2,939,000
Total cost of goods sold
Ending inventory cost
An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
1.
Apr. 3 25 $1,200 30,000$
8
11
30
May 8
10
19
28
June 5
16
21
28
30 Balances
2.
3.
Key Code:
Date
Purchases
Ending inventory cost
Total sales
Total cost of goods sold
Gross profit
Cost of Merchandise Sold
Unit
Cost
Total
Cost
Quantity
Quantity
Total
Cost
Problem 7-2B
Name:
Section:
Inventory
Unit
Cost
Score:
0%
[Key code here]
Total
Cost
Quantity
Unit
Cost
1.
Apr. 3 25 $1,200 30,000$
875 $1,240 93,000$ 25 $1,200 30,000$
75 $1,240 93,000
May 8 60 $1,260 75,600$ 25 $1,200 30,000$
5$1,240 6,200
60 $1,260 75,600
19 10 $1,260 12,600$
5$1,240 6,200
5$1,200 6,000 20 $1,200 24,000$
28 80 $1,260 100,800$ 20 $1,200 24,000$
80 $1,260 100,800
June 5 40 $1,260 50,400$ 20 $1,200 24,000$
40 $1,260 50,400
2.
525,250$
Total cost of goods sold
3.
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Total sales
Problem 7-2B
Name:
Solution
Section:
Total
Cost
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. In part 1, only final inventory cost – Column K – will be graded.
Scoring:
Unit
Cost
Total
Cost
Quantity
Unit
Cost
Total
Cost
Quantity
Date
Purchases
Cost of Merchandise Sold
Inventory
Quantity
Unit
Cost
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
A10
B15
E60
G83
J34
M90
Q70
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
A10
B15
E60
G83
J34
M90
Q70
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Average Cost Method
Model Quantity Unit Cost Total Cost
A10
B15
E60
G83
J34
M90
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 7-5A
Name:
Section:
Q70
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
a. In periods of rising prices, the will result in lower
cost of inventory, a greater amount of cost of merchandise sold, lower net income, and
less taxes in the current year.
b. In periods of falling prices, the will result in lower
net income and would be preferred for income tax purposes.
1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
A10 4 76$ 304$
270 140
M90 3130 390
2128 256
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
A10 4 64$ 256$
270 140
B15 8 176 1,408
3246 738
M90 2108 216
2110 220
3. Average Cost Method
Model Quantity Unit Cost Total Cost
A10 6 70$ 420$
B15 8 174 1,392
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 7-5A
Name:
Solution
Section:
ON
An asterisk (*) will appear to the right of an incorrect entry.
Scoring:
Q70 8 172 1,376
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,285$
4.
a. In periods of rising prices, the will result in lower
cost of inventory, a greater amount of cost of merchandise sold, lower net income, and
less taxes in the current year.
LIFO method
FIFO method
Key Code:
An asterisk (*) will appear to the right of an incorrect entry.
1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Average Cost Method
Model Quantity Unit Cost Total Cost
C55
D11
F32
H29
K47
S33
X74
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
0%
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Problem 7-5B
Name:
Section:
4.
a. In periods of rising prices, the will result in lower
cost of inventory, a greater amount of cost of merchandise sold, lower net income, and
less taxes in the current year.
b. In periods of falling prices, the will result in lower
net income and would be preferred for income tax purposes.
Key Code:
1. First-In, First-Out Method (list most recent purchases first for each item)
Model Quantity Unit Cost Total Cost
C55 3 1,070$ 3,210$
11,060 1,060
D11 6 675 4,050
H29 4 317 1,268
K47 6 542 3,252
2. Last-In, First-Out Method (list oldest purchases first for each item)
Model Quantity Unit Cost Total Cost
C55 3 1,040$ 3,120$
11,054 1,054
K47 6 520 3,120
2531 1,062
S33 2 222 444
3. Average Cost Method
Model Quantity Unit Cost Total Cost
C55 4 1,056$ 4,224$
D11 11 654 7,194
S33 2 227 454
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 7-5B
Name:
Solution
Section:
ON
An asterisk (*) will appear to the right of an incorrect entry.
Score:
4.
a. In periods of rising prices, the will result in lower
cost of inventory, a greater amount of cost of merchandise sold, lower net income, and
less taxes in the current year.
LIFO method
FIFO method