中级财务会计英文版课后答案(Chap03).docVIP

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中级财务会计英文版课后答案(Chap03).doc

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中级财务会计英文版课后答案(Chap03)

Exercise 3-13 Cost of goods available for sale: Beginning inventory (2,000 x $6.10) $12,200 Purchases: 10,000 x $5.50 $55,000 6,000 x $5.00 30,000 85,000 Cost of goods available (18,000 units) $97,200 First-in, first-out (FIFO) Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) (15,000) Cost of goods sold $82,200 Cost of ending inventory: Date of purchase Units Unit cost Total cost August 18 3,000 $5.00 $15,000 Last-in, first-out (LIFO) Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) (17,700) Cost of goods sold $79,500 Cost of ending inventory: Date of purchase Units Unit cost Total cost Beg. Inv. 2,000 $6.10 $12,200 August 8 1,000 5.50 5,500 Total $17,700 Exercise 3-13 (concluded) Average cost Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) (16,200) Cost of goods sold $81,000 * Cost of ending inventory: $97,200 Weighted-average unit cost = = $5.40 18,000 units 3,000 units x $5.40 = $16,200* Alternatively, could be determined by multiplying the units sold by the average cost: 15,000 units x $5.40 = $81,000 Exercise 3-14 First-in, first-out (FIFO) Cost of goods sold: Date of Cost of sale Units sold Units Sold Total Cost Aug. 14 2,000 (from Beg. Inv.) $6.10 $12,200 6,000 (from 8/8 purchase) 5.50 33,000 Aug. 25 4,000 (from 8/8 purchase) 5.50 22,000 3,000 (from 8/18 purchase) 5.00 15,000 Total 15,000 $82,200 Ending inventory = 3,000 units x $5.00 = $15,000 Last-in, first-out (LIFO) Date Purchased Sold Balance Beginning inventory 2,000 @ $6.10 = $12,200 2,000 @ $6.10 $12,200 Aug