Accounting Chapter 8 Homework Correct Average Cost Goods

subject Type Homework Help
subject Pages 9
subject Words 734
subject Authors David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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page-pf1
Student Name:
Class:
Units Unit cost Total cost
6,000 8.00$ 48,000$
Correct!
Date of Total
purchase Units Unit cost cost
Jan. 18 6,000 10.00$ 60,000$
153,000$
Date of Total
purchase Units Unit cost cost
6,000 8.00$ 48,000$
Date Units Unit cost Purchased Sold Balance
6,000 8.00$ $48,000 48,000$
3,000 8.00$ 24,000$ 24,000$
January 5
Beginning inventory
Cost of ending inventory:
3. LIFO, perpetual system
2. LIFO, periodic system
Cost of goods available for sale
1. FIFO, periodic system
Instructor
Inventory
THE FERRIS COMPANY
Beginning inventory
Problem 08-05
McGraw-Hill/Irwin
Cost of goods available for sale for periodic system:
Beginning inventory
Cost of ending inventory:
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Student Name:
Class:
Instructor
Problem 08-05
McGraw-Hill/Irwin
153,000$
(72,000) «- Correct!
Date Units Unit cost Purchased Sold Balance
6,000 8.00$ $48,000 48,000$
3,000 8.00$ 24,000$ 24,000$
5,000 9.00$ 45,000$ 69,000$
January 5
Beginning inventory
5. Average cost, perpetual system
January 10
4. Average cost, periodic system
Less: Ending inventory (calculation below)
Cost of goods available for sale
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Purchases
Units Unit Cost Total Cost
5,000 9.00$ 45,000$
6,000 10.00$ 60,000$
Jan. 10
Jan. 18
Given Data P08-05:
FERRIS COMPANY
Merchandise transactions:
Date of Purchase
page-pf4
Student Name:
Class:
Requirement 1:
Units Unit cost Total cost
5,000 4.00$ 20,000$
159,000$
Date of Total
purchase Units Unit cost cost
March 22 14,000 5.00$ 70,000$ «- Correct!
159,000$
Date of Total
purchase Units Unit cost cost
Jan. 7 5,000 4.00$ 20,000$
Inventory
TOPANGA GROUP
Cost of goods available for sale for periodic system:
a. FIFO
Cost of ending inventory:
b. LIFO
Problem 08-06
McGraw-Hill/Irwin
Instructor
Cost of goods available for sale
Beginning inventory
Cost of ending inventory:
Cost of goods available for sale
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159,000$
Weighted
Avg. Unit Ending
Gross
Gross Profit
Profit Sales Ratio
51,000$ 140,000$ 36% «- Correct!
Requirement 2:
Cost of ending inventory:
Cost of goods available for sale
c. Average cost
Gross Profit ratio:
FIFO:
page-pf6
Merchandise transactions:
Purchases
Date of Purchase Units Unit Cost Total Cost
Jan. 7 5,000 4.00$ $20,000
Given Data P08-06:
TOPANGA GROUP
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Student Name:
Class:
Requirement 1:
Beginning inventory 183,000$
Purchases: 211 63,000$
212 63,000
798,300$
798,300$
(219,300) «- Correct!
Computations
CARLSON AUTO DEALERS INC.
Problem 08-07
McGraw-Hill/Irwin
Instructor
Less: Ending inventory (see below)
Cost of goods available for sale
Requirement 2:
Ending inventory:
Cost of goods available for sale
page-pf8
Student Name:
Class:
Problem 08-07
McGraw-Hill/Irwin
Instructor
798,300$
Car ID Cost
203 60,000$
207 60,000
798,300$
Cost of ending inventory:
Cost of goods available for sale
Requirement 3:
Requirement 4:
Cost of goods available for sale
page-pf9
Car ID Cost Selling Price
203 60,000$ 90,000$
Purchases and Sales:
Car ID Cost Selling Price
211 63,000$ 90,000$
Given Data P08-07:
page-pfa
Student Name:
Class:
Ending Inventory Inventory Layers Inventory Layers Ending Inventory
Date At Base Year Cost At Base Year Cost Converted To Cost DVL Cost
1/1/2016 400,000$ 400,000$ 400,000$ 400,000$
12/31/2016 420,000$ 400,000 400,000 Correct!
Instructor
HINT: Don't ignore the column headers on the spreadsheet. (Base year costs do
not usually equal year-end costs.
Inventory
TAYLOR COMPANY
Problem 08-13
McGraw-Hill/Irwin
page-pfb
Ending Inventory Cost
Date
at Year-End Costs
Index
12/31/2016 $441,000 1.05
Given Data P08-13:
TAYLOR COMPANY

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