US Kimmel, Financial Accounting, Be Assignment Gradebook ORION Downloadable elex
ID: 2515325 • Letter: U
Question
US Kimmel, Financial Accounting, Be Assignment Gradebook ORION Downloadable elextbook & Practice ssignment RCES Problem 6-8A (Part Level Submission) Shamrock, Inc. is a retailer operating in Calgary, Alberta. Shamrock, Inc. uses the perpetua January 2017. DescriptionQuantity 162 110 178 82 51 93 132 Unit Cost or Selling Price $19 21 38 23 43 24 46 Date Stud Dec. 31 Ending inventory Jan. 2 Purchase Jan. 6Sale Jan. 9 Purchase Jan. 10 Sale Jan. 23 Purchase Jan. 30 Sale Y (al) Your answer is correct. Calculate average cost for each unit. (Roded answers to 3 decimal places, e.g. 5.125.) Jan. 1 Jan. 2 Jan. 6 an. 9Explanation / Answer
Ans.a Average cost per unit: Date Average cost per unit 1-Jan 19 2-Jan 19.809 6-Jan 19.808 9-Jan 21.295 10-Jan 21.296 23-Jan 22.449 30-Jan 22.453 Ans.b LIFO FIFO MOVING AVERAGE Cost of goods sold 7872 7442 7575 Ending inventory 1634 2064 1931 Gross profit 7157 7587 7454 *Gross Profit = Sales - Cost of goods sold *Sales : Date Quantity Rate Total 6-Jan 178 38 6764 10-Jan 51 43 2193 30-Jan 132 46 6072 Total sales 15029 LIFO FIFO MOVING AVERAGE Gross profit (15029-7872) (15029-7442) (15029-7575) LIFO: Purchase Sold Balance Date Quantity Rate Total cost Quantity Rate Total cost Quantity Rate Total cost 1-Jan 162 19 3078 2-Jan 110 21 2310 162 19 3078 110 21 2310 6-Jan 110 21 2310 68 19 1292 94 19 1786 9-Jan 82 23 1886 94 19 1786 82 23 1886 10-Jan 51 23 1173 94 19 1786 31 23 713 23-Jan 93 24 2232 94 19 1786 31 23 713 93 24 2232 30-Jan 93 24 2232 31 23 713 8 19 152 86 19 1634 TOTAL Cost of goods sold 7872 Ending balance 1634 FIFO: Purchase Sold Balance Date Quantity Rate Total cost Quantity Rate Total cost Quantity Rate Total cost 1-Jan 162 19 3078 2-Jan 110 21 2310 162 19 3078 110 21 2310 6-Jan 162 19 3078 16 21 336 94 21 1974 9-Jan 82 23 1886 94 21 1974 82 23 1886 10-Jan 51 21 1071 43 21 903 82 23 1886 23-Jan 93 24 2232 43 21 903 82 23 1886 93 24 2232 30-Jan 43 21 903 82 23 1886 7 24 168 86 24 2064 TOTAL Cost of goods sold 7442 Ending balance 2064 MOVING AVERAGE: Purchase Sold Balance Date Quantity Rate Total cost Quantity Rate Total cost Quantity Rate Total cost 1-Jan 162 19 3078 2-Jan 110 21 2310 272 19.809 5388 6-Jan 178 19.809 3526 94 19.808 1862 9-Jan 82 23 1886 176 21.295 3748 10-Jan 51 21.295 1086 125 21.296 2662 23-Jan 93 24 2232 218 22.449 4894 30-Jan 132 22.449 2963 86 22.453 1931 TOTAL Cost of goods sold 7575 Ending balance 1931
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