Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help with perpetual FIFO, LIFO, weighted average and specific ID. i filled in some but im not sure if i did it right. Problem
please help with perpetual FIFO, LIFO, weighted average and specific ID. i filled in some but im not sure if i did it right.
Problem 5-4AA (Algo) Perpetual: Alternative cost flows LO P3 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 605 units @ $45 per unit Feb. 10 Purchase 410 units @ $42 per unit Mar. 13 Purchase 205 units @ $27 per unit Mar. 15 Sales 810 units@ $75 per unit Aug. 21 Purchase 185 units@ $50 per unit Sept. 5 Purchase 515 units @ $46 per unit Sept. 10 Sales 620 units @ $75 per unit Totals 1,840 units 1,438 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale $ 78.920 1,840 units 2. Compute the number of units in ending inventory Ending inventory 410 units Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Cost per Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per # of units Cost per Dato units unit Inventory sold unit Cost of Goods Sold # of units unit Balance Jan 1 605 @ $ 45.00 = $ 27.225.00 Feb 10 410 a $42.00 605 @ $ 45,00 - $ 27.225.00 4101 $ 42.00 - 17,220.00 $ 44,445.00 Mar 13 205 @ $ 27.00 605 $ 45.00 $ 27.225.00 410 @ $42.00 - 17.220.00 205 @ $27.00 - 5,535.00 $ 49,980,00 Mar 15 605 $45.00 $ 27.225.00 205 @ $42.00 $ 8,610.00 205 $42.00 8,610 00 205 @ $ 2700 5,535.00 $ 35,835 00 $ 14. 145.00 Aug 21 105 $50.00 205 $ 42.00 - $ 8.610.00 205 $ 27.00 5,535.00 105 @ $50.00 = 5,250.00 $ 19,395 00 es Sept5 515 $45.00 205 205 @ 105 5151 $ 42.00 - $ 27.00 = $ 50,00 = $4600 - $ 8,610.00 5,535.00 5,250.00 23.690.00 $ 43,085.00 Sept 10 205 205 @ 105 @ 105 $42.00 $ 27.00 $ 50,00 $ 46,00 $ 8.610 00 5,535.00 5,250.00 4,830.00 $ 24,225.00 410 @ $ 46,00 18,860.00 $ 18,860.00 WAL Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold consist of 605 units from beginning inventory, 310 from the February 10 purchase, 205 from the March 13 purchase, ss from the August 21 purchase, and 255 from the September 5 purchase. (Round your average cost per unit to 2 decimal places) Specific Identification Goods Purchase Cost of Goods Sold Inventory Balance Date # of of units Cost per unit Cost of Goods Sold unit of units unit January 1 605 $ 45.00 $ 27,225.00 February 10 Cost per Cost per Inventory Balance units sold March 13 es March 15 Aug 21 Sep 5 Sep 10 Totals 5 000 Step 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