12.Calculate Net Sales given Expenses ($132,500), Sales Returns & Allowances (S6
ID: 2548559 • Letter: 1
Question
12.Calculate Net Sales given Expenses ($132,500), Sales Returns & Allowances (S6,700), Sales Discounts (S5,000), Sales Revenue ($536,800) and Cost of Goods Sold ($363,400). Net Sales $525100 Chapter 6: Information for numbers 12, 13, 14 and 15: March 2 Beginning Inventory 120 units @ S4.00 March 5 Purchases March 8 Sale March 19 Purchases March 30 Sale 500 @ S4.50 300 units 200 units@ $4.75 400 units 13.LIFO calculation: Balance of ending inventory in S.- $480 14.LIFO calculation: Total Cost of Goods Sold 15.FIFO calculation: Balance of ending inventory in S. 16.FIFO calculation: Total Cost of Goods Sold I 340 WordsExplanation / Answer
12.Net Sales
= Sales Revenue – Sales return & allowances – sales discounts
= $ 536800 - $ 6700 - $ 5000
Net Sales = $ 5,25,100
LIFO METHOD
Purchase COGS Balance Unit
Mar 2 B I 120 @4
Mar 5 Purchase 500@4.5 120@4
500@4.5
Mar 8 Sale 300 300@4.5=1350 120@4
200@4.5
Mar 19 Prchase 200@4.75 120@4
200@4.5
200@4.75
Mar 30 Sale 400 200@4.75=950
200@4.5 =900 120@4
TOTAL $ 3200 $ 480
13. Balance of Ending Inventory = $ 480
14.Total Cost of Goods sold = $ 3200
FIFO METHOD
Purchase COGS Balance Unit
Mar 2 B I 120 @4
Mar 5 Purchase 500@4.5 120@4
500@4.5
Mar 8 Sale 300 120@4 = 480
180@4.5 = 810 320@4.5
Mar 19 Prchase 200@4.75 320@4.5
200@4.75
Mar 30 Sale 400 320@4.5 = 1440
80@4.75=380 120@4.75
TOTAL $ 3,110 $ 570
15. Balance of Ending Inventory = $ 570
16.Total Cost of Goods sold = $ 3,110
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