This Website Has Been Moved to a New Link


Loading

BE8-2 BE8-5 E8-15

Price: $5.99


BE8-2 Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, the company purchased 150 units at $34
each, returned 6 units for credit, and sold 125 units at $50 each. Journalize the June
transaction.

BE8-5 Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
Units Unit Cost Total cost
April 1 inventory 250 $10 $2,500
April 15 purchase 400 12 4,800
April 23 purchase 350 13 4,550
1000 $11,850

Compute the April 30 inventory and the April cost of goods sold using the average cost method.

E8-15 (FIFO, LIFO, Average Cost Inventory) Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade’s inventory records for Product BAP.

January 1, 2012 (beginning inventory) 600 $8.00
Purchases:
5-Jan-12 1,100 9
25-Jan-12 1,300 10
16-Feb-12 800 11
26-Mar-12 600 12

A physical inventory on March 31, 2012, shows 1,500 units on hand.

Instructions
Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods.
(a) FIFO. (b) LIFO. (c) Weighted-average.

No comments:

Post a Comment