Problem 5-3A Working Papers 1. Calculate cost of goods available for sale. Notice the units...
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Problem 5-3A Working Papers 1. Calculate cost of goods available for sale. Notice the units available for sale are already totaled. Activities Units Acquired at Cost = Total Cost Jan. 1 Beginning inventory 600 units @ $45.00 = Feb. 10 400 units @ $42.00 = Mar. 13 200 units @ $27.00 = Aug. 21 100 units @ $50.00 = Sept. 5 500 units @ $46.00 = Total Goods Available For Sale 1,800 units 2. Units in ending inventory: Units available Less: Units sold Ending Inventory (units) Req. 3 a. FIFO Cost of goods available for sale (from part 1) Ending Inventory: Cost of Goods Sold b. LIFO Cost of goods available for sale (from part 1) Ending Inventory: Cost of Goods Sold Periodic Inventory c. Weighted average Calculate weighted average cost per unit: Cost of goods available for sale Ending Inventory: Cost of Goods Sold d. Specific identification Cost of goods available for sale (from part 1) Cost of Goods Sold Ending Inventory: Req. 4 Sales calculation: Weighted Specific FIFO LIFO Average Identification Sales Less: Cost of goods sold Gross profit Req. 5
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