Very short Homework in microsoft excel only need the 6-2a problem done other page tabs can be ignored completely estimated to take 10 minutes, one problem over inventory using fifo lifo

E6-20 -Determine ending inventory at cost using retail method Gepetto Shoe Store uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained. Women's Item Shoes Men's Shoes Beginning inventory at cost $25,000 $45,000 Cost of goods purchased at cost 110,000 136,300 Net sales 178,000 185,000 Beginning inventory at retail 46,000 60,000 Cost of goods purchased at retail 179,000 185,000 Instructions Compute the estimated cost of the ending inventory for each department under the retail inventory method. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . Beginning inventory Goods purchased Goods available for sale Net sales Ending inventory at retail Women's Shoes Cost Retail Value Value Value Value ? ? Value ? Men's Shoes Cost Retail Value Value Value Value ? ? Value ? Cost-to-retail ratio: Goods available for sale at cost Goods available for sale at retail Cost-to-retail ratio Value Value ? Value Value ? Estimated cost of ending inventory: Cost-to-retail ratio Ending inventory at retail Estimated cost of ending inventory Value Value ? Value Value ? After you have completed the requirements of E-20, consider these additional questions. Answers are on the other tab in this file. 1. Suppose Women's Shoes ending inventory at retail changed to $56,000 . What is the estimated cost of ending inventory? 2. Suppose Men's Shoes cost of goods purchased at retail changed to 195,000. What is the estimated cost of ending inventory? P6-2A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @$9 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Express uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) 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. (c ) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Date Oct 1 3 9 19 25 (b) (1) FIFO Date Date Date (b) (2) Value Value ? Proof of Cost of Goods Sold Units Unit Cost Value Value Value Value Value Value Value Value ? Total Cost ? ? ? ? ? Ending Inventory Units Unit Cost Value Value Value Value ? Total Cost ? ? ? Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Date Date Date Date Date (b) (1) Total Cost ? ? ? LIFO Date Date Date (b) (2) Ending Inventory Units Unit Cost Value Value Value Value ? Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Date Date Date Date Date (b) (1) COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Beginning inventory Value Value Purchase Value Value Purchase Value Value Purchase Value Value Purchase Value Value Total ? Proof of Cost of Goods Sold Units Unit Cost Value Value Value Value Value Value Value Value ? AVERAGE COST Total cost Total units available Average cost* *Round to two decimal points Value Value ? Value Value ? Total Cost ? ? ? ? ? Total Cost ? ? ? ? ? ? Units Value Ending Inventory Unit Cost Value Total Cost Value Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Value Value ? After you have completed the requirements of P6-2A, consider these additional questions. Answers are on the other tab in this file. 1. Suppose that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the FIFO method is used? 2. Suppose that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the LIFO method is used? 3. Suppose that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the average cost method is used? P6-10A Compute gross profit rate and inventory loss using gross profit method Suzuki Company lost all of its inventory in a fire on December 26, 2015. The accounting records showed the following gross fprofit data for November and December. December November (to 12/26) Net sales $600,000 $700,000 Beginning inventory 32,000 36,000 Purchases 389,000 420,000 Purchase returns and allowances 13,300 14,900 Purchase discounts 8,500 9,500 Freight-in 8,800 9,900 Ending inventory 36,000 ? Suzuki is fully insured for fire losses but must prepare a report for the insurance company. Instructions (a) Compute the gross profit rate for November. (b) Using the gross profit rate for November; determine the estimated cost of the inventory lost in the fire. