Question : 50) Inventory data for Army & Navy Wear Co. provided : 1253243

 

50) Inventory data for Army & Navy Wear Co. are provided below. Sales for the month were 220 units sold for $12 each. The company maintains a periodic inventory system.

 

Date

 

Number of Units

Unit Cost

Total Cost

Jan. 01

Beginning inventory

  50

$5.00

$   250

Jan. 15

Purchases

  70

$6.00

$   420

Jan. 20

Purchases

  80

$7.00

$   560

Jan. 27

Purchases

100

$7.50

$   750

   Totals

 

300

 

$1,980

 

Required:

1. Determine the cost of goods sold and ending inventory for the month assuming the company uses the FIFO cost flow method.

2. Determine the cost of goods sold and ending inventory for the month assuming the company uses the LIFO cost flow method.

3. Determine the cost of goods sold and ending inventory for the month assuming the company uses the weighted average method.

4. Which method would you recommend that the company use if its objective is to minimize its income tax liability?

51) Inventory data for Army & Navy Wear Co. are provided below. Sales for the quarter were 220 units sold for $12 each.

 

Date

 

Number of Units

Unit Cost

Total Cost

Jan. 01

Beginning inventory

150

$5.00

$   750

Jan. 15

Purchase

70

$6.00

$   420

Feb. 01

Sale

100

 

 

Feb. 20

Purchase

180

$7.00

$1,260

March 05

Sale

120

 

 

March 19

Purchase

50

$7.50

$   375

 

Required:

1. Calculate the cost of goods sold for the quarter assuming the company uses a FIFO perpetual inventory system.

2. Calculate the cost of goods sold for the quarter assuming the company uses a LIFO perpetual inventory system.

3. Which system (perpetual or periodic) do you think is increasing in use because of computer technology?

52) The Quiet Gravestone Company has only one product: a large, 3-foot gravestone. Data for inventory during February of the current year are provided below. Assume the company uses a perpetual inventory system and the FIFO cost flow method. 

 

Date

 

Number of Units

Unit Cost

Total Cost

Feb 01

Beginning inventory

5

$40.00

$200

Feb 04

Purchase

10

$42.00

$420

Feb 10

Purchase

12

$44.00

$528

Feb 18

Purchase

8

$45.00

$360

Feb 25

Purchase

14

$46.00

$644

 

Sales for the month were:

February 7:  seven sold at $1,000

February 15:  five sold at $1,050

February 20:  ten sold at $1,100

Required:

1. What is the cost of goods sold for the February 7 sale?

2. What is the cost of goods sold for the February 15 sale?

3. What is the cost of goods sold for the February 20 sale?

4. If the company used a periodic inventory system and the FIFO cost flow method, what would cost               of goods sold be for the month?

53) The Cemetery Gravestone Company has only one product: a large, 3-foot gravestone. Data for inventory during February of the current year are provided below. Assume the company uses a PERPETUAL inventory system and the LIFO cost flow method.

 

Date

 

Number of Units

Unit Cost

Total Cost

Feb 01

Beginning inventory

5

$40.00

$200

Feb 04

Purchase

10

$42.00

$420

Feb 10

Purchase

12

$44.00

$528

Feb 18

Purchase

8

$45.00

$360

Feb 25

Purchase

14

$46.00

$644

 

Sales for the month were:

February 7:  seven sold at $1,000

February 15:  five sold at $1,050

February 20:  ten sold at $1,100

Required:

1. What is the cost of goods sold for the February 7 sale?

2. What is the cost of goods sold for the February 15 sale?

3. What is the cost of goods sold for the February 20 sale?

4. If the company used a PERIODIC inventory system and the LIFO cost flow method, what would               the cost of goods sold be for the month?

 

 

 

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