Homework: Chapter 6 Score: 0 of 5 pts E6-15 (book/static) Save 1015 (1 complete)

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Homework: Chapter 6 Score: 0 of 5 pts E6-15 (book/static) Save 1015 (1 complete) HW Score: 20%, 5 of 25 pts Super Mart,a regiral cornvenience store chain, mantains milk nveniary ty the galion. The hrs: monhs mik pu and sales at ts Freepert, Flarda, lecatian alw (cack the icen o view the purchases and sales.) Read the auimmeNE Requirement 1. Determine tha amount that would be reported in ending merchardise Inventory on Novamber 15 using tha FIFO mentory cosina mechod Enter the transacians in chranologcal onter, cairulaling neew inweninry can hand balanns atter eah transacian Cve all at the transarikins have hee entered int the perpebual record, cae quamty and total cast of merchandise invenbory purchased, scitt, and on hand at th end ct tve perknd (Fnter all amounts to the naarest cent, Sx XX Fnter the akdast inventory Iayers frst) Purchas Cost of Coods s Invantory on Hand Date Quantity Cost Cost Cost Cost QuantityCost Mora Infa Xi Requirements Nuv. 2 Puchsetl 11 yalluns @ S2 Ib edun & Purchased 2g3llons2.80 each 8 Sold gallons or milk to a customer 13 Plnchased 3 gallons5785 each 4 S0d 4galions ofmlk to a customer 1. Datermine the amcunt than would be roportod In cnding mechandlse Inventony 2. Determine the amcunt tha would be reported in ending merchandise inventory 3. Delene the amcur at would te reported in ending merchadse ventory o Novembei 15 using the FI O inverilury coung me on November 15 using the LifO inventory cesting method. on Navember 15 using thee weghlers-average nventry casting meth PnntDone (Round al amouns the neareet cent, Sxxx.) Totals Print Donc Fnter any number in the eit firlds and then cick Cherk Answer parts Clear AI Check Answe

Explanation / Answer

1 FIFO METHOD Date Purchases Cost of Goods sold Inventory on hand Qty Unit cost Total cost Qty Unit cost Total cost Qty Unit cost Total cost Nov2 11 $2.15 $23.65 11 $2.15 $23.65 Nov6 2 $2.80 $5.60 11 $2.15 $23.65 2 $2.80 $5.60 Nov8 6 $2.15 $12.90 5 $2.15 $10.75 2 $2.80 $5.60 Nov13 3 $2.85 $8.55 5 $2.15 $10.75 2 $2.80 $5.60 3 $2.85 $8.55 Nov14 4 $2.15 $8.60 1 $2.15 $2.15 2 $2.80 $5.60 3 $2.85 $8.55 Total COGS $21.50 Ending Inventory $16.30 (2.15+5.60+8.55) 2 LIFO METHOD Date Purchases Cost of Goods sold Inventory on hand Qty Unit cost Total cost Qty Unit cost Total cost Qty Unit cost Total cost Nov2 11 $2.15 $23.65 11 $2.15 $23.65 Nov6 2 $2.80 $5.60 11 $2.15 $23.65 2 $2.80 $5.60 Nov8 2 $2.80 $5.60 7 $2.15 $15.05 4 $2.15 $8.60 Nov13 3 $2.85 $8.55 7 $2.15 $15.05 3 $2.85 $8.55 Nov14 3 $2.85 $8.55 6 $2.15 $12.90 1 $2.15 $2.15 Total COGS $24.90 Ending Inventory $12.90 3 WEIGHTED AVERAGE METHOD Date Purchases Cost of Goods sold Inventory on hand Qty Unit cost Total cost Qty Unit cost Total cost Qty Unit cost Total cost Nov2 11 $2.15 $23.65 11 $2.15 $23.65 Nov6 2 $2.80 $5.60 13 $2.25 $29.25 Nov8 6 $2.25 $13.50 7 $2.25 $15.75 Nov13 3 $2.85 $8.55 10 $2.43 $24.30 Nov14 4 $2.43 $9.72 6 $2.43 $14.58 Total COGS $23.22 Ending Inventory $14.58 Method Closing Inventory FIFO $16.30 LIFO $12.90 Weighted Average $14.58

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