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Net Sales Cost of goods sold Beginning inventory Purchases Less: Purchase returns and allowances Purchase discounts Add: Freight-in Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Gross profit rate Gross profit Net Sales Gross profit rate (b) November Value Value Value VAlue Value Value ? Value Value ? ? Value Value ? Net Sales Less: Estimated gross profit Estimated cost of goods sold Beginning inventory Purchases Less: Purchase returns and allowances Purchase discounts Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Less: Estimated cost of goods sold Estimated inventory lost in fire Value Value ? Value Value Value Value ? ? Value ? ? Value ? After you have completed the requirements of P6-10A, consider this additional question. Answers are on the other tab in this file. 1. Suppose that ending inventory in November changed to $45,000. What is the impact on the gross profit rate and the estimated inventory lost in fire in December? P6-2B Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with analysis Xinxin Distribution markets CDs of the performing artist, Carly. At the beginning of March, Xinxin had in beginning inventory 1,500 Carly CDs with a unit cost of $7. During March Xinxin made the following purchases of Carly CDs. March 5 3,000 @$8 March 21 4,000 @ $10 March 13 4,500 @ $9 March 26 2,500 @ $11 During March, 12,000 units were sold. Xinxin uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) 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. (Round average cost per unit to 3 decimal places.) (c ) Which cost flow methods results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Date Mar 1 5 13 21 26 (b) (1) COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Beginning inventory Value Value Purchase Value Value Purchase Value Value Purchase Value Value Purchase Value Value Total ? FIFO Ending Inventory Units Unit Cost Value Value Value Value ? Date Mar 26 21 (b) (2) Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Date Mar 1 5 13 21 (b) (1) Total Cost ? ? ? ? ? Ending Inventory Units Unit Cost Value Value Value Value ? Total Cost ? ? ? LIFO Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Date Mar 26 21 13 5 (b) (1) Value Value ? Proof of Cost of Goods Sold Units Unit Cost Value Value Value Value Value Value Value Value ? Date Mar 1 5 (b) (2) Total Cost ? ? ? Proof of Cost of Goods Sold Units Unit Cost Value Value Value Value Value Value Value Value ? AVERAGE COST Total cost Total units available Value Value Value Value ? Total Cost ? ? ? ? ? Total Cost ? ? ? ? ? ? Average cost* ? *Round average cost per unit to 3 decimal places. Units Value Ending Inventory Unit Cost Value Total Cost Value Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold Value Value ? After you have completed the requirements of P6-2B, consider these additional questions. Answers are on the other tab in this file. 1. Suppose that number of units sold decreased to 11,000. What is the impact on ending inventory and cost of goods sold if the FIFO method is used? 2. Suppose that number of units sold increased to 11,000. What is the impact on ending inventory and cost of goods sold if the LIFO method is used? 3. Suppose that number of units sold increased to 11,000. What is the impact on ending inventory and cost of goods sold if the average cost method is used? P6-10B Estimate inventory loss using gross profit method Liis Company lost 70% of its inventory in a fire on March 25, 2015. The accounting records showed the following gross profit data for February and March. March (to February 3/25) Net sales $300,000 $250,000 Net purchases 176,800 139,000 Freight-in 3,900 3,000 Beginning inventory 4,500 20,200 Ending inventory 20,200 ? Liis Company is fully insured for fire losses but must prepare a report for the insurance company. Instructions (a) Compute the gross profit rate for the month of February (b) Using the gross profit rate for February, determine both the estimated total inventory and inventory loss in the fire in March NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Net Sales Cost of goods sold Beginning inventory Net purchases Add: Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Gross profit rate Gross profit Net Sales Gross profit rate* *Round to 1 decimal point (b) February Value Value Value Value ? Value Value ? ? Value Value ? Net Sales Less: Estimated gross profit Estimated cost of goods sold Value Value ? Beginning inventory Net Purchases Ad: Freight-in Cost of goods purchased Cost of goods available for sale Less: Estimated cost of goods sold Estimated total cost of ending inventory Less: Inventory not lost Estimated inventory lost in fire( Value Value Value ? ? Value ? ? ? After you have completed the requirements of P6-10B, consider this additional question. Answers are on the other tab in this file. 1. Suppose that ending inventory in November changed to $25,000. What is the impact on the gross profit rate and the estimated inventory lost in fire in December