Basic Inventory & CGS
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1 Professor Authored Problems Intermediate Accounting 2 Acct 342/542 Basic Inventory & CGS Problem 55 Costs to Add to Inventory Account. What is the general guideline governing the amount that an entity should assign to an inventory asset at the time it is acquired? Problem 56 Why Use LIFO? The United States permits the use of Specific Identification, Weighted Average, FIFO or LIFO for the accounting of inventory, however only one of two methods are used by most companies: FIFO or LIFO. The rest of the world does not permit the use of LIFO. List and describe the advantages and disadvantages to consider when choosing between FIFO, and LIFO. 214
2 Problem 57 Basic FIFO, LIFO, Weighted average. Johnson Company buys and resells Widgets as its primary business activity. The following inventory transactions occurred in the month of May: 5/1 Beginning Inventory ,750 5/8 Purchase ,450 5/15 Purchase ,250 5/22 Purchase ,600 Total 950 7,050 No units go missing due to spoilage or shoplifting 1. If sales are 800 units at $17 per unit, then goods sold, 2. If sales are 660 units at $17 per unit, then goods sold, 215
3 Problem 58 Basic FIFO, LIFO, Weighted average. Johnson Company buys and resells Widgets as its primary business activity. The following inventory transactions occurred in the month of June: 6/2 Beginning Inventory ,650 6/9 Purchase ,300 6/16 Purchase ,750 6/23 Purchase ,000 6/30 Purchase ,600 Total 1,910 29,300 No units go missing due to spoilage or shoplifting 1. If sales are 800 units at $28 per unit and 910 units at $25 per unit, then goods sold, 2. If sales are 800 units at $28 per unit and 610 units at $25 per unit, then What is the cost of shoplifting? goods sold, 216
4 Problem 59 LIFO, FIFO, Weighted average with spoilage, shoplifting. Johnson Company buys and resells Widgets as its primary business activity. The following inventory transactions occurred in the month of June: 6/2 Beginning Inventory ,250 6/9 Purchase ,300 6/16 Purchase ,750 6/23 Purchase ,000 6/30 Purchase ,600 Total 2,200 32,900 Sales clerks and cashiers discarded 40 units that became shop worn and unsaleable. Shoplifting losses are 160 units. If sales are 1,700 units at $30 per unit, then 1. Under the use of FIFO, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 2. Under the use of LIFO, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 3. Under the use of weighted average, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 217
5 Problem 60 LIFO, FIFO, Weighted average with spoilage, shoplifting. Miller Retail Company buys and resells Widgets as its primary business activity. The following inventory transactions occurred in the month of August: 8/2 Beginning Inventory /9 Purchase ,250 8/16 Purchase ,675 8/23 Purchase ,475 8/30 Purchase ,025 Total 2,280 11,825 Sales clerks and cashiers discarded 30 units that became shop worn and unsaleable. Shoplifting losses are 220 units. If sales are 1,910 units at $15 per unit, then 1. Under the use of FIFO, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 2. Under the use of LIFO, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 3. Under the use of weighted average, compute the cost of ending inventory, the cost of goods sold, What is the cost of shoplifting? 218
Basic Inventory & CGS
Professor Authored Problem Solutions Intermediate Accounting 2 Basic Inventory & CGS Solution to Problem 55 Costs to add to inventory account 1. Cost to acquire or purchase 2. Cost to transport or ship
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