I need help in accounting questions Please help.. Please answer first question 3
ID: 2509093 • Letter: I
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I need help in accounting questions Please help.. Please answer first question 3 and 6th part and second question completly. Please give me 100% correct answer
Assignment Open Assignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 8-6 Grouper Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,100 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale ASSIGNMENT RESOURCES Chapter 8 Homework 2 Exercise 8-3 Exercise 8-8 $13 2,100 2,600 3,100 2,300 20 Problem 8-8 Review score Review Results by Study Objective 25 36 Your answer is correct Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 21.2381 SHOW SOLUTION SHOW ANSWER LINK TO TEXTExplanation / Answer
Problem 8-6 --- Grouper Company
Part C --- Last in First Out (LIFO) - Periodic
LIFO method says the newest units in stock are issued or sold first.
Hence, the recently purchased units are sold first.
LIFO - Periodic method
Units
$/Unit
$$
Beginning Inventory 1/1
1100
$13.00
$14,300
Purchases
2/4
2100
$20.00
$42,000
4/2
3100
$25.00
$77,500
Cost of Goods Available for Sale (A)
6300
$133,800
Cost of Goods Sold:
Units Sold from Beginning Inventory
0
$13.00
$0
Units Sold from Purchases 2/4
1800
$20.00
$36,000
Units Sold from Purchases 4/2
3100
$25.00
$77,500
Total Cost of Goods Sold (B)
4900
$113,500
Cost of Goods Sold LIFO - Periodic = $113,500
Part F – Perpetual System, Moving Average Cost Flow
Under perpetual system, inventory is updated after each transaction whether sale or purchase of units.
Perpetual Moving Average
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of units
Unit Cost
Cost per unit
# of units
Cost per unit
Cost of goods sold
Total Cost of Goods (a)
Total Available Units (b)
Unit Average Cost (a/b)
1/1 Beginning
$14,300.00
1100
$13.00
2/4 Purchases
2100
$20.00
$42,000.00
$14,300.00
1100
$42,000.00
2100
$56,300.00
3200
$17.5938
2/20 Sale
2600
$17.5938
$45,743.8800
$10,556.1200
600
$17.5935
4/2 Purchases
3100
$25.00
$77,500.00
$10,556.12
600
$77,500.00
3100
$88,056.12
3700
$23.7990
11/4 Sales
2300
$23.7990
$54,737.7000
$33,318.42
1400
$23.7989
TOTAL
$100,482
Cost of Goods Sold – Perpetual Moving Average = $100,482
Hope the above calculations, working and explanations are clear to you and help you in understanding the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt ASAP…thank you
Pls ask separate question for remaining parts.
LIFO - Periodic method
Units
$/Unit
$$
Beginning Inventory 1/1
1100
$13.00
$14,300
Purchases
2/4
2100
$20.00
$42,000
4/2
3100
$25.00
$77,500
Cost of Goods Available for Sale (A)
6300
$133,800
Cost of Goods Sold:
Units Sold from Beginning Inventory
0
$13.00
$0
Units Sold from Purchases 2/4
1800
$20.00
$36,000
Units Sold from Purchases 4/2
3100
$25.00
$77,500
Total Cost of Goods Sold (B)
4900
$113,500
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