Assignments: ACTG 2010 xCase B (--) Oezto.mheducation.com/hm.tpx connect Case B

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Assignments: ACTG 2010 xCase B (--) Oezto.mheducation.com/hm.tpx connect Case B ( Questions 2-4 (of 7) In October. Nicole elimineted all existing inventory of cosmesic items. The trouble of ordering and trecking a supplier asked her to sell a prepackaged sp krt. Feeling she could manege single product line, Nicole egreed. Nicole's Genewoy Spe (NGS, would make monthly purcheses from the supplier et o cost thet included production costs and a transportation charge NGS would keep track of its new inventory using o perpetual inventory system On December 3t. prior year, NGS purchesed 20 units et s totel cost of $5.70 per unit. Nicole purchssed 50 more units at $770 in Februery. in March, Nicole purchased 20 units e: $970 per unit. In May. 70 units were purchesed et $9.50 per unit In June. NGS sold 70 units et e selling price of $11.70 per unit and 60 units at $11.30 per unit 050 points Required . a wneher tre aon cos neluces n each sutohase shous se recorced s Cost of the Inventory mmediately Excensed ReferenceseBook & Resources Worksheet Ditticulty: 3 Herd

Explanation / Answer

Req 1: Transportation cost shall be included in: Cost of Inventory Req 2: FIFO (PERPETUAL) Units Cost per unit Total Beginning Inventory 20 5.7 114 Purchases Feb 50 7.7 385 march 20 9.7 194 may 70 9.5 665 Net Purchases 140 1244 Goods available for sale 160 1358 Cost of goods sold Units from Beg. Inventory 20 5.7 114 Units from Feb purchases 50 7.7 385 Units from Mrch purchases 20 9.7 194 Units from may purchases 40 9.5 380 Total cost of goods sold 130 1073 Ending Inventory 30 285

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