrm Q 311" e 5 Lesson 6 Quick Study 0 Sula] Help 5.\": an Submit check my walk 15o Requlred infomaon Pen 2 M4 Trey Manson starts a mertha ndislng buslness on December 1 and enters Into three Inventory purchases: menus: on December 7 10 units 9 s 6 . on cost. 1\" Purchase an Dena-bar 1.4 20 units 9 at: . no cost WM! Puck-BEE Dn Mamba): 21 15 units 9 51d . an met. I eadk \"m Required: mm Manson sells 15 unIta for $20 each on December 15. Assume the periodic inventory system is used. Determlne the com asslgned to endlng Inventory when c0515 are assigned based on the UFO method. Maren-(es December 7 S U 3 0,00 3 December 14 CI 0.00 Diclrrlher 21 D 0.00 Total 0 3 D D I 0 D S 0 mm um ( Prev 15 16 1? of 21 Next ) _ ( C I 9 Secure hpsnewconnect.mheducationeomi'flnwiconneci.htrni Q 311" e 5 Help Sev- 8 Exit Subvllll check my walk Lesson 6 Quick Sway o emu 14o Required intonation Pen 1 m4 Trey Manson starts a merchandising business on December 1 and enters into three Inventory purchases: - Puzuheeee on December 7 10 units 9 s 6 . on cost. 1\" Purchase an Dace-bar 1.4 20 units 9 51: . no cost WM! Puck-BEE m. Member 21 15 units 9 51d . an met. I eadk \"m Required: mm Manson sells 15 units for $20 each on December is. Assume the periodic inventory system is used. Determine the com assigned to Ihe December 31 ending Inventory when costs are assigned based on FIFO. Melee-(es Purchase: December? December 14 December 21 Total Reierence um eBoek: Commie inventory in a periodic system tsinq me made a1 specllic Idenuliceuen. FIFO UFO. and weiqmed werqu 7'57 ( Prev 14 15 16 1? of 21 Next ) Connect ( C I 9 Secure hpswnewconnecl.mheducationcemrflnwiconnect.htm\\ Q {7| 3 E Lesson 6 Clulck Study 0 smell Help Sun-a Exlt Submlt 13 Requlred Information Pen a 0M Trey Manson starts a merchandlng buslness on December 1 and enters mm the following three Inventory purchases. Also, on December 15, Manson sells 15 unlts for $20 each. '0 Puck-BEE m. December 7 10 units 9 s 6.00 met. \"3"\"! Purchase on December 14 20 units e 512.00 coat mule-Bee on December 2.1 15 units e 516.00 coat. . emk Hlm PM Required: Manson sells 15 unlts for $20 each on December 15' Glrhe unlts sold, elght are from the December}' purchase and seven are from MEI-(PS the December 14 purchase. Monson uses a perpetual Inventory system Determlne the costs asslgned totne December 31 endlng Inventory when costs are asslgned based on specic identlcatlnn. SEN: ldemlullenPenguel: December 7 Deeerrlnr lat December 15 Deeerrlnr 21 Totals ,m, K Connect ( C I 9 Secure hpswnewconnect.mheducationcdrnf'flnwiconneci.htmi Q {7| 3 E Lesson 6 Quick S'Iudy o smu HIIp Sun-a Exit Submit check my wall: 120 Required Information Pan 3 an Trey Manson stans a merchandising business on December 1 and emers Into me follow] ng three inventory purchases. Aiso, on December 15, Manson seils 15 unlls for $20 each. 1\" manna: on December 7 1o uniu ! s a . on cost. \"ms Purchase on December 14 20 units 9 51.2 . all cost. manna: on December 21 15 units a 511.00 coat. emk I Hlm pm\" Required: Manson sells 15 units for 320 each on December 15. Manson uses a perpetual inventory system. Determine the costs assigned 1.0 M'E's ending Inventory when cosm are assigned based dn the welgrtIed average melhdd. mum: Mom; - Porml: Dumber 7 Emmi-1| Mama and Dmmber 15 Emmi-21 Mama and Torah Next ) 7:57 a ( C I 9 Secure hpsznewconnect.mheducation.oomrflnwioonnect.htrni Q ii" 3 5 Lesson 6 GuIck 31111.1): 0 Sunni Harp San-a em Subvllll check my mm A company repons the followan heglnn1ng Inventory and Mo purchases for the month oIJanuary. On January 26, the company seIIs 350 unlts. Ending Inventory at January 31 rotais 150 units. 10 "hits Unit Cost Palms Beginning inventdty cm January 1 320 5 a .00 Pnrchale an January 5 an 3.2:: rumhaae an January :5 ion a .34 EHDCII' \"'m Required: M\" Assume the period1c inventory system Is used. Determlne the costs aslgned to ending inventory when costs are assigned based on the welgh'ted average method. [Round per unit comm 2 declmal places. Amounts to be deducted should be Indicated with a Memes minus sign.) Baglnning Irwanlnry S D Wm - January 9 D Puldma - JanuaryI 25 D Avalabla for Sale January Saba D Total 0 S 0 {I S 0 Ruhr-ne- um eBouIt: Cmpme Invenlorv in a periodIc system Islnq me medmds ul specIch Identication FIFO. LIFO and weiqmed Waring ( Prev 9 of 21 Next ) ( C I 9 Secure hpswnewt:onnect.mheducation.r:orn,l'flowiconnect.htrm Q it" e 5 Lesson 6 Quick Study 0 Sang! Hulp 5.