Homework: Week 4 Score: 0 of 1 pt E6-20 (similar to) Chapter 06 exercises Save 8

Question

Homework: Week 4 Score: 0 of 1 pt E6-20 (similar to) Chapter 06 exercises Save 80f 10 (8 complete) ? HW Score: 80%, 8 of 10 pts Question Help Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tres ?(Click the icon to view the transactions ) Read the requirements Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quandity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Cost of Goods Sold Inventory on Hand Unit Tota Date Quantity Cost Cost Quantity Cost Cost Quantity CostCost Unit Total Unit Total May 1 23 26 29 Totals

Explanation / Answer

FIFO Method Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-May 20 63 1260 11-May 12 87 1044 12 87 1044 23-May            (18)             63      (1,134)                2 63            126 12 87        1,044 26-May 14 90 1260                2              63            126              12              87        1,044              14              90        1,260 29-May              (2)             63          (126)               -                63               -              (12)             87      (1,044)               -                87               -                (2)             90          (180)              12              90        1,080 Total COGS        (2,484) Total Inventory          1,080 LIFO Method Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-May 20 63 1260 11-May 12 87 1044 12 87 1044 23-May              (6)             63          (378)              14 63            882            (12)             87      (1,044)               -   87               -   26-May 14 90 1260              14              63            882              14              90        1,260 29-May            (14)             90      (1,260)              12              63            756              (2)             63          (126)               -                90               -   Total COGS        (2,808) Total Inventory             756 Weighted Average Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-May 20 63 1260 11-May 12 87 1044 12 87 1044 32 72 2304 23-May            (18)             72      (1,296)              14 72        1,008 26-May 14 90 1260              14              72        1,008              14              90        1,260              28              81        2,268 29-May            (16)             81      (1,296)              12              81            972 Total COGS        (2,592) Total Inventory             972

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