ACCT 2110 MILLER FALL 2015 ASSIGNED HOMEWORK 5
ACCT 2110 MILLER FALL 2015 ASSIGNED HOMEWORK 5
Due at the beginningof class, Friday, December 4th. Not accepted later than ten minutes after the hour. Must stay for class and sign in on attendance sheet for credit. Worth a maximum of ten (10) points.Must show all calculations for credit.
The following data are available for one of the products sold by Brown Company.
|
July |
1 |
Beginning inventory, 1,000 units at $2 each |
|
5 |
Purchased 2,000 units at $2.75 each |
|
|
10 |
Sold 2,500 units |
|
|
15 |
Purchased 2,000 units at $4 each |
|
|
25 |
Sold 1,500 units |
|
1. Calculate cost of goods sold for July assuming FIFO is used under a perpetual inventory system.
2. Calculate ending inventory on July 31st assuming LIFO is used under a perpetual inventory system.
3. Calculate ending inventory on July 31stassuming FIFOis used under a periodic inventory system.
4. Calculate cost of goods sold for July assuming LIFO is used under a periodic inventory system.
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Solution: ACCT 2110 MILLER FALL 2015 ASSIGNED HOMEWORK 5