Problem 1

Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis G lee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning

inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs.

'Oct. 3 2,500 @ $8

'Oct. 9 3,500 @$9

'Oct. 19 3,000 @ $10

Oct. 25 4,000 @ $11

During October, 10,900 units were sold.

Instructions

1. Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts.
2. Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Value 75 pts.

Problem 2

1. Determine using the perpetual inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Use the information given, fill the yellow area. Value 105 pts.

The first image is the first problem, the second image is the second problem. Images 3 to 6 are for problem 1 and images 7, 8 and 9 are for the second problem

Asignacion Capitulo 6 Monica J. Gonzalez Nieves - Ex File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Calibri V128 VAA ab Wrap Text General Paste BIU- E D-A- Merge & Center $ %, 8.00 00 Conditional Form Formatting. Ta Style Clipboard Font Alignment Number P1 X Perpetual Inventory System 4 B D F G H J K L M N 0 1 Problem 1 Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with ana grade Problem 2 3 Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning 4 inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs 7 5 Oct 3 2,500 @ 58 6 6 Oct 9 3,500 @59 18 Oct. 19 3.000 @ $10 75 8 Oct. 25 4,000 @ $11 105 9 value 204 10 During October, 10.900 units were sold. 11 12 Instructions + 13(a) Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts. 14 (6) Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold under each of the 15 assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Value 75 pts 17 18 19 16 20 Problem 2 21 -- -------- --- Chapter 6 Ready Escribe aqu para buscar (9 99 X T 3 si Asignacion Capitulo 6 Monica J. Gonzalez Nieves le Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do X Calibri 28 | A A ab Wrap Text General aste BIU- .... D-A Merge & Center - $ - % 60 ,00 000 Conditiona Formatting ipboard Font Alignment Number 1 ... fax Perpetual Inventory System A B Ic D E F G H - J KLM N Problem 2 (a) Determine using the perpetual inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Use the information given, fill the yellow area. Value 105 pts 4 s Date Explanation Units Unit Cost Total Cost Beginning 6 01-ene inventory 150 $ 11.00 llene los espacios en amarillo 27 15-feb Purchases 100 $ 12.00 28 12-abr Purchases 200 $ 13.00 29 05-may Sale 400 6 pts 30 03-jun Purchases 100 $ 14.00 Total Units 31 Purchases 32 sold 33. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" 34 35 Problem 1 36 (a) Determine the cost of goods available for sale 37 38 COST OF GOODS AVAILABLE FOR SALE 39 Date Explanation Units Unit Cost Total Cost 40 Oct. 1 Beginning inventory Value Value ? 41 3 Purchase Value Value ? Chapter 6 + Ready O Escribe aqu para buscar 99+ insert Page Layout Formulas Data Review View Help Tell me what Calibri V128 VA A ab Wrap Text General Paste BIU- AA- Merge & Center $ % ) Clipboard Font Alignment ly Number P1 *** Perpetual Inventory System B C D E F G H K L M A 34 35 Problem 36(a) 37 Determine the cost of goods available for sale. 38 39 40 Date "Oct. 1 COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Total Cost Beginning inventory Value Value ? Purchase Value Value ? 41 42 9 Purchase Value Value ? 43 19 Purchase Purchase 2 44 25 Value Value Value Value ? 45 Total ? ? Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. 46 47(b) 48 49 50 su 51 52 53 54 55 56 Date Total Cost Date Date (1) Ending Inventory - FIFO Units Unit Cost Value Value Value Value ? ? 2 Chapter 6 Ready Escribe aqui para buscar 99 Asignacion Capitulo 6 Mo File Home Insert Page Layout Formulas Data Review View Help Tell me what Calibri 128 V ab Wrap Text General Paste BIU - -A- Merge & Center $ - % Clipboard Font Alignment Number P1 fox Perpetual Inventory System 4 B C D E F G H L M 46 47 (6) 48 Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. 49 50 51 52 53 54 Date Date Date (1) Ending Inventory - FIFO Units Unit Cost Value Value Value Value ? Total Cost ? ? ? 55 56 57 58 59 60 61 62 63 Date Date Date Date Date (2) Cost of Goods Sold - FIFO Units Unit Cost Value Value Value Value Value Value Value Value ? Total Cost ? ? ? ? ? 64 65 66 67 68 69 Date Date Date (1) Ending Inventory - LIFO Units Unit Cost Value Value Value Value Total Cost ? ? 70 - Chapter 6 + Ready O Escribe aqu para buscar 99+ Asignacion Capitulo 6 File Home Insert Page Layout Formulas Data Review View Help Tell me w. % Calibri V28 VARA Wrap Text General III bilo Paste BIU- D-A- Merge & Center $ %, Clipboard Font Alignment Numbe P1 fox Perpetual Inventory System A B J K L M 67 68 D E F G H (1) Ending Inventory - LIFO Units Unit Cost Total Cost Value Value ? Value Value ? Date Date Date 69 70 71 2 ? 72 73 74 75 Total Cost ? Date Date Date Date Date 76 77 78 79 80 (2) - Cost of Goods Sold -LIFO Units Unit Cost Value Value Value Value Value Value Value Value ? ? ? ? 2 81 82 83 84 85 86 87 88 89 AVERAGE COST Total goods available for sale Total units available Average cost *Round to two decimal points Value Value ? (1) Ending Inventory - Average Cost Chapter 6 Ready Escribe aqu para buscar 99+ Calibri V28 VA A ab Wrap Text Paste Ger BIU- A Merge & Center $ Clipboard Font Alignment P1 Perpetual Inventory System A B C D E G 82 H I K M 83 84 85 AVERAGE COST Total goods available for sale Total units available Average cost *Round to two decimal points Value Value ? 86 87 88 89 90 91 (1) Ending Inventory - Average Cost Units Unit Cost Total Cost Value Value Value 92 93 94 95 96 (2) Cost of Goods Sold - Average Cost Units Unit Cost Total Cost Value Value Value 97 98 99 100 101 102 103 104 105 106 107 108 109 Chapter 6 Ready Escribe aqui para buscar 3 99 DAMARIS RODRIGUEZ & Share ICI AutoSum-A H Insert Delete Format Fill nditional Format as Cell matting Table Styles Styles Clear Sort & Find & Filter - Select Editing Translate Document Cells O P QRS T U V W X Y oblem 2 Perpetual Inventory System FIFO Purchases COST OF GOODS SOLD Cost Per Cost Per Total unit Total Cost Units unit Cost Balance Cost Per unit Date Units Total Cost Units Count: 4 4:02 pm A ESP 06/12/2020 HAS O. 16) AutoSum- HA Fill - nditional Format as Cell Tatting Table Styles Insert Delete Format Clear Sort & Find & Filter. Select Editing Translate Document Styles Cells o P Q R S T U V W Z Perpetual Inventory System LIFO Purchases Cost Per Total unit Cost COST OF GOODS SOLD Cost Per Total Units unit Cost Balance Cost Per Total unit Cost Date Units Units 8098 Count: 47 4) ESP 4:03 pm. 06/12/2020 120 Fill- Insert Delete Format Conditional Format as Cell ormatting Table Styles Styles Clear Sort & Find & Filter - Select Editing Translate Document Cells O P Q R s U V W X Y Z Perpetual Inventory System WEIGHTED AVERAGE Purchases Cost Per unit Total Cost Sales Cost Per unit Total Cost Balance Cost Per unit Total Cost Date Units Units Units SOS Count: 47 ^ ( 40) ESP 4:03 p. m. 06/12/2020 20