中级财务会计英文版.课后答案(Chap03)
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10,000 @ $5.50 $67,200
August 14
8,000 @ $ 5.50 = $44,000
2,000 @ $6.10
2,000 @ $5.50 $23,200
August 18
6,000 @ $5.00 = $30,000
2,000 @ $6.10
2,000 @ $5.50 $53,200
Cost of goods sold$82,200
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
August 183,000$5.00$15,000
Last-in, first-out (LIFO)
Cost of goods available for sale(18,000 units)$97,200
12,000 units
August 14
8,000 @ $5.60 = $44,800
4,000 @ $5.60 $22,400
August 18
Available
6,000 @ $5.00 = $30,000
$52,400
= $5.24/unit
10,000 units
August 25
7,000 @ $5.24 =$36,680
Less: Ending inventory(determined below)(17,700)
Cost of goods sold$79,500
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
Beg. Inv.2,000$6.10$12,200
3,000 @ $5.24$15,720
Ending
inventory
Total cost of goods sold
=$81,480
Exercise3-15
Requirement 1
LIFO will result in the highest cost of goods sold figure because both the cost of merchandise and the quantity of merchandise rose during the period. FIFO will result in the highest ending inventory balance for the same reasons.
Last-in, first-out (LIFO)
Date
Purchased
Sold
Balance
Beginning inventory
2,000 @ $6.10 = $12,200
2,000 @ $6.10 $12,200
August 8
10,000 @ $5.50 = $55,000
2,000 @ $6.10
6,000(from 8/8 purchase)5.5033,000
Aug. 254,000(from 8/8 purchase)5.5022,000
3,000(from 8/18 purchase)5.0015,000
Total15,000$82,200
Ending inventory= 3,000 units x $5.00 =$15,000
Cost of ending inventory:
$97,200
Weighted-average unit cost == $5.40
18,000 units
3,000 units x $5.40 = $16,200
*Alternatively, could be determined by multiplying the units sold by the average
批注本地保存成功开通会员云端永久保存去开通
Exercise3-13
Cost of goods available for sale:
Beginning inventory(2,000 x $6.10)$12,200
Purchases:
10,000 x $5.50$55,000
6,000 x $5.0030,00085,000
Date of
purchaseUnitsUnit costTotal cost
January 21800$100$80,000
Last-in, first-out (LIFO)
Cost of goods available for sale(2,400 units)$223,000
Less: Ending inventory(below)(67,000)
Average cost
Date
Purchased
Sold
Balance
Beginning inventory
2,000 @ $6.10 = $12,200
2,000 @ $6.10,000 @ $5.50 = $55,000
$67,200
= $5.60/unit
6,000 @ $5.00
August 25
6,000 @ $5.00 = $30,000
1,000 @ $5.50 =$5,500
2,000 @ $6.10
1,000 @ $5.50$17,700
Ending
inventory
Total cost of goods sold
=$79,500
(Note: the perpetual inventory LIFO results in this exercise are the same as periodic LIFO results, due to the timing of sales and purchases. The same LIFO layers are on hand at the end of the period under each method. This is unusual. LIFO perpetual and LIFO periodic normally produce different results for ending inventory and cost of goods sold.)
Cost of goods sold$156,000
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
Beg. Inv.600$80$48,000
January 152009519,000
Total$67,000
cost: 15,000 units x $5.40 = $81,000
Exercise3-14
First-in, first-out (FIFO)
Cost of goods sold:
Date ofCost of
saleUnits soldUnits SoldTotal Cost
Aug. 142,000(from Beg. Inv.)$6.10$12,200
Cost of goods available(18,000 units)$97,200
First-in, first-out (FIFO)
Cost of goods available for sale(18,000 units)$97,200
Less: Ending inventory(determined below)(15,000)
Requirement 2
Cost of goods available for sale:
Beginning inventory(600 x $80)$ 48,000
Purchases:
1,000 x $ 95$95,000
800 x $10080,000175,000
Cost of goods available(2,400 units)$223,000
August 81,0005.505,500
Total$17,700
Average cost
Cost of goods available for sale(18,000 units)$97,200
Less: Ending inventory(determined below)(16,200)
Cost of goods sold$81,000*
First-in, first-out (FIFO)
Cost of goods available for sale(2,400 units)$223,000
Less: Ending inventory(below)(80,000)
Cost of goods sold$143,000
Cost of ending inventory:
August 14
8,000 @ $ 5.50 = $44,000
2,000 @ $6.10
2,000 @ $5.50 $23,200
August 18
6,000 @ $5.00 = $30,000
2,000 @ $6.10
2,000 @ $5.50 $53,200
Cost of goods sold$82,200
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
August 183,000$5.00$15,000
Last-in, first-out (LIFO)
Cost of goods available for sale(18,000 units)$97,200
12,000 units
August 14
8,000 @ $5.60 = $44,800
4,000 @ $5.60 $22,400
August 18
Available
6,000 @ $5.00 = $30,000
$52,400
= $5.24/unit
10,000 units
August 25
7,000 @ $5.24 =$36,680
Less: Ending inventory(determined below)(17,700)
Cost of goods sold$79,500
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
Beg. Inv.2,000$6.10$12,200
3,000 @ $5.24$15,720
Ending
inventory
Total cost of goods sold
=$81,480
Exercise3-15
Requirement 1
LIFO will result in the highest cost of goods sold figure because both the cost of merchandise and the quantity of merchandise rose during the period. FIFO will result in the highest ending inventory balance for the same reasons.
