Question

from the first image answer the questions. This needs to be turned in tommorrow so I would really appreciate if its done by today. thanks

Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Balance in inventory Purchased Sold Total $ $2 Date Unit cost Units Total $ Unit cost Total $ Units Units Unit cost 200 Jan. 1 $3 $5 400 400 700 10 $7 300 15 20 300 $7 400 27 Units were sold for the following amount: $11 $12 June 10 June 27 for specific identification, units sold on June 10 came from: Opening inventory Jan. 3 purchase Jan. 8 purchase 0 380 320 700 for specific identification, units sold on June 20 came from: Opening inventory Jan. 3 purchase Jan. 8 purchase 0 C 60 240 Jan. 15 purchase 300 Required: 1 Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2 Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results OF 1.a. FIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Total S Total S Unit Cost Total S Units Unit Cost Units Unit Cost Units 200 $2 Jan. 1 3 400 $3 8 400 $5 10 15 300 $7 20 f2,800 27 400 $7 Total COGS 1.b. LIFO Balance in Inventory Goods Purchased Cost of Goods Sold Date Total S Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost 200 $2 Jan. 1 h,200 3 400 $3 8 400 $5 10 15 300 $7 20 27 400 $7 Total COGS 1.c. Specific identification Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Unit Cost Total S Date Unit Cost Total $ Units Units Total S Units 200 $2 Jan. 1 3 400 $3 200 400 $5 10 15 300 $7 20 27 400 $7 Total COGS 1.d. Weighted average Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Total $ Date Unit Cost Unit Cost Total $ Units Units Total $ Units $2.00 200 Jan. 1 $3.00 $5.00 400 400 10 15 300 $7.00 20 27 400 $7.00 3. COGS plus ending inventory Spec FIFO LIFO Ident. Wtd. Avg. COGS Ending Inv. Total Northgate Products Corp GENERAL JOURNAL Dec Credit Debit Description 2019 Num Lock

Answer 1

1(a) STOCK REGISTER-2019 (perpetual Inventory system FIFO method) purchased Sold BALANCE Unit Cost Total $ Unit Cost Total S Units Units Unit Cost Total $ Units Date 1-Jan 200 2.00 400 200 2.00 3 400 3.00 1200 400 3.00 1600 200 2.00 400 3.00 400 5.00 2000 400 5.00 3600 200 2.00 400 C 2.00 400 3.00 1200 3.00 10 100 5.00 500 300 5.00 1500 0 2,00 3.00 300 5.00 300 15 300 7 2100 7.00 3600 2.00 0 C 2.00 3.00 3.00 300 5.00 1500 C 5.00 300 7,00 7.00 2100 2.00 3.00 C 5.00 300 7.00 27 400 7 2800 400 7.00 4900 Total Cost of Goods Sold 3600 700 4900 OO 20 un

그(b) STOCK REGISTER-2019 (perpetual Inventory system LIFO method) purchased Sold BALANCE Units Unit Cost Total S Unit Cost Total $ Unit Cost Total S Units Units Date 1-Jan 200 2.00 400 200 2.00 400 3.00 1200 400 3.00 1600 200 2,00 400 3.00 400 5.00 8 2000 400 5.00 3600 400 5.00 2000 200 2.00 300 3.00 900 100 3.00 10 C 2.00 0 C 5.00 700 200 2.00 100 3.00 C 5.00 15 300 7 2100 300 7.00 2800 300 7.00 2100 200 2.00 C 2.00 C 100 3.00 3.00 C C 5.00 20 5.00 C 7.00 700 200 2.00 100 3.00 C 5.00 7.00 27 400 7 2800 400 7,00 3500 Total Cost of Goods Sold 700 5000 3500

1(c) STOCK REGISTER-2019 Specific identification method) purchased Sold BALANCE Unit Cost Total S Units Unit Cost Total $ Total S Units Units Unit Cost Date 1-Jan 200 2.00 400 200 2.00 3.00 3.00 400 1200 400 1600 200 2.00 400 3.00 8 400 5,00 2000 400 5.00 3600 2.00 0 C 200 2.00 380 3.00 1140 20 3.00 10 320 5.00 1600 80 5.00 860 200 2.00 20 3.00 80 5.00 15 300 7 2100 300 7.00 2960 2.00 2.00 200 3.00 20 3.00 60 5.00 300 20 5.00 20 240 7.00 1680 60 7.00 980 2,00 200 20 3.00 20 5.00 60 7,00 27 400 7 2800 400 7.00 3780 700 Total Cost of Goods Sold 4720 3780 O 0 Ol Ln O

1(d) STOCK REGISTER-2019 (perpetual Inventory system - Weighted average method) purchased Sold BALANCE Units Unit Cost Total S Unit Cost Total $ Units Unit Cost Total $ Units Date 1-Jan 200 2.00 400 1600 (Rate (400+1200)/600) 3600 (Rate- (1600+2000)/1000) 3.00 3-Jan 400 1200 600 2.667 8-Jan 400 5.00 2000 1000 3.600 10-Jan 700 3.600 2520 300 3.600 1080 3180 (Rate= (1080+2100)/600) 15-Jan 300 7 2100 600 5.300 5,300 20-Jan 300 1590 300 5.300 1590 4390 (Rate(1590+2800) /700) 27-Jan 400 7 2800 700 6.271 Total Cost of Goods Sold 4110 700 6.271 4390 Cost Of Goods sold and Ending Inventory Weighted Specific FIFO LIFO Avg Cost of goods Sold 3600 5000 4720 4110 Ending inventory 4900 3500 3780 4390 Total. 8500 8500 8500 8500

Journal Entries Particulars Date Debit Credit Inventory 1,200 Accounts Payable 1,200 3-Jan Inventory 2,000 Accounts Payable 8-Jan 2,000 Sales 7,700 Accounts Receivables 10-Jan (700 11) Inventory Accounts Payable 7,700 2,100 15-Jan 2,100 Sales 3,600 Accounts Receivables 20-Jan (30012) 3,600 Inventory 2,800 Accounts Payable 27-Jan 2,800 Cost of Goods Sold 3,600 31-Jan Inventory 3,600

When comparing the cost of goods sold and the value ending inventory in different method shows different value,

The highest cost of goods sold $5000 in LIFO method and the lowest cost of goods $ 3600 under LIFO method, at the same time these two method shows ending inventory value $ 3500, $ 4900 respectively