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    Exercises

    Uploaded by

    Brent Dumangeng
    The document contains periodic and perpetual inventory records for FIFO costing. Section (a) shows the periodic method calculating ending inventory of 800 units at $5,375. Section (b) provides the perpetual records for multiple purchases and cost of goods sold transactions throughout the month, ending with an inventory balance of 800 units. Section (c) calculates weighted average cost of units available and sold under both methods.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Exercises

    Uploaded by

    Brent Dumangeng
    31 views5 pages
    The document contains periodic and perpetual inventory records for FIFO costing. Section (a) shows the periodic method calculating ending inventory of 800 units at $5,375. Section (b) provides the perpetual records for multiple purchases and cost of goods sold transactions throughout the month, ending with an inventory balance of 800 units. Section (c) calculates weighted average cost of units available and sold under both methods.

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    The document contains periodic and perpetual inventory records for FIFO costing. Section (a) shows the periodic method calculating ending inventory of 800 units at $5,375. Section (b) provides the perpetual records for multiple purchases and cost of goods sold transactions throughout the month, ending with an inventory balance of 800 units. Section (c) calculates weighted average cost of units available and sold under both methods.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    31 views5 pages

    Exercises

    Uploaded by

    Brent Dumangeng
    The document contains periodic and perpetual inventory records for FIFO costing. Section (a) shows the periodic method calculating ending inventory of 800 units at $5,375. Section (b) provides the perpetual records for multiple purchases and cost of goods sold transactions throughout the month, ending with an inventory balance of 800 units. Section (c) calculates weighted average cost of units available and sold under both methods.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    (a) FIFO - Periodic

    Total units available for sale 5,300.00 units BI


    Less: Units sold 4,500.00 units Purchases
    Units in ending inventory 800.00 units TGAS
    Less: EI
    Apr. 29 (500 units @ 6.79) 3,395.00 COGS
    Apr. 21 (300 units @ 6.60) 1,980.00
    Ending Inventory 5,375.00

    (b) FIFO - Perpetual

    Date Purchases COGS Balance


    Apr. 1 600.00 6.00
    Apr. 3 500.00 6.00 3,000.00 100.00 6.00
    Apr. 4 1,500.00 6.08 9,120.00 100.00 6.00
    1,500.00 6.08
    Apr. 8 800.00 6.40 5,120.00 100.00 6.00
    1,500.00 6.08
    800.00 6.40
    Apr. 9 100.00 6.00 600.00 300.00 6.08
    1,200.00 6.08 7,296.00 800.00 6.40
    Apr. 11 300.00 6.08 1,824.00 500.00 6.40
    300.00 6.40 1,920.00
    Apr. 13 1,200.00 6.50 7,800.00 500.00 6.40
    1,200.00 6.50
    Apr. 21 700.00 6.60 4,620.00 500.00 6.40
    1,200.00 6.50
    700.00 6.60
    Apr. 23 500.00 6.40 3,200.00 500.00 6.50
    700.00 6.50 4,550.00 700.00 6.60
    Apr. 27 500.00 6.50 3,250.00 300.00 6.60
    400.00 6.60 2,640.00 - -
    Apr. 29 500.00 6.79 3,395.00 300.00 6.60
    500.00 6.79
    4,700.00 30,055.00 4,500.00 28,280.00 800.00

    (a) WAVE

    TGAS 33,655.00
    divided by units available for sale 5,300.00 units
    WACu 6.35

    Ending Inventory (800 units x 6.35) 5,080.00


    COGS (4,500 units x 6.35) 28,575.00

    (b) MAVE

    Date Purchases COGS Balance


    Units Per Unit Total Units Per Unit Total Units Per Unit
    Apr. 1 600.00 6.0000
    Apr. 3 500.00 6.0000 3,000.00 100.00 6.0000
    Apr. 4 1,500.00 6.0800 9,120.00 1,600.00 6.0750
    Apr. 8 800.00 6.4000 5,120.00 2,400.00 6.1833
    Apr. 9 1,300.00 6.1833 8,038.33 1,100.00 6.1833
    Apr. 11 600.00 6.1833 3,710.00 500.00 6.1833
    Apr. 13 1,200.00 6.5000 7,800.00 1,700.00 6.4069
    Apr. 21 700.00 6.6000 4,620.00 2,400.00 6.4632
    Apr. 23 1,200.00 6.4632 7,755.83 1,200.00 6.4632
    Apr. 27 900.00 6.4632 5,816.88 300.00 6.4632
    Apr. 29 500.00 6.7900 3,395.00 800.00 6.6674
    30,055.00 28,321.04
    3,600.00
    30,055.00
    33,655.00
    5,375.00
    28,280.00

    Balance
    3,600.00
    600.00
    600.00
    9,120.00
    600.00
    9,120.00
    5,120.00
    1,824.00
    5,120.00
    3,200.00

    3,200.00
    7,800.00
    3,200.00
    7,800.00
    4,620.00
    3,250.00
    4,620.00
    1,980.00
    -
    1,980.00
    3,395.00
    5,375.00
    Balance
    Total
    3,600.00
    600.00
    9,720.00
    14,840.00
    6,801.67
    3,091.67
    10,891.67
    15,511.67
    7,755.83
    1,938.96
    5,333.96
    Sales xx
    Less: COGS
    BI xx
    Add: Purchases xx
    TGAS xx
    Less: EI xx xx
    GP xx
    Less: OPEX xx
    NI xx

    Inventory Purchases A/P Net Sales A/R Net Income


    Item 1 234,890
    Item 2 10,420 10,420
    Item 3 - 12,800 - 12,800 - 12,800
    Item 4 15,630 15,630 - 15,630
    Item 5 8,540 8,540
    Item 6 - 10,438 - 10,438
    Item 7 - 11,520 - 11,520
    Item 8 1,500 - 2,600 - 2,600 - 1,100
    233,392

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