Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 9.00

Tevin Trader

QS 6-1 
Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases: Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7 purchase and seven are from the December 14 purchase. Trader uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted average, and (d ) specific identification. / FIFO means first in, First out LIFO means last in, first out 
December 7 10 units @ $ 6 cost 
December 14 20 units @ $12 cost 
December 21 15 units @ $14 cost 

Exercise 6-1 
Inventory costing methods—perpetual 

Date Activities Units Acquired at Cost Units Sold at Retail 
Jan. 1 Beginning inventory . . . . . . 120 units @ $6.00 _ $ 720 
Jan. 10 Sales . . . . . . . . . . . . . . . . . . &nb sp; 70 units @ $15 
Mar. 7 Purchase . . . . . . . . . . . . . . . 200 units @ $5.50 _ 1,100 
Mar. 15 Sales . . . . . . . . . . . . . . . . . . &nb sp; 125 units @ $15 
July 28 Purchase . . . . . . . . . . . . . . . 500 units @ $5.00 _ 2,500 
Oct. 3 Purchase . . . . . . . . . . . . . . . 375 units @ $4.40 _ 1,650 
Oct. 5 Sales . . . . . . . . . . . . . . . . . . &nb sp; 600 units @ $15 
Dec. 19 Purchase . . . . . . . . . . . . . . . 100 units @ $4.10 _ 410 
Totals . . . . . . . . . . . . . . . . . 1,295 units $6,380 795 units 


Exercise 6-5 
Lower of cost or market 
Tanzy Company's ending inventory includes the following items. Compute the lower of cost or market for ending inventory (a) as a whole and (b) applied separately to each product. 
&nbs p; __Per Unit__ 
Product Units Cost Market 
Helmets . . . . . . . . 22 $50 $54 
Bats . . . . . . . . . . . 15 78 72 
Shoes . . . . . . . . . . 36 95 91 
Uniforms . . . . . . . 40 36 36

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 03:07 PM My Price 9.00

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