Homework Answers
Answers
- All working forms part of the answer
- Exercise 6-10
|
Coffe Arabica |
$70,440 |
12000 bags x $ 5.87 |
|
Coffea robusta |
$17,000 |
5000 bags x $ 3.40 |
|
Tascon's Inventory |
$87,440 |
- Exercise 6-2A
- Working for ‘a’ and ‘b’
|
Cost of Goods available for sale |
|||
|
Units |
Cost/unit |
COG for sale |
|
|
Beginning Inventory |
2470 |
$ 7.00 |
$ 17,290.00 |
|
Purchases: |
|||
|
05-Mar |
2090 |
$ 8.00 |
$ 16,720.00 |
|
13-Mar |
3570 |
$ 9.00 |
$ 32,130.00 |
|
21-Mar |
5110 |
$ 10.00 |
$ 51,100.00 |
|
26-Mar |
2180 |
$ 11.00 |
$ 23,980.00 |
|
TOTAL |
15420 |
$ 9.158 |
$ 141,220.00 |
- Requirement ‘a’
Cost of Goods available for sale = $
141,220
- Requirement ‘b’
Average Cost = $ 9.158 - Last Requirement
|
FIFO |
LIFO |
Average Cost |
|
|
Ending Inventory |
$ 33,580 |
$ 22,650 |
$ 28,756 |
|
Cost of Goods Sold |
$ 107,640 |
$ 118,570 |
$ 112,460 |
- Working for last requirement
|
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
2470 |
$ 7.00 |
$ 17,290.00 |
2470 |
$ 7.00 |
$ 17,290.00 |
0 |
$ 7.00 |
$ - |
|
Purchases: |
|||||||||
|
05-Mar |
2090 |
$ 8.00 |
$ 16,720.00 |
2090 |
$ 8.00 |
$ 16,720.00 |
0 |
$ 8.00 |
$ - |
|
13-Mar |
3570 |
$ 9.00 |
$ 32,130.00 |
3570 |
$ 9.00 |
$ 32,130.00 |
0 |
$ 9.00 |
$ - |
|
21-Mar |
5110 |
$ 10.00 |
$ 51,100.00 |
4150 |
$ 10.00 |
$ 41,500.00 |
960 |
$ 10.00 |
$ 9,600.00 |
|
26-Mar |
2180 |
$ 11.00 |
$ 23,980.00 |
$ 11.00 |
$ - |
2180 |
$ 11.00 |
$ 23,980.00 |
|
|
TOTAL |
15420 |
$ 141,220.00 |
12280 |
$ 107,640.00 |
3140 |
$ 33,580.00 |
|||
|
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
2470 |
$ 7.00 |
$ 17,290.00 |
$ 7.00 |
$ - |
2470 |
$ 7.00 |
$ 17,290.00 |
|
|
Purchases: |
0 |
$ - |
$ - |
||||||
|
05-Mar |
2090 |
$ 8.00 |
$ 16,720.00 |
1420 |
$ 8.00 |
$ 11,360.00 |
670 |
$ 8.00 |
$ 5,360.00 |
|
13-Mar |
3570 |
$ 9.00 |
$ 32,130.00 |
3570 |
$ 9.00 |
$ 32,130.00 |
0 |
$ 9.00 |
$ - |
|
21-Mar |
5110 |
$ 10.00 |
$ 51,100.00 |
5110 |
$ 10.00 |
$ 51,100.00 |
0 |
$ 10.00 |
$ - |
|
26-Mar |
2180 |
$ 11.00 |
$ 23,980.00 |
2180 |
$ 11.00 |
$ 23,980.00 |
0 |
$ 11.00 |
$ - |
|
TOTAL |
15420 |
$ 141,220.00 |
12280 |
$ 118,570.00 |
3140 |
$ 22,650.00 |
|||
|
Weighted Average (Periodic) |
Units |
Cost per unit |
Total |
|
Beginning Inventory |
2470 |
$ 7.00 |
$ 17,290.00 |
|
Purchases: |
|||
|
05-Mar |
2090 |
$ 8.00 |
$ 16,720.00 |
|
13-Mar |
3570 |
$ 9.00 |
$ 32,130.00 |
|
21-Mar |
5110 |
$ 10.00 |
$ 51,100.00 |
|
26-Mar |
2180 |
$ 11.00 |
$ 23,980.00 |
|
Total Purchases |
12950 |
$ 123,930.00 |
|
|
Goods Available for Sales |
15420 |
$ 141,220.00 |
|
|
Weighted Average cost per unit |
$ 9.158 |
||
|
Cost of Goods Sold |
12280 |
$ 9.158 |
$ 112,460.24 |
|
Ending Inventory |
3140 |
$ 9.158 |
$ 28,756.12 |
Add Answer to:
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Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
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Novak Corporation sells coffee beans, which are sensitive to
price fluctuations. The following inventory information is
available for this product at December 31, 2018:
Coffee
Bean
Units
Unit Cost
Net Realizable
Value
Coffea arabica
11,700 bags
$5.60
$5.55
Coffea robusta
5,700 bags
3.40
3.50
Inventory at the lower of cost and net realizable value
$
84315
Prepare any journal entry required to record the LCNRV,
assuming that Novak uses a perpetual inventory system. (Round
answer to the nearest whole dollar,...
Problem 6-02A Marigold Corp. markets CDs of numerous performing artists. At the beginning of March, Marigold had in beginning inventory 2,700 CDs with a unit cost of $7. During March, Marigold made the following purchases of CDs. March 5 March 13 1,900 3,500 @ @ $8 $9 March 21 March 26 5,000 1,900 @ @ $10 $11 During March 12,000 units were sold. Marigold uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for...
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