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
Problem 6-5A
Name:
Section:
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Score:
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[Key code here]
Instructions
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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
B15 6 184 1,104
2170 340
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
E60 3 75 225
3. Average Cost Method
Model Quantity Unit Cost Total Cost
A10 6 70$ 420$
B15 8 174 1,392
Instructions
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Problem 6-5A
Name:
Solution
Section:
ON
An asterisk (*) will appear to the right of an incorrect entry.
Scoring:
Q70 8 172 1,376
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,285$
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Score:
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[Key code here]
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Problem 6-5B
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
5666 3,330
F32 1 280 280
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
D11 9 639 5,751
2645 1,290
3. Average Cost Method
Model Quantity Unit Cost Total Cost
C55 4 1,056$ 4,224$
Instructions
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Problem 6-5B
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
LIFO method
FIFO method
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
Jun. 1 240 $78 18,720$
10
15
20
24
30
30 Balances
Exercise 6-4
Name:
Section:
Score:
Key Code:
Inventory
Instructions
Date
Purchases
Portable DVD Players
Cost of Merchandise Sold
Quantity
Unit
Cost
0%
[Key code here]
Total
Cost
Total
Cost
Answers are entered in the cells with gray backgrounds.
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Quantity
Unit
Cost
Quantity
Total
Cost
Unit
Cost
Jun. 1 240 $78 18,720$
10 180 $78 14,040$ 60 $78 4,680$
15 280 $80 22,400$ 60 $78 4,680$
Quantity
Unit
Cost
Total
Cost
Quantity
Date
Purchases
Cost of Merchandise Sold
Inventory
Quantity
Exercise 6-4
Name:
Solution
Section:
Unit
Cost
Total
Cost
Unit
Cost
Total
Cost
ON
Portable DVD Players
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An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
Scoring:
Instructions
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An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
a.
May 1 1550 $44 68,200$
10
12
14
20
31
31 Balances
b.
Based on the above data, inventory will be
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Instructions
0%
[Key code here]
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Score:
Key Code:
Exercise 6-5
Name:
Section:
Quantity
Unit
Cost
Prepaid Cell Phones
Cost of Merchandise Sold
Date
Purchases
Inventory
Quantity
Unit
Cost
Quantity
Total
Cost
Unit
Cost
Total
Cost
Total
Cost
a.
May 1 1550 $44 68,200$
10 720 $45 32,400$ 1,550 $44 68,200$
720 $45 32,400
Date
Purchases
Cost of Merchandise Sold
Inventory
Quantity
Quantity
Unit
Cost
Total
Cost
Quantity
Exercise 6-5
Name:
Solution
Section:
Unit
Cost
Total
Cost
Unit
Cost
Total
Cost
ON
Prepaid Cell Phones
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
Scoring:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
May 1 1,550 $44 68,200$
10
12
14
20
31
31 Balances
Cost of Merchandise Sold
Inventory
Instructions
0%
[Key code here]
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Score:
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Key Code:
Quantity
Unit
Cost
Total
Cost
Exercise 6-6
Name:
Section:
Total
Cost
Prepaid Cell Phones
Date
Purchases
Quantity
Unit
Cost
Quantity
Total
Cost
Unit
Cost
May 1 1,550 $44 68,200$
10 720 $45 32,400$ 1,550 $44 68,200$
720 $45 32,400
12 1,200 $44 52,800$ 350 $44 15,400$
720 $45 32,400
Instructions
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ON
Exercise 6-6
Name:
Solution
Section:
Prepaid Cell Phones
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. Only final inventory cost – Column K – will be graded.
Scoring:
Quantity
Unit
Cost
Total
Cost
Quantity
Date
Purchases
Cost of Merchandise Sold
Inventory
Quantity
Unit
Cost
Total
Cost
Unit
Cost
Total
Cost