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Acc 205 Week 3 Assignment B

1906 words - 8 pages

1. Specific identification method.
Boston Galleries uses the specific identification method for inventory
valuation. Inventory information for several oil paintings follows.

Painting Cost
1/2 Beginning inventory Woods $21,000
4/19 Purchase Sunset 21,800
6/7 Purchase Earth 31,200
12/16 Purchase Moon 4,000
$78,000

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
Woods $21,000
Moon $4,000
$25,000

b. gross profit.

Sales 35,000
CGS
21,000
$4,000 25,000
Gross profit 10,000

c. ending inventory. Beginning ...view middle of the document...

Perpetual inventory system: journal entries.
At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system.
The first transactions that occurred during 20X3 follow:
1/2/20X3 Purchases on account: 500 units @ $6 = 3,000
1/15/20X3 Sales on Account: 300 unts @ $8.50 = $2,550
1/20/20X3 Purchases on Account: 200 units @ $5 = $1,000
1/25/20X3 Sales on Account: 300 units @$8.50 = $2,550
The company President examined the computer-generated journal entries for these transactions and
was confused by the absence of a Purchases account.


a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
FIFO LIFO
Purchases on account: 500 units @ $6 = $3,000
Inventory 3,000 3,000
Accounts Payable 3,000 3,000

Sales on account: 300 units @ $8.50 = $2,550
Accounts Receivable 2,550 2,550
Sales 2,550 2,550
(300 * $6) Cost of Goods Sold 1,800 1,800
Inventory 1,800 1,800


Purchases on account: 200 units @ $5 = $1,000
Inventory 1,000 1,000
Accounts Payable 1,000 1,000

Sales on account: 300 units @ $8.50 = $2,550
Accounts Receivable 2,550 2,550
Sales 2,550 2,550
Cost of Goods Sold 1,700 1,600
Inventory 1,700 1,600
(CGS= 200 @ $6 & 100@ $5) (CGS= 200 @ $5 & 100 @ $6

b. Calculate the balance in the firm’s Inventory account under each method.
Ending Inventory 100 @ $5 = $500 100 @ $6 = $600

c. The purchases account is only used when a firm utilizes a periodic inventory system. Under the perpetual system
all inventory purchases are charged to the inventory account.




4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of
surfboards were as follows: Date Quantity Unit Cost Total Cost
1/3 100 $125 $12,500
4/3 200 $135 $27,000
6/3 100 $145 $14,500
7/3 100 $155 $15,500
Total 500 $69,500
Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system.
Date Quantity Sold Unit Price Total Sales
3/17 50 $250 $12,500
5/17 75 $250 $18,750
8/10 275 $250 $68,750
Total 400 $100,000

Instructions
a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
• First-in, first-out
• Last-in, first-out
• Weighted average

Total
Units Unit Cost Cost Date
a. 1. FIFO:
Cost of Goods Sold
50 $125 $6,250 3/17
50 $125 $6,250 5/17
25 $135 $3,375 5/17
175 $135 $23,625 8/10
100 $145 $14,500 8/10
Total Cost of Goods Sold 400 $54,000
...

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