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Please help me with A and B question. Please help with section A and B Required information Use the following information for the Exercises 11-13
Please help me with A and B question.
Please help with section A and B
Required information Use the following information for the Exercises 11-13 below. (Static) [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 = $210 60 units @ $8 90 units @ $4 = $360 86 units @ $8 20 units @ $5 = $100 220 units $750 176 units Exercise 5-12A (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P3 The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. of 2 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost # of units per unit Cost of Goods Sold # of units Cost Cost of sold per Goods Sold unit Date Inventory Balance Cost Inventory # of units per unit Balance 40 @ $2.00 = $ 80.00 January 1 January 3 30 $2.00= = $ 60.00 10 @ @ $2.00 = $ 20.00 February 14 70 @ $3.00 $2.00 $ = 10 @ 70 @ $ 20.00 210.00 $3.00 $ 230,00 February 15 = $2.00 10 @ 50@ $2.00 $3.00 $ 20.00 150.00 $ 170.00 20% @ 10 x @ = $3.00 = $ 40.00 s 30.00 $ 70.00 $ June 30 90 @ $ $4.00 = 20 X @ 90 X @ 10% @ $2.00 $3.00 $ 40.00 270.00 40.00 $4.00 = $ 350.00 November 6 = = 20 X @ 66 x @ @ $2.00 $3.00 24 X @ 10 X @ = $ 40.00 198.00 0.00 $ 238.00 $2.00 $3.00 $4.00 $ 48.00 30.00 40.00 S 118.00 $4.00 10 x @ = November 19 20@ $5.00 $ $2.00 $3.00 s 48.00 60.00 = 24 X @ 20 X @ 10 @ 10 X @ $4.00 40.00 $5.00 50.00 S 198.00 Totals $ 468.00Step by Step Solution
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