Last-in, first-out (LIFO)
Date
Purchased
Sold
Balance
Beginning inventory
2,000 @ $6.10 = $12,200
2,000 @ $6.10 $12,200
August 8
10,000 @ $5.50 = $55,000
2,000 @ $6.10
6,000(from 8/8 purchase)5.5033,000
Aug. 254,000(from 8/8 purchase)5.5022,000
3,000(from 8/18 purchase)5.0015,000
Total15,000$82,200
Ending inventory= 3,000 units x $5.00 =$15,000
Cost of ending inventory:
$97,200
Weighted-average unit cost == $5.40
18,000 units
3,000 units x $5.40 = $16,200
*Alternatively, could be determined by multiplying the units sold by the average
批注本地保存成功开通会员云端永久保存去开通
Exercise3-13
Cost of goods available for sale:
Beginning inventory(2,000 x $6.10)$12,200
Purchases:
10,000 x $5.50$55,000
6,000 x $5.0030,00085,000
Date of
purchaseUnitsUnit costTotal cost
January 21800$100$80,000
Last-in, first-out (LIFO)
Cost of goods available for sale(2,400 units)$223,000
Less: Ending inventory(below)(67,000)
Average cost
Date
Purchased
Sold
Balance
Beginning inventory
2,000 @ $6.10 = $12,200
2,000 @ $6.10,000 @ $5.50 = $55,000
$67,200
= $5.60/unit
6,000 @ $5.00
August 25
6,000 @ $5.00 = $30,000
1,000 @ $5.50 =$5,500
2,000 @ $6.10
1,000 @ $5.50$17,700
Ending
inventory
Total cost of goods sold
=$79,500
(Note: the perpetual inventory LIFO results in this exercise are the same as periodic LIFO results, due to the timing of sales and purchases. The same LIFO layers are on hand at the end of the period under each method. This is unusual. LIFO perpetual and LIFO periodic normally produce different results for ending inventory and cost of goods sold.)
Cost of goods sold$156,000
Cost of ending inventory:
Date of
purchaseUnitsUnit costTotal cost
Beg. Inv.600$80$48,000
January 152009519,000
Total$67,000
cost: 15,000 units x $5.40 = $81,000
Exercise3-14
First-in, first-out (FIFO)
Cost of goods sold:
Date ofCost of
saleUnits soldUnits SoldTotal Cost
Aug. 142,000(from Beg. Inv.)$6.10$12,200
Cost of goods available(18,000 units)$97,200
First-in, first-out (FIFO)
Cost of goods available for sale(18,000 units)$97,200
Less: Ending inventory(determined below)(15,000)
Requirement 2
Cost of goods available for sale:
Beginning inventory(600 x $80)$ 48,000
Purchases:
1,000 x $ 95$95,000
800 x $10080,000175,000
Cost of goods available(2,400 units)$223,000
August 81,0005.505,500
Total$17,700
Average cost
Cost of goods available for sale(18,000 units)$97,200
Less: Ending inventory(determined below)(16,200)
Cost of goods sold$81,000*
First-in, first-out (FIFO)
Cost of goods available for sale(2,400 units)$223,000
Less: Ending inventory(below)(80,000)
Cost of goods sold$143,000
Cost of ending inventory: