AutoSave O OFF A A . G ... Chapter 6 A ESTUDIANTES Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ap Wrap Text v General Insert Ex AP- O. Ex Delete I V Z Paste BI UV MVAv E EE Merge & Center $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Format v Sensitivity Formatting as Table Styles Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B3 4 X V fx COST OF GOODS AVAILABLE FOR SALE M N 0 P Q R X Z AA AB AC 1 a Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold Perpetual Inventory System 32 LIFO 33 COST OF GOODS AVAILABLE FOR SALE Purchases COST OF GOODS SOLD Balance Cost Per 34 Date Explanation Units Unit Cost Total Cost Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost 35 Beginning inventory 36 Purchase 37 Purchase 38 Purchase 39 Purchase Total Units sold Ending inventory Proof of Cost of Goods Sold - FIFO Date Units Unit Cost Total Cost Cost of Goods Sold Ending inventory 52 53 Perpetual Inventory System 54 WEIGHTED AVERAGE 55 Purchases Sales Balance Cost Per 56 Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost Ending Inventory - FIFO Date Units Unit Cost Total Cost Cost of Goods Sold Ending inventory D Chapter 6 + Ready + 80%AutoSave O OFF A A . G ... Chapter 6 A ESTUDIANTES Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ap Wrap Text v General Insert Ex AP- O. Ex Delete I V Z Paste BI UV MVAv E EE Merge & Center $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Formatting as Table Styles Format v Sensitivity Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B3 X V fx COST OF GOODS AVAILABLE FOR SALE K L M N P Q R X Z AA AB AC Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost Perpetual Inventory System McGuillen Party markets boom box. At the beginning of March, McGuillen had in beginning inventory of FIFO 3 3,000 of its boom box with a unit cost of $35. During April, McGuillen made the following purchases of boom box. Purchases COST OF GOODS SOLD Balance Cost Per Date units Cost Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost April. 4 380 37 April. 10 4950 40 April. 18 500 42 April. 21 4500 AS 10 During April, 13,500 units were sold. 11 12 Instructions 13 (a Using the data above determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold 14 under each of the assumed cost flow methods: FIFO, LIFO and average cost. 15 (b) Using the data below determine using the perpetual inventory system )1) the ending inventory and (2) the cost of goods sold 16 under each of assumed cost flow methods: FIFO, LIFO and average cost. Use the tables provided. 17 18 19 20 Date Explanation Units Unit Cost Total Cost Cost of Goods Sold Ending inventory 21 1-Jan Beginning inventory 200 $ 25.00 22 19-Feb Purchases 150 $ 28.00 6 pts 23 25-May Purchases 175 32.00 24 18-Jun Sa 400 25 6-Aug Purchases 390 $ 35.00 Total Units 26 Purchases 27 28 29 30 31 (a Determine using the periodic inventory system (1) the ending inventory and (2) the cost of goods sold Perpetual Inventory System 32 LIFO 33 COST OF GOODS AVAILABLE FOR SALE Purchases COST OF GOODS SOLD Balance Cost Per 34 Date Explanation Units Unit Cost Total Cost Date Units unit Total Cost Units Cost Per unit Total Cost Units t Total Cost 35 Beginning inventory 36 Purchase 37 Purchase Purchase 39 Purchase Chapter 6 + Ready + 80%AutoSave OFF Chapter 6 A ESTUDIANTES Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ab Wrap Text v General Insert Ex AP- O. Ex Delete Paste BI UV MVAv E EE Merge & Center v $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Formatting as Table Styles Format v Sensitivity Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B3 X V fx COST OF GOODS AVAILABLE FOR SALE C M N P Q w X Z AA AB AC 52 53 Perpetual Inventory System 54 WEIGHTED AVERAGE 55 Purchases Sales Balance Cost Per 56 Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost Ending Inventory - FIFO Date Units Unit Cost Total Cost Cost of Goods Sold Ending inventory Proof of Cost of Goods Sold - LIFO Date Units Unit Cost Total Cost 73 74 75 76 77 78 79 80 Ending Inventory - LIFO 81 Date Units Unit Cost Total Cost 82 84 AVERAGE COST Total goods available for sale Total units available Average cost* Chapter 6 + Ready + 80%AutoSave OFF Chapter 6 A ESTUDIANTES Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ab Wrap Text v General Insert v AP- O. Ex Delete v Z Paste BIUV MVAv E EE Merge & Center v $ ~ % 9 08 320 Conditional Format Cell Sort & Find & Analyze Format v Sensitivity Formatting as Table Styles Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B3 X V fx COST OF GOODS AVAILABLE FOR SALE H M N Q U w X Z AA AB AC 77 78 79 80 Ending Inventory - LIFO 81 Date Units Unit Cost Total Cost 82 83 84 85 86 87 AVERAGE COST Total goods available for sale Total units available Average cost* Round to two decimal points 96 Ending Inventory - Average Cost 97 Units Unit Cost Total Cost 98 99 100 101 Cost of Goods Sold - Average Cost 102 Units Unit Cost Total Cost 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 D Chapter 6 + Ready + 80%AutoSave O OFF A A . G ... Chapter 6 A ESTUDIANTES Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ap Wrap Text v General Insert v Ex AP- O. Ex Delete v [ v Z Paste BIUV MVAv E Merge & Center $ ~ % 9 08 20 Conditional Format Cell Sort & Find & Analyze Format v Sensitivity Formatting as Table Styles Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B33 X V fx COST OF GOODS AVAILABLE FOR SALE O P Q R w X Y Z AA AB AC AD AE AF AG AH Al AK 1 Perpetual Inventory System FIFO N Purchases COST OF GOODS SOLD Balance Cost Per Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost Cost of Goods Sold Ending inventory 26 28 31 Perpetual Inventory System D Chapter 6 + Ready + 100%AutoSave OFF Chapter 6 A ESTUDIANTES Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ab Wrap Text v General Insert v Ex Delete [ v Z AP- O. Paste BIUV DVAv E EE Merge & Center v $ ~ % 9 Conditional Format Cell Sort & Find & Analyze Format v Sensitivity Formatting as Table Styles Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B3 X V fx COST OF GOODS AVAILABLE FOR SALE O P Q R U V W X Y Z AA AB AC AD AE AF AG AH Al AJ AK 27 28 29 30 31 Perpetual Inventory System 32 LIFO 33 Purchases COST OF GOODS SOLD Balance Cost Pe 34 Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost 35 36 37 38 39 40 46 Cost of Goods Sold Ending inventory 53 Perpetual Inventory System 54 WEIGHTED AVERAGE 55 Purchases Sales Balance Cost Per 56 Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost 57 Chapter 6 + Ready + 100%AutoSave OFF Chapter 6 A ESTUDIANTES Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Liberation Sans v 12 AA ab Wrap Text General Insert v [ v Z AP- O. Ex Delete Paste BIUV MVAv EE Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Analyze Format v Sensitivity Formatting as Table Styles Filter Select Data Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No B33 X V fx COST OF GOODS AVAILABLE FOR SALE P Q R S U w X Y Z AA AB AC AD AE AF AG AH Al AK 49 50 51 52 53 Perpetual Inventory System 54 WEIGHTED AVERAGE 55 Purchases Sales Balance Cost Per 56 Date Units unit Total Cost Units Cost Per unit Total Cost Units Cost Per unit Total Cost 57 58 59 60 Cost of Goods Sold Ending inventory 77 78 79 80 81 Chapter 6 + Ready + 100%