Basic Inventory & CGS
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1 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 to the company s location. Buyers always bear cost of shipping. 3. Cost to modify items so they are in condition to be used as intended. This could involve repackaging for inventory items. 4. Cost for legal fees, such as drawing up purchase contracts. Solution to Problem 56 Why use LIFO? Refer to textbook for advantages/disadvantages of LIFO & FIFO. 365
2 Solution to Problem 57 Basic LIFO, FIFO 1. Available for sale 7,050 Ending inventory (Last In Still Here) 1, *8 Cost of goods sold 5,850 Sales revenue 13, *17 Cost of goods sold 5,850 Gross margin 7,750 Available for sale 7,050 Ending inventory (First In Still Here) 1, *7 Cost of goods sold 6,000 Sales revenue 13,600 Cost of goods sole 6,000 Gross margin 7,600 Available for sale 7, per unit = 7,050 / 950 Ending inventory 1, * Cost of goods sold 5,937 Sales revenue 13,600 Cost of goods sole 5,937 Gross margin 7,
3 2. Available for sale 7,050 Ending inventory (Last In Still Here) 2, *8 + 90*7.5 Cost of goods sold 4,775 Sales revenue 11, *17 Cost of goods sold 4,775 Gross margin 6,445 Available for sale 7,050 Ending inventory (First In Still Here) 2, *7 + 40*7.25 Cost of goods sold 5,010 Sales revenue 11,220 Cost of goods sole 5,010 Gross margin 7,210 Available for sale 7, per unit = 7,050 / 950 Ending inventory (Last In Still Here) 2, * Cost of goods sold 4,898 Sales revenue 11,220 Cost of goods sole 4,898 Gross margin 6,
4 Solution to Problem 58 Basic LIFO, FIFO 1. Beginning Inventory 4, Purchases 24,650 1,600 Available for sale 29,300 Ending inventory (Last In Still Here) 3, *16.5 Cost of goods sold 26,000 Sales revenue 45, * *25 Cost of goods sold 26,000 Gross margin 19,150 Beginning Inventory 4,650 Purchases 24,650 Available for sale 29,300 Ending inventory (First In Still Here) 3, *15 Cost of goods sold 26,300 Sales revenue 45, * *25 Cost of goods sole 26,300 Gross margin 18,850 Beginning Inventory 4,650 Purchases 24,650 Available for sale 29, per unit = 29,300 / 1,910 Ending inventory 3, * Cost of goods sold 26,232 Sales revenue 45, * *25 Cost of goods sole 26,232 Gross margin 18,
5 2. Beginning Inventory 4, Purchases 24,650 1,600 Available for sale 29,300 Ending inventory (Last In Still Here) 8, * *16 Cost of goods sold 21,100 Sales revenue 37, * *25 Cost of goods sold 21,100 Gross margin 16,550 Beginning Inventory 4,650 Purchases 24,650 Available for sale 29,300 Ending inventory (First In Still Here) 7, * *14 Cost of goods sold 21,990 Sales revenue 37, * *25 Cost of goods sole 21,990 Gross margin 15,660 Beginning Inventory 4,650 Purchases 24,650 Available for sale 29, per unit = 29,300 / 1,910 Ending inventory 7, * Cost of goods sold 21,630 Sales revenue 37, * *25 Cost of goods sole 21,630 Gross margin 16,
6 Solution to Problem 59 LIFO, FIFO, Weighted average with spoilage, shiplifting 1. Beginning Inventory 2, Purchases 30,650 2,050 Available for sale 32,900 2,200 units Ending inventory (Last In Still Here) 4, *16.5 Cost of goods sold 27,950 Sales revenue 51,000 1,700*30 Cost of goods sold 27,950 Gross margin 23,050 Cost of shoplifting = 27,950 * 160/1860 = 2,404 Beginning Inventory 2,250 Purchases 30,650 Available for sale 32,900 Ending inventory (First In Still Here) 4, * *14 Cost of goods sold 28,550 Sales revenue 51,000 1,700*30 Cost of goods sole 28,550 Gross margin 22,450 Cost of shoplifting = 28,550 * 160/1860 = 2,456 Beginning Inventory 2,250 Purchases 30,650 Available for sale 32, per unit = 32,900 / 2,000 Ending inventory 4, *16.45 Cost of goods sold 27,965 Sales revenue 51,000 1,700*30 Cost of goods sole 27,965 Gross margin 23,035 Cost of shoplifting = 27,965 * 160/1860 = 2,
7 Solution to Problem 60 LIFO, FIFO, Weighted average with spoilage, shiplifting 1. Beginning Inventory *5 Purchases 11,425 2,200 Available for sale 11,825 2,280 units Ending inventory (Last In Still Here) *5.5 Cost of goods sold 11,165 Sales revenue 28,650 1,910*15 Cost of goods sold 11,165 Gross margin 17,485 Cost of shoplifting = 11,165 * 220/2160 = 1,137 Beginning Inventory 400 Purchases 11,425 Available for sale 11,825 Ending inventory (First In Still Here) *5 + 40*4.5 Cost of goods sold 11,265 Sales revenue 28,650 1,910*15 Cost of goods sole 11,265 Gross margin 17,385 Cost of shoplifting = 11,265 * 220 /2160 = 1,147 Beginning Inventory 400 Purchases 11,425 Available for sale 11, per unit = 11,825 / 2,030 Ending inventory * Cost of goods sold 11,126 Sales revenue 28,650 1,910*15 Cost of goods sole 11,126 Gross margin 17,524 Cost of shoplifting = 11,126 * 22/2160 = 1,
8 Solution to Problem 61 Cost of purchased goods Sales (gross) 217,100 Sales returns & allowances 3,100 Net sales 214,000 Beginning inventory 31,216 Purchases 114,837 Purchase discounts 11,484 Purchase returns/allowances 2, ,943 Cost of goods available for sale 132,159 Ending inventory 25,400 Cost of goods sold 106,759 Gross margin 107,
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