WileyPLUS tps://edugen wileyplus.com/edugen/student/mainfr.uni Problem 6-5A You

Question

WileyPLUS tps://edugen wileyplus.com/edugen/student/mainfr.uni Problem 6-5A You have the following i Acacia Industries for the month ended October 31, 2 Date Oct. 1 Beginning inventory Oct. 9 Purchase Oct. 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Description Units 61 128 92 Unit Cost or Selling Price $22 118 43 Weighted-average cost per unit 25.02 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO 7:23 PM

Explanation / Answer

1 Weighted Avg Unit Cost per unit Total 61 22 1342 128 24 3072 94 25 2350 68 27 1836 351 8600 Per unit Cost 8600/351                                        24.50 2 LIFO $ FIFO $ Average cost $ The ending inventory 1822 2161 1985 The Cost of Goods sold 8136 6439 6615 Gross Profit 3014 4711 4535 Average cost $ Ending Inventory 81 * 24.50 1985 Cost of goods sold (92+60+118) *24.50 6615 Sales 11150 Gross Profit 4535 FIFO Date Particulars Calculation Ending Value Oct 1 Begning Inventory 61*22 1342 Oct 9 Purchase 128*24 3072 Oct 11 Sales 61*22 1342 31*24 744 Balace 97*24 2328 Oct 17 Purchase 94*25 2350 Oct 22 Sales 60*24 1440 Balace 37*24 888 94*25 2350 Oct 25 Purchase 68*27 1836 Oct 29 Sales 37*24 888 81*25 2025 Balace 13*25 325 68*27 1836 Closing Stock (81 units) 2161 Cost of Goods Sold Sales 92 units 61*22 1342 31*24 744 Sales 60 units 60*24 1440 Sales 37*24 888 81*25 2025 Cost of Goods Sold 6439 Sales 92*38 3496 60*43 2580 118*43 5074 Total sales value 11150 Gross Profit 11150 - 6439 4711 LIFO Date Particulars Calculation Ending Value Oct 1 Begning Inventory 61*22 1342 Oct 9 Purchase 128*24 3072 Oct 11 Sales 92*24 2208 Balace 61*22 1342 36*24 864 Oct 17 Purchase 94*25 2350 Oct 22 Sales 60*25 1500 Balace 61*22 1342 36*24 864 34*25 850 Oct 25 Purchase 68*27 1836 Oct 29 Sales 68*27 1836 34*25 850 16*24 384 Balace 61*22 1342 20*24 480 Closing Stock (81 units) 1822 Cost of Goods Sold Sales 92 units 92*24 2208 Sales 60 units 60*25 1500 Sales 118 units 68*27 1836 92*24 2208 16*24 384 Cost of Goods Sold 8136 Sales 92*38 3496 60*43 2580 118*43 5074 Total sales value 11150 Gross Profit 11150 - 6439 3014 3 LIFO FIFO Avg Gross Profit Rate                                        27.03                      42.25                    40.67 Gross Profit                                  3,014.00                4,711.00              4,535.00 Sales                                11,150.00              11,150.00           11,150.00 Gross Profit / Sales *100                                        27.03                      42.25                    40.67

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