w Problems X Question 3 - Chapter 8 Homew X im Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmail x Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 3 Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Part 1 of 5 A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: 14.28 Purchases points Date of Purchase Units Unit Cost* Total Cost January 10 5,000 $ 6 $ 36, 000 January 18 9 , 000 63, 000 Totals 15, 000 $ 99, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3, 000 January 20 6,000 Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 1 Required: 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. Answer is complete and correct. Cost of Goods Available for Cost of Goods Sold - Periodic Sale FIFO Ending Inventory - Periodic FIFO FIFO Cost of Number Number Cost per Goods Number of units Cost Cost of of units Cost Ending of units unit Available sold per unit Goods Sold in ending per unit Inventory for Sale inventory Beginning Inventory 9,000 $5.00 $ 45,000 9,000 $ 5.00 $ 45,000 0 $ 5.00 $ Purchases: January 10 6,000 $6.00 36,000 5,000 $ 6.00 30,000 1,000 $ 6.00 6,000 January 18 9,000 $7.00 $3,000 0 $ 7.00 9,000 ~ $ 7.00 63,000 Total 24,000 $ 144,000 14,000 $ 75,000 10,000 $ 69,000 Gray w Problems X Question 4 - Chapter 8 Homew X in Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmai x Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 4 O Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] Part 2 of 5 The following information applies to the questions displayed below.] A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for 14.28 the month of January are as follows: points Date of Purchase Purchases Units Unit Cost* Total Cost January 10 5,00 $ 6 $ 36, 000 January 18 9, 000 1 63, 000 Totals 15 , 000 $ 99, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3, 000 January 20 6, 000 Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 2 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. x Answer is complete but not entirely correct. Cost of Goods Available for Cost of Goods Sold - Periodic Sale LIFO Ending Inventory - Periodic LIFO LIFO Cost of Number Number Cost Goods Number Cost of Cost per of units Cost Ending of units unit Available of units Goods sold per unit Sold in ending per unit Inventory for Sale inventory Beginning Inventory 9,000 $5.00 $ 45,000 9,000 X $ 5.00 $ 45,000 O X $ 5.00 0 Purchases January 10 6,000 $6.00 36,000 OX $ 6.00 OX $ 6.00 0 January 18 9,000 $7.00 63,000 O X $ 7.00 OV $ 7 Tota 24,000 $ 144,000 9,000 0 o 5 45,000 $ Gray w Problems X Question 5 - Chapter 8 Homew X im Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmai x Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Part 3 of 5 A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: 14.28 points Date of Purchase Purchases Units Unit Cost* Total Cost January 10 6, 000 $ 6 $ 36, 000 January 18 ,000 63, 000 Totals 15 , 000 99, 000 Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5, 000 January 12 3, 000 January 20 6, 000 Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 3 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. x Answer is complete but not entirely correct Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory Balance Perpetual FIFO: Cost of Number Cost of Number Cost of Number Cost Cost of Number Number Unit Goods Cost of units Cost Available of units per unit Goods of units Cost per unit Goods of units per Goods of units Cost Ending sold Sold sold Sold sold unit Sold in ending per unit Inventory for Sale inventory Beginning 9,000 $ 5.00 $ 45,000 D X $ 5.00 $ 0 O X $ 5.00 $ 0 O X $ 5.00 $ 0 O$ 5.00 0 Inventory Purchases: January 10 6,000 6.00 36,000 6.00 6.00 O X 6.00 O X 6.00 oo January 18 9,000 7.00 63,000 7.00 o o 7.00 7.00 o o o 7.00 O Total 24,000 144,000 0 $ 0 Gray iw Problems X Question 6 - Chapter 8 Homew X i Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmai x Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 6 Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Part 4 of 5 A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: 14.28 Date of Purchase Purchases points Units Unit Cost* Total Cost January 10 5,00 $ 6 $ 36, 000 January 18 9, 000 63, 000 Totals 15 , 000 $ 99, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5, 000 January 12 3,000 January 20 6, 000 Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 4 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. x Answer is complete but not entirely correct. Cost of Goods Available for Cost of Goods Sold - Average Sale Cost Ending Inventory - Average Cost Average Cost Cost of Number Unit Goods Number Average Cost of Number Average of units Cost Goods of units Cost Ending of units Cost Available sold per Unit in ending Inventory for Sale Sold inventory per unit Beginning Inventory 9,000 $5.00 $ 45,000 Purchases January 10 6,000 $6.00 36,000 January 18 9,000 $7.00 53,000 Total 24,000 $ 144,000 OX $ 0.00 X $ 0 Ox $ 0.00 X $ 0 w Problems X Question 7 - Chapter 8 Homew X im Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmail X Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below.] Part 5 of 5 A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase Purchases 14.32 Units Unit Cost* Total Cost points January 10 6, 00 $ 6 $ 36, 000 January 18 9, 000 63, 000 Totals 15 , 000 $ 99, 000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5, 000 January 12 3,000 January 20 6, 000 Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. x Answer is complete but not entirely correct. Inventory on hand Cost of Goods Sold Perpetual Average Number Cost nventory Number Average Cost of per of units Value of units Cost per Goods unit sold unit Sold Beginning Inventory x 0.0000 X $ Sale - January 5 5,000 X 0.0000 X Subtotal Average 5,000 Cost 0.0000 X 0 Purchase - January 10 6,000 6.0000 36,000 Subtotal Average Cost 11,000 0.0000 X 36,000 Sale - January 12 3,000 X 0.0000 X Subtotal Average 14,000 0.0000 X 36,000 Cost Grav w Problems X Question 7 - Chapter 8 Homew X im Inventory Cost Flow Assumption X M Drafts - jeffreycoburn13@gmai x Question 1 - Chapter 8 Quiz - ( x K C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ J Chapter 8 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 Totals 15 , 000 $ 99, 000 * Includes purchase price and cost of freight. Part 5 of 5 Sales Date of Sale Units January 5 5,000 January 12 3, 000 14.32 January 20 6,000 points Total 14, 000 10,000 units were on hand at the end of the month. Problem 8-5 (Algo) Part 5 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. x Answer is complete but not entirely correct. Inventory on hand Cost of Goods Sold Perpetual Average Number Cos Inventory Number Average Cost of per Value of units Cost per Goods of unit unit sold unit Sold Beginning Inventory 0 X 0.0000 X $ 0 Sale - January 5 5,000 X 0.0000 Subtotal Average Cost 5,000 0.0000 X Purchase - January 10 6,000 6.0000 36,000 Subtotal Average Cost 11,000 0.0000 X 36,000 Sale - January 12 3,000 X 0.0000 X Subtotal Average 14,000 0.0000 X 36,000 Cost Purchase - January 18 9,000 7.0000 63,000 Subtotal Average 99,00 Cost 23,000 0.0000 X Sale - January 20 6,000 X 0.0000 X Total 29,000 $ 99,000 0 $ 0