\": Ext: Submit check my walk A company reports the followan beglnnIng inventory and Mo purchases for the month ofJanuary. On January 26, the company sells 350 unlta. Ending Inventory at January 31 tota's 150 unhs. 10 units nun. cont: Forms Beginning inventory on January 1 320 5 3 .on Pnrchale an January 5 an a .zlu mrchaae on January 25 ion 3 .at EBDDI' \"'m Required: pm Assume the period]: Inventory system Is used. Deterrnlne the costs asslgned to ending Inventory when costs are asstgned based on the LIFO method. Eetetences Bag, Imanmry Purchases: January 9 January 25 Total Mum llnl: eBonlt: Comma inventory In a per'odlc system 13an the methods at specm: Idenucauun. FIFO UFO. and weighted averse]; ( Prev 8 of 21 Next ) ( C I 9 Secure hpswnewt:onnect.mheducationhomf'flowiconnect.htrm Q it" e 5 Lesson 6 Quick Study 0 Smut Hqu 5.\": Exit Submit check my walk A company reports the followan beglnntng inventory and Mo purchases for the month otJanuary. On January 26, the company sells 350 unlta. Ending Inventory at January 31 rotate 150 unhs. 10 units nun. cont: Forms Beginning invanmxy on January 1 320 5 3 .on Pnrchale an January 5 an a .zlu Purchase on January 25 ion 3 .at gawk \"'m Required: pm Assume the period]: Inventory system Is used. Deterrnlne the costs asslgned to ending Inventory when costs are asstgned based on the FIFO method. Ee'fetences Beg, Imanmry Purchases: January 9 January 25 Total Mum llnl: eBonlt: Compute inventory In a pertodtc system 13an the methods at specm: Idenucauun. FIFO UFO. and weighted werqu ( Prev 7 of 21 E Next > _ C I 9 Secure hpsnewconnect. mheducation. comf'flnwiconnect. htrnl Q 311" e 5 Lesson 6 Gulck S'Iudy 0 Sang! HIIp Sana Exit Submit check my work A company reports The following beglnnlng inventory and two purchases for the month ofJanuary. On January 26, the company sells 350 unlta. Ending Inventory at January 31 totals 150 unhs. 10 units nun. aunt: Palms Beginning invanmxy on January 1 320 5 3 .00 Purchase on January 5 an a .zlu rurchaae an January 25 ion 3 .at gawk I \"'m Required: pm\" Assume the perpetual inventory system ls used. Determlne The costs asslgned to ending lnventory when costs are asslgned based on Ihe welgh'teo average method. [Round your per unit costs no 2 decimal places.) Eeierences Wollmd jar-mg - Pawn January 1 320 m S 3.00 = 3 H100 Jamar)- 9 Mums and 5 IL!\" January 25 Am! 11:51 Jammy Totals Next ) ( Prev 6 of 21 _ C I 9 Secure hpsnewconnect. mheducation. comf'flnwiconnect. htrnl Q 311" e 5 Lesson 6 Gulck S'Iudy o saaai HIIp Sana Exit Submit check my work A company reports The following beglnnlng inventory and two purchases for the month ofJanuary. On January 26, the company sells 350 unlta. Ending Inventory at January 31 totals 150 unhs. 10 units um. mat: Palms Beginning invanmry on January 1 320 5 3.00 pnzchaaa an January 5 an 3.1m ynrchaaa an January 25 ion 3.31 speak I \"'m Required: pm\" Assume the perpetual inventory system ls used. Determlne The costs asslgned to ending lnventory when costs are asslgned based on LIFO. Eeierences II LIFO: January 1 .Jannaryo arrgs 320 was am=s am 30 3 3.20 = 256 5 1,210 January25 on a s 134 32th a 5 am = s 960 80 3 3 20 = 256 100 3 3.34 = 334 3 1,550 Jamary 170 S 0.00 150 Q 3 3.00 = S 450 30 5 3.20 = 250 0 3 3.20 = m 3 am a Q s 3.34 Totals 3 256 S 450 Next ) ( Prev 50f2'l ( C I 9 Secure hpswnewconnect.mheducetion.t:ornl'fl0w.loonnecthtrnl Q {7| Q CHECK MY WORK MODE : Thls shows what is correct or incorrect for the work you have completed so far. It does not Indicate completion. Reluln to questlen 00. A company reports the following beglnnlng inventory and Mo purchases for the month ofJanuary. On January 26, the company sells 350 unlts. Ending Inventory at January 31 totals 150 unhs. 10 Units nun. cunt: Palms Beginning inventory cm January 1 320 s 3.00 Purchase an January 3 30 3.20 Purchase on January 25 100 3.31 . Required: Assume the perpetual inventory system ls used and then determine the costs assigned to ending Inventory when costs are assigned based on the FIFO method. Answer Is complete but not entirely correct Mil FIFO: Januaryl 320\" a S 3,00 = 5 350,00 Januarya 30 a s 3.20 320 a s 3.00 = s 030.00 30 a s 320 = 255.00 5 1,213.00 Januaryz 1004 Q 3 3.344 320 Q s 3.00 = s 360.00 30 a s 3.20 = 253,00 100 @ s 3.34 = 334.00 3 1550.00 Januanrza 320 a s 3.00 = s 300.00 0 a s 3.00 = 30 a s 320 = 36.00 308 a s 320 = 0.00 04 Q s 3.34 = 0.00 30: a s 3.34 = 20720 Totals 3 1,053.00 3 521.20 E