7/4/2017 MyOpenMath Assessment Assignment 3 Name: Nakia Brown #1 Points possible: 20. Total attempts: 3 The following transactions occurred for the month of May.
Date
1-May
2-May
3-May
10-May
15-May
17-May
30-May Units Cost Total Sales Price
Beginning Balance
80
16 $1,280
Purchase
60
14 $840
Purchase
70
13 $910
Sale
95
$30
Purchase
45
18 $810
Sale
60
$30
Sale
85
$30 Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO Dates Quantity Purchases
Unit Cost Cost of Goods Sold
Inventory on Hand
Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost May 1
May 2 May 3 May 10 May 15 May 17 May 30 End of the month totals
Cost of Goods Sold $
Ending Inventory $ Gross Profit $ https://www.myopenmath.com/assessment/printtest.php 1/3 7/4/2017 MyOpenMath Assessment #2 Points possible: 19. Total attempts: 3 The following transactions occurred for the month of May.
Date
1-May
2-May
3-May
10-May
15-May
17-May
30-May Units Cost Total Sales Price
Beginning Balance
Purchase
Purchase
Sale
Purchase
Sale
Sale 85
60
75
90
45
55
80 13 $1,105
14 $840
12 $900
$30
19 $855
$30
$30 Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under LIFO
Purchases
Dates Quantity Unit Cost Cost of Goods Sold Inventory on Hand Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost May 1
May 2 May 3 May 10 May 15 May 17 May 30 End of the month totals
Cost of Goods Sold $
Ending Inventory $ Gross Profit $ https://www.myopenmath.com/assessment/printtest.php 2/3 7/4/2017 MyOpenMath Assessment #3 Points possible: 19. Total attempts: 3 The following transactions occurred for the month of May.
Date
1-May
2-May
3-May
10-May
15-May
17-May
30-May Units Cost Total Sales Price
Beginning Balance
Purchase
Purchase
Sale
Purchase
Sale
Sale 70
60
85
90
30
45
75 13 $910
16 $960
12 $1,020
$30
19 $570
$30
$30 Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do
not round the unit cost. Do round total costs to the nearest cent on each transaction. (For clarification, see below read help)
Purchases
Dates Quantity Unit
Cost Cost of Goods Sold
Total
Cost Quantity Unit Cost Inventory on Hand
Total Cost Quantity Unit Cost Total Cost May
1
May
2
May
3
May
10
May
15
May
17
May
30
End of the month totals
Cost of Goods Sold $
Ending Inventory $ Gross Profit $ #4 Points possible: 2. Total attempts: 3 Look at the graphic below and identify the inventory cost flow assumption. Select an answer https://www.myopenmath.com/assessment/printtest.php 3/3

 

• 1499760552-MyOpenMath Assessment - Assignment 3.pdf

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