C chrome extension://bpmcpldpdmaj figpchkicefoigmkfalc/views/app.html ACC T 2110

Question

C chrome extension://bpmcpldpdmaj figpchkicefoigmkfalc/views/app.html ACC T 2110 MILLER FALL 2015 ASSIGNED HOMEWORK 5.docx File Edit Format Help List Paragr... Arial The following data are available for one of the products sold by Brown Company July 1Beginning inventory, 1,000 units at $2 each 5Purchased 2,000 units at $2.75 each 10 Sold 2,500 units 15 Purchased 2,000 units at $4 each 25 Sold 1,500 units 1. Calculate costof goods sold for July assuming FIFO is used under a perpetual inventory system. 2. Calculate ending inventory on July 31st assuming LIFO is used under a perpetual inventory system. 3. Calculate ending inventory on July 31st assuming FIFO is used under a periodic inventory system. 4. Calculate cost of goods sold for July assuming LIFO is used under a periodic inventory system. A X Download a share 5 9:38 F

Explanation / Answer

Question 1 Using FIFO method Purchase Sales Balance Date Quantity Rate Total Quantity Rate Total Quantity Rate Total 1-Jul-15 1000 2 2000 6-Jul-15 2000 2.75 5500 2000 2.75 5500 1000 2 2000 10-Jul-15 1000 2 2000 1500 2.75 4125 500 2.75 1375 15-Jul-15 2000 4 8000 2000 4 8000 500 2.75 1375 25-Jul-15 500 2.75 1375 1000 4 4000 1000 4 4000 Total 4000 11500 Cost of Goods Sold = 11,500 Question 2 Using LIFO method Purchase Sales Balance Date Quantity Rate Total Quantity Rate Total Quantity Rate Total 1-Jul-15 1000 2 2000 6-Jul-15 2000 2.75 5500 2000 2.75 5500 1000 2 2000 10-Jul-15 2000 2.75 5500 500 2 1000 500 2 1000 15-Jul-15 2000 4 8000 2000 4 8000 500 2 1000 25-Jul-15 1500 4 6000 500 4 2000 500 2 1000 Total 4000 12500 Ending Inventory = 2000+1000 = $3,000 Question 3. Ending Inventory = $4,000 Question 4. Cost of Goods sold = 12500

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