ADM 1340 Lecture 5: ADM1340 – Feb22
Get access
Related Documents
Related Questions
The inventory records of Kuffel Co. reflected the followinginformation for the year ended December 31, 2013: |
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||
1/1 | Beginninginventory | 150 | $ | 25 | $ | 3,750 | |
2/22 | Purchase | 70 | 32 | 2,240 | |||
3/7 | Sale | (100 | ) | - | - | ||
4/15 | Purchase | 90 | 37 | 3,330 | |||
6/11 | Purchase | 140 | 39 | 5,460 | |||
9/28 | Sale | (100 | ) | - | - | ||
10/13 | Purchase | 50 | 36 | 1,800 |
Required: |
(a) | Assume that Kuffel Co. uses a periodic inventory system.Calculate cost of goods sold and ending inventory under FIFO andLIFO FIFO LIFO COGS Ending Inventory b)
|
Montoure Companyuses a perpetual inventory system. It entered into the followingcalendar-year 2013 purchases and sales transactions. |
Date | Activities | Units Acquired at Cost | Units Sold at Retail | ||||||||||||||
Jan. | 1 | Beginning inventory | 700 | units | @ | $ | 50 | /unit | |||||||||
Feb. | 10 | Purchase | 300 | units | @ | $ | 46 | /unit | |||||||||
Mar. | 13 | Purchase | 100 | units | @ | $ | 40 | /unit | |||||||||
Mar. | 15 | Sales | 780 | units | @ | $ | 70 | /unit | |||||||||
Aug. | 21 | Purchase | 110 | units | @ | $ | 55 | /unit | |||||||||
Sept. | 5 | Purchase | 570 | units | @ | $ | 52 | /unit | |||||||||
Sept. | 10 | Sales | 680 | units | @ | $ | 70 | /unit | |||||||||
Totals | 1,780 | units | 1,460 | units | |||||||||||||
| | | | ||||||||||||||
|
1. | Compute cost ofgoods available for sale and the number of units available forsale.
|
Sandraâs Purse Boutique has the following transactions relatedto its top-selling Gucci purse for the month of October2015. Sandra's Purse Boutique uses a periodic inventory system. |
Date | Transactions | Units | Cost perUnit | TotalCost | ||||||||||
October 1 | Beginning inventory | 6 | $720 | $ 4,320 | ||||||||||
October 4 | Sale | 4 | ||||||||||||
October 10 | Purchase | 5 | 730 | 3,650 | ||||||||||
October 13 | Sale | 3 | ||||||||||||
October 20 | Purchase | 4 | 740 | 2,960 | ||||||||||
October 28 | Sale | 7 | ||||||||||||
October 30 | Purchase | 6 | 750 | 4,500 | ||||||||||
$15,430 | ||||||||||||||
|