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    Final Test Acc 1 Solution

    Uploaded by

    Nicolas Ernesto
    1) The document shows a FIFO perpetual inventory report tracking inventory quantities and costs from December 1-31. 2) Purchases of inventory are added at costs of $11, $9, and $21 per unit, and inventory is sold at prices of $20-23 per unit. 3) Calculations show $18,250 in sales revenue, $8,550 in cost of goods sold, and $9,700 in gross profit.

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    Final Test Acc 1 Solution

    Uploaded by

    Nicolas Ernesto
    21 views4 pages
    1) The document shows a FIFO perpetual inventory report tracking inventory quantities and costs from December 1-31. 2) Purchases of inventory are added at costs of $11, $9, and $21 per unit, and inventory is sold at prices of $20-23 per unit. 3) Calculations show $18,250 in sales revenue, $8,550 in cost of goods sold, and $9,700 in gross profit.

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    1) The document shows a FIFO perpetual inventory report tracking inventory quantities and costs from December 1-31. 2) Purchases of inventory are added at costs of $11, $9, and $21 per unit, and inventory is sold at prices of $20-23 per unit. 3) Calculations show $18,250 in sales revenue, $8,550 in cost of goods sold, and $9,700 in gross profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    21 views4 pages

    Final Test Acc 1 Solution

    Uploaded by

    Nicolas Ernesto
    1) The document shows a FIFO perpetual inventory report tracking inventory quantities and costs from December 1-31. 2) Purchases of inventory are added at costs of $11, $9, and $21 per unit, and inventory is sold at prices of $20-23 per unit. 3) Calculations show $18,250 in sales revenue, $8,550 in cost of goods sold, and $9,700 in gross profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    FIFO Perpetual

    Date In Out
    Unit Unit Cost Total Unit Unit Price Total
    1-Dec
    4-Dec 100 $ 20.00 $ 2,000.00
    6-Dec 200 $ 11.00 $ 2,200.00

    9-Dec 200 $ 22.00 $ 4,400.00

    15-Dec 150 $ 23.00 $ 3,450.00

    17-Dec 300 $ 9.00 $ 2,700.00

    20-Dec 50 $ 21 $ 1,050.00
    200 $ 21 $ 4,200
    150 $ 21 $ 3,150

    Sales Revenue $ 18,250.00


    COGS
    Begining $ 5,000
    add Purchase $ 4,900
    Available for sale $ 9,900
    less Ending Inventory $ (1,350)
    Cost of Good Sold $ 8,550

    Gross Profit 9,700.00

    FIFO Periodic Date Units Unit Cost Total Cost


    1-Dec 500 $ 10 $ 5,000
    6-Dec 200 $ 11 $ 2,200
    17-Dec 300 $ 9 $ 2,700 Ending
    $ 9,900
    sold 500
    ending 500 Less
    Available for Sale $ 9,900

    Less

    Average Periodic Date Units Unit Cost Total Cost


    1-Dec 500 $ 10 $ 5,000
    6-Dec 200 $ 11 $ 2,200
    17-Dec 300 $ 9 $ 2,700
    1000 $ 9,900

    Average C/U = $ 9.90 Cost Available for Sale $ 9,900


    Less Ending Inventory $ (1,485.00)
    COGS $ 8,415

    Sales Revenue $ 18,250


    Less COGS $ (8,415)
    Gross Profit $ 9,835
    Balance Average Perpetual Date In
    Unit Unit Cost Total Unit Unit Cost
    500 $ 10.00 $ 5,000.00 1-Dec
    400 $ 10.00 $ 4,000.00 4-Dec
    400 $ 10.00 $ 4,000.00 6-Dec 200 $ 11.00
    200 $ 11.00 $ 2,200.00 9-Dec
    200 $ 10.00 $ 2,000.00 15-Dec
    200 $ 11.00 $ 2,200.00 17-Dec 300 $ 9.00
    50 $ 10.00 $ 500.00 20-Dec
    200 $ 11.00 $ 2,200.00
    50 $ 10.00 $ 500.00
    200 $ 11.00 $ 2,200.00
    300 $ 9.00 $ 2,700.00

    150 $ 9.00 $ 1,350

    Sales Revenue
    COGS
    Begining Inventory
    add Purchase
    Available for Sale
    less Ending Inventory
    Cost of Good Sold

    Gross Profit

    Date Unit Unit Cost Total


    31-Dec 150 $ 9 $ 1,350

    150 $ 9 $ 1,350

    Cost available for sale $ 9,900


    Ending inventory $ (1,350)
    Cost of Good Sold $ 8,550

    Sales Revenue $ 18,250


    COGS $ (8,550)
    Gross Profit $ 9,700
    Out Balance
    Total Unit Unit Price Total Unit Unit Cost Total
    500 $ 10.00 $ 5,000.00
    100 $ 20.00 $ 2,000.00 400 $ 10.00 $ 4,000.00
    $ 2,200.00 600 $ 10.33 $ 6,200.00
    200 $ 22.00 $ 4,400.00 400 $ 10.33 $ 4,132.00
    150 $ 23.00 $ 3,450.00 250 $ 10.33 $ 2,582.50
    $ 2,700.00 550 $ 9.60 $ 5,282.50
    400 $ 21.00 $ 8,400.00 150 $ 9.60 $ 1,440.00

    $ 18,250.00

    $ 5,000
    $ 4,900
    $ 9,900
    $ (1,440)
    $ 8,460

    $ 9,790.00

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