Question

Ch 5 E17 and Start of E18 Ch 5 E18 Second Part Answer after completing the table. Sum the following: Gross profit for Specific Identification Cost of Goods Avaliable for Sale for FIFO Cost of Goods Sold for LIFO $1,396 $1,373 O $1,343 $1,358

Answer 1

Step:-) specific identification method cost of goods available for sale to e opening inventory + purchases = $ 87 + 89 +90 +93 + 95 +99.+ 101 +104 = $758 - Ending inventory or Sales = 3rd 5th, 8th brief cases. .: Semaining items are ending inventory • Ending inventory = $ 87 +89 +93 +99+ 10) $ 469 → Cost of goods gold - Cost of goods available for sale - ending inventory = $ 758- $ 469 - $ 289

→ Revenue sales items geld y selling pria 3 brief cases X 8200 $ 600. & Gross profit a cost of goods gold- - Gross profit - Revenue- cost of = $600 - $ 289 = $31) goods so step: 2 FIFO method. under fifo method item which is purchased at the earliest (at first) will be sold fiest. - cost of goods available for sale... = opening stock & purchases - 87+89 +90 +93 +95 +99 tlol Hoy = $ 758 - ending inventory under fifo method, st, 2nd, 3rd will be gold first because they are purchased at earliest. ending inventory = 4th to 8th brief cases 93+ 95 +99 +10) toy = $ 492

3 cost of goods sold cost of goods available for sale - ending inventory = $758- $492 266 Revenue sale= 3 brief casesx $200 - $600 - Gross profit - Revenue - cost of goods sold - goes.. $600 - $266 = $ 334. Step 3 LIFO - cost of goods available for sale e opening stock + purchases 87+89 +90+93 +95 +99 + 10 Hoy $ 758 - Ending inventory under LIfo method, the item which is purchased last will be gold first. 6th 7th 8th Brief cases will be gold : ending inventory = ,et to 5th Brief casee 87 +89 + 90 +93 +95 = $454

& - cost of cost goods sold Ending invento q. - cost of good available for sale - = 758 - 454 = 304 - Revenue = 3 brief carry x $ 200 $ 600 y Gross profit Cost of goods sold Revenue- soy $600 - = $ 296 $ 311 Sum of following Goons profit for specific identification cost of goods available for sale FT TO Cost of goods sold LIFO 100 758 total $ 1373

specific ID FITO LIFO 758 758 758 454 ५१२ 469 cost of goods available for sale. - Ending inventory = Gost of goods sold Revenues 304 266 289 Goo 289 600 266 600 304 Cost Gross of goods gold profit 311 334 296

Sum of following $ 311 e $ 758 Gross profit for specific identification Cost of goods available for sale FT TO le for sale FIFO & 304 nede sold & LI FOORINO of goods sold de No Bog & 1373. total of the proteine P