Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE HELP ME I NEED HELP !!! Answer all parts !! 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c)
PLEASE HELP ME I NEED HELP !!! Answer all parts !!
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 200 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 365 from the September 5 purchase.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} Costperunit \\ $35.00 \\ \end{tabular}} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 600 & at & & = & $21,000.00 \\ \hline \multirow{2}{*}{ February 10} & & $42.00 & & & & 400 & & & & \\ \hline & & & & & & 200 & & & & \\ \hline \multicolumn{11}{|l|}{ Total February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 13} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Total March 13} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 15}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ August 21}} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total August 21}} \\ \hline & & & & & & & & & & \\ \hline \multirow{3}{*}{\multicolumn{11}{|c|}{ September 5}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline Total September 5 & & & & & & & & & & \\ \hline \end{tabular} Perpetual LIFO: \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{|l} Date \\ January 1 \end{tabular}} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{\begin{tabular}{|c|} Costperunit \\ $35.00 \end{tabular}} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & 600 & at & & = & $21,000.00 \\ \hline \multicolumn{11}{|l|}{ February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|c|}{ Total February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 13} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 13}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total March 15}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ August 21} \\ \hline & & & & & & & & & & \\ \hline \multirow{2}{*}{\multicolumn{11}{|c|}{ Total August 21}} \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ September 5} \\ \hline & & & & & & & & & & \\ \hline \end{tabular} Compute the cost assigned to ending inventory using specific identification. (For specific identification, units sold consist of 600 units from beginning inventory, 200 from the February 10 purchase, 150 from the March 13 purchase, 140 from the August 21 purchase, and 365 from the September 5 purchase.) Weighted Average Specific Identification \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ Weighted Average Perpetual: } \\ \hline \multirow[b]{2}{*}{Date} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{5}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{Costperunit} & #ofunitssold & \multirow[t]{2}{*}{Costperunit} & Cost of Goods Sold & \multicolumn{2}{|c|}{ \# of units } & \multirow{2}{*}{Costperunit$35.00} & \multicolumn{2}{|c|}{InventoryBalance} \\ \hline January 1 & & & & & & 600 & at & & = & $21,000.00 \\ \hline \multicolumn{11}{|l|}{ February 10} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|c|}{ Average February 10} \\ \hline \multicolumn{11}{|l|}{ March 13} \\ \hline March 13 & & & & & & & & & & \\ \hline \multicolumn{11}{|c|}{ Average March 13} \\ \hline \multicolumn{11}{|l|}{ March 15} \\ \hline \multicolumn{11}{|l|}{ August 21} \\ \hline & & & & & & & & P & & \\ \hline \multicolumn{11}{|c|}{ Average August 21} \\ \hline \multicolumn{11}{|l|}{ September 5} \\ \hline & & & & & & & & & & \\ \hline \multicolumn{11}{|c|}{ Average September 5} \\ \hline \multicolumn{11}{|l|}{ September 10} \\ \hline Totals & & & & & 0.00 & & & & & \\ \hline \end{tabular} Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started