CALCULATOR INTER VERSION BACK NEXT Briel Exercise 6-03 In its first month of operations, Coronado Company made three purchases of merchandise in the following sequence (1) 300 units at $6, (2) 500 units at $7, and (3) 250 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and UFO method. Coronado uses a periodic inventory system. FIFO Cost of the ending Inventory Study Question Attempts: 0 of 2 used SAVE FOR LATER CALCULATOR PRINTER VERSION BACK NEXT Exercise 6-12 Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Market Value Cameras: estion with available attempts. 12 $168 $155 Canon Ught meters: Vivitar Kodak 12 20 Determine the amount of the ending Inventory by applying the lower of cost ornet realizable value basis The ending Inventory CALCULATOR PINTER VERSION BACK NES Brief Exercise 6-04 al-a2 (Part Level Submission) In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6,02) 450 units at $7, and (3) 200 units at 58 (1) Calculate the average unit cost. (Round answer to 2 decimal places, ed. 15.25.) Average unit cost Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER (02) The parts of this question must be completed in order. This part will be available when you complete the part above PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's sales to stay in Protected Vie P Q L M N O 1P82A Determine cost of goods sold and ending inventory using FIFO UFO, and average cost with analysis 2 Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct 3 2,500 $8 Oct 19 3,000 $10 Oct 9 3,500 @59 Oct 25 4,000 @ $11 7 Dunng October, 10,900 units were sold Glee uses a periodic inventory system . Instructions 10 (a) Determine the cost of goods available for sale. 11(b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the 13 cost of goods sold under the FIFO and UFO methods. 14 (C) Which cost flow method results in (1) the highest inventory amount for the balance sheet and 15 (2) the highest cost of goods sold for the income statement? 16 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" 19 (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Explanation Unit Cost Beginning inventory Value Value Purchase Value Value Purchase Value Value Purchase Value Value PS 2A 19 HOME INSERT PAGE LAYOUT FORMULAS DATA RIVEW VE PROTECTED VIEW Be carefules from the Internet can contain viruses. Unless you need to edit, ale to stay in Protected Vow. - X fx Date Total (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO UFO and average coN)Prove the accuracy of the cost of goods sold under the FIFO and UFO methods (1) Ending Inventory - FIFO Units Unit Cost Value VALD Total Cost Date Date Value Value (2) Cost of Goods Sold - FIFO Cost of goods available for sale Less Ending inventory Cost of goods sold Value Proof of Cost of Goods Sold - FIFO Unit Cord Total Cost Value Value Value Value Date ET PE Protected Vies. Microsoft Excel FILE HOME O PROTECTED VIEW INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Be carefutes from the Internet can contain vies. Unless you need to X fx Total goods available for sale it's safe to stay in Protected View Enabled B79 (1 Ending Inventory - LIFO Units Unit Cost Value Value Value Value Total Cost Date 98 ECG98SXXX (2) Cost of Goods Sold-LIFO Cost of goods available for sale Less: Ending inventory Cost of goods sold Value Value Date Proof of Cost of Goods Sold -LIFO Units Unit Cost Total Cost Value Value Value Value Value Value Date Date Date AVERAGE COST Total gods available for sale PG 2A Sheet Value + Type here to search BS.. ET P6-24 Protected ViesMicrosoft Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View. Erable dating 102 X fx average cost method is used? B C D E F G H I J K L M N O AVERAGE COST Total goods available for sale Value Total units available Value Average cost "Round to two decimal points Q R S T U (1) Ending Inventory - Average Cost Units Unit Cost Total Cost Value Value Value (2) Cost of Goods Sold - Average Cost Cost of goods available for sale Value Less: Ending inventory Value Cost of goods sold 95 After you have completed the requirements of P6 2A, consider these additional questions 96 Answers are on the other tab in this file. 97 1. Assume that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the 98 FIFO method is used? 992. Assume that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the 100 LIFO method is used? 1013 Assume that the number of units sold increased to 12,000. What is the impact on ending inventory and cost of goods sold if the 102 average cost method is used? 102