Question : Question Greehey Enterprises markets the CDs for the performing artist Cara : 1164812

Question

Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March,

 
 
 
 
 
 
 
 
 

Greehey had beginning inventory of 1,500 Lotta CDs with a unit cost of $7.

 
 
 
 
 
 
 
 
 

During March, Greehey made the following purchases of Lotta CDs.

 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 

 

Date:

Quantity:

Cost:

 

Date:

Quantity:

Cost:

 

 
 
 
 
 
 
 
 
 

 

Mar 5

3,000

$8

 

Mar 21

4,000

$10

 

 
 
 
 
 
 
 
 
 

 

Mar 13

5,500

$9

 

Mar 26

2,000

$11

 

 
 
 
 
 
 
 
 
 

During March, 12,500 units were sold. Greehey uses a perpetual inventory system. 

 
 
 
 
 
 
 
 
 

Prepare answers on an Excel spreadsheet using the following templates. 

 
 
 
 
 
 
 
 
 

Label each answer with the letter in parenthesis. Turn in hard copy of spreadsheet with 2nd copy (ctrl ~).

 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 

Instructions:

 
 
 
 
 
 
 
 
 

(a) Determine the cost of goods available for sale.

 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 

 

COST OF GOODS AVAILABLE FOR SALE

 

 
 
 
 
 
 
 
 
 

 

Date

Explanation

Units

Unit Cost

Total Cost

 

 
 
 
 
 
 
 
 
 

 

Mar 1

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 

 

Mar 5

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 

 

Mar 13

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 

 

Mar 21

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 

 

Mar 26

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 

 

Total

 

Formula

 

Formula

 

 
 
 
 
 
 
 
 
 

(b) Determine the ending inventory under FIFO.   (c) Determine the COGS under FIFO.

 
 
 
 
 
 
 
 
 

FIFO

 

Ending Inventory

 

(2)

Cost of Goods Sold

Date

Units

Unit Cost

Total Cost

Title

Amount

 

 

 

 

 

 

 

 

 

Mar 26

Quantity

Amount

Formula

Title

Amount

 

 

 

 

 

 

 

 

 

Mar 21

Quantity

Amount

Formula

Title

Formula

 

 

 

 

 

 

 

 

 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) Prove the accuracy of the cost of goods sold under FIFO.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proof of Cost of Goods Sold

 

 

 

 

 

 

 

 

 

 

 

Date

Units

Unit Cost

Total Cost

 

 

 

 

 

 

 

 

 

 

 

Mar 1

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 5

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 13

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 21

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(e) Determine the ending inventory under LIFO.   (f) Determine the COGS under LIFO.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIFO

 

Ending Inventory

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

 

 

Date

Units

Unit Cost

Total Cost

 

Title

Amount

 

 

 

 

 

 

 

 

 

Mar 1

Quantity

Amount

Formula

 

Title

Amount

 

 

 

 

 

 

 

 

 

Mar 5

Quantity

Amount

Formula

 

Title

Formula

 

 

 

 

 

 

 

 

 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(g) Prove the accuracy of the cost of goods sold under LIFO.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

Units

Unit Cost

Total Cost

 

 

 

 

 

 

 

 

 

 

 

Mar 26

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 21

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 13

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

Mar 5

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(h) Determine the ending inventory under weighted average.  

 

 

 

 

 

 

 

 

 

(1)

Ending Inventory

(2)

Cost of Goods Sold

 

Cost of goods available for sale

 

Avg. cost per unit =

Less: Ending inventory

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

Greehey Enterprises markets the CDs for the performing artist Cara Lotta. At the beginning of March,

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Greehey had beginning inventory of 1,500 Lotta CDs with a unit cost of $7.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

During March, Greehey made the following purchases of Lotta CDs.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Date:

Quantity:

Cost:

 

Date:

Quantity:

Cost:

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 5

3,000

$8

 

Mar 21

4,000

$10

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 13

5,500

$9

 

Mar 26

2,000

$11

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

During March, 12,500 units were sold. Greehey uses a perpetual inventory system. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepare answers on an Excel spreadsheet using the following templates. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Label each answer with the letter in parenthesis. Turn in hard copy of spreadsheet with 2nd copy (ctrl ~).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Instructions:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Determine the cost of goods available for sale.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

COST OF GOODS AVAILABLE FOR SALE

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Date

Explanation

Units

Unit Cost

Total Cost

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 1

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 5

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 13

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 21

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Mar 26

Text

Number

Value

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Total

 

Formula

 

Formula

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(b) Determine the ending inventory under FIFO.   (c) Determine the COGS under FIFO.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FIFO

 
 
 
 
 
 
 
 
 
 

 

Ending Inventory

 

(2)

Cost of Goods Sold

 
 
 
 
 
 
 
 
 
 

Date

Units

Unit Cost

Total Cost

Title

Amount

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 26

Quantity

Amount

Formula

Title

Amount

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 21

Quantity

Amount

Formula

Title

Formula

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

(d) Prove the accuracy of the cost of goods sold under FIFO.

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Proof of Cost of Goods Sold

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Date

Units

Unit Cost

Total Cost

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 1

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 5

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 13

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 21

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

(e) Determine the ending inventory under LIFO.   (f) Determine the COGS under LIFO.

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

LIFO

 
 
 
 
 
 
 
 
 
 

 

Ending Inventory

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Date

Units

Unit Cost

Total Cost

 

Title

Amount

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 1

Quantity

Amount

Formula

 

Title

Amount

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 5

Quantity

Amount

Formula

 

Title

Formula

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

(g) Prove the accuracy of the cost of goods sold under LIFO.

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Date

Units

Unit Cost

Total Cost

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 26

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 21

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 13

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

Mar 5

Quantity

Amount

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

Formula

 

Formula

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

(h) Determine the ending inventory under weighted average.  

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

(1)

Ending Inventory

(2)

Cost of Goods Sold

 
 
 
 
 
 
 
 
 
 

 

Cost of goods available for sale

 

 
 
 
 
 
 
 
 
 
 

Avg. cost per unit =

Less: Ending inventory

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 

 

Cost of goods sold

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more