Chapter 6 End-of-Chapter Quiz FORMAT VIA THE CANVAS ASSIGNMENT SUBM?SS?ON poucma

Question

Chapter 6 End-of-Chapter Quiz FORMAT VIA THE CANVAS ASSIGNMENT SUBM?SS?ON poucmaN SUBMIT IN WORD or PDF CLEARLY PRINT YOUR NAME AND ASSIGNMENT NAME AT THE TOP OF EACH PAGE REI carries the "Desert Rat" hiking boot whose sales are directed at Sonoran desert areas such as Arizona. The s perpetual inventory system for tracking its inventory of boots. Its beginning inventory, purchases and sales for May are as follows. cottsdale REI store uses a Units Sold at Retail Unit Inventory Activity Units Aoquired at Cost Date 5/ 1 Beg Inv 10 Units e 91- 910 5/ 3 Purchase 15 Units $106 $1,590 5/14 Sales 5/17 Purchase 20 Units $115 $2,300 5/28 Purchase10 Units $119 $1,190 5/31 Sales 10 Units 25 Units 5 Units 25 Units 35 Units 20 Units 8$130 23 Units esi5o 12 Units Goods Available For Sale 55 Units 43 Units Units Sold 12 Units nits in Ending Inventory Notice: Goods Available for sale Beginning Inventory + Purchases Requirements: (Answer the questions on the following pages.) (Confine your answers to the spaces provided.)

Explanation / Answer

Solution 1:

Ending Inventory = $1420

Cost of goods sold = $4570

Solution 2:

Ending Inventory = $1260

Cost of goods sold = $4730

Computation of ending inventory Cost and Cost of goods sold under FIFO method Date Beginning Inventory Purchase Cost of Goods Sold Ending Inventory Qty Rate Amount Qty Rate Amount Qty Rate Amount Qty Rate Amount 1-May 10 $91.00 $910 0 $0.00 $0 0 $0.00 $0 10 $91.00 $910.00 3-May 10 $91.00 $910 15 $106.00 $1,590 0 $0.00 $0 10 $91.00 $910 15 $106.00 $1,590 14-May 10 $91.00 $910 0 $0.00 $0 10 $91.00 $910 5 $106.00 $530.00 15 $106.00 $1,590 10 $106.00 $1,060 17-May 5 $106.00 $530.00 20 $115.00 $2,300.00 0 $0.00 $0.00 5 $106.00 $530.00 20 $115.00 $2,300.00 28-May 5 $106.00 $530.00 10 $119.00 $1,190.00 0 $0.00 $0.00 5 $106.00 $530.00 20 $115.00 $2,300.00 20 $115.00 $2,300.00 10 $119.00 $1,190.00 31-May 5 $106.00 $530.00 0 $0.00 $0.00 5 $106.00 $530.00 2 $115.00 $230.00 20 $115.00 $2,300.00 18 $115.00 $2,070.00 10 $119.00 $1,190.00 10 $119.00 $1,190.00 Total cost $4,570.00 $1,420.00

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