Unit Sales Price Unit Units Cost 31 $295 20 308 Date Transaction February 1 Begi
ID: 341811 • Letter: U
Question
Unit Sales Price Unit Units Cost 31 $295 20 308 Date Transaction February 1 Beginning inventory 8 Purchases 15 Sales 19 Purchases 22 Sales 25 Purchases (41) (46) 41 $462 45 308 503 32 313 (a) /1 Your answer is partially correct. Try again. Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round answers to 0 decimal places, e.g. 5,275.) FIFO Average Cost of goods sold 26393 26631 Ending inventory 12788 12550 Assignment 3 - Winter 2018 Questions/ExercisesExplanation / Answer
FIFO (Perpetual)
Receipts
Cost of Goods Sold
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Feb
Beginning Inventory
31
$295
$9,145
31
$295
$9,145
8-Feb
Purchases
20
$308
$6,160
20
$308
$6,160
16-Feb
Sold
31
$295
$ 9,145
16-Feb
Sold
10
$308
$ 3,080
10
$308
$ 3,080
19-Feb
Purchases
45
$308
$ 13,860
45
$308
$ 13,860
22-Feb
Sold
10
$308
$ 3,080
36
$308
$ 11,088
9
$308
$ 2,772
25-Feb
Purchases
32
$313
$ 10,016
32
$313
$ 10,016
Ending
128
$39,181
87
$ 26,393
41
$ 12,788
Weighted average (Perpetual)
Receipts
Cost of Goods Sold
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Feb
Beginning Inventory
31
$295
$9,145
8-Feb
Purchases
20
$308
$6,160
Goods available for sale
51
$300
16-Feb
Sold
41
$300
$ 12,304
10
$300
$3,001
19-Feb
Purchases
45
$308
$13,860
45
$308
$13,860
22-Feb
Sold
45
$308
$ 13,860
1
$ 300
$ 300
9
$ 300
$ 2,701
25-Feb
Purchases
32
$313
$10,016
32
$313
$ 10,016
Ending
128
$39,181
87
$ 26,464
41
$ 12,717
FIFO
Average
Cost of goods sold
$ 26,393
$ 26,464
Ending inventory
$ 12,788
$ 12,717
FIFO (Perpetual)
Receipts
Cost of Goods Sold
Balance
Date
Description
Qty
Rate
Amount
Qty
Rate
Amount
Qty
Rate
Amount
1-Feb
Beginning Inventory
31
$295
$9,145
31
$295
$9,145
8-Feb
Purchases
20
$308
$6,160
20
$308
$6,160
16-Feb
Sold
31
$295
$ 9,145
16-Feb
Sold
10
$308
$ 3,080
10
$308
$ 3,080
19-Feb
Purchases
45
$308
$ 13,860
45
$308
$ 13,860
22-Feb
Sold
10
$308
$ 3,080
36
$308
$ 11,088
9
$308
$ 2,772
25-Feb
Purchases
32
$313
$ 10,016
32
$313
$ 10,016
Ending
128
$39,181
87
$ 26,393
41
$ 12,788
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