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Homework ACC Chapter 6: Name: Tran Dieu Nhu Quynh Class: BH1502

Tran Dieu Nhu Quynh completed homework for ACC chapter 6 involving calculating cost of goods sold and ending inventory under different cost flow assumptions (FIFO, LIFO, weighted average, specific identification). The homework included tracking units and costs of goods purchased and sold over multiple dates to determine ending inventory quantities and values using each method. Gross profit was then calculated for each method based on total sales and cost of goods sold.

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64 views3 pages

Homework ACC Chapter 6: Name: Tran Dieu Nhu Quynh Class: BH1502

Tran Dieu Nhu Quynh completed homework for ACC chapter 6 involving calculating cost of goods sold and ending inventory under different cost flow assumptions (FIFO, LIFO, weighted average, specific identification). The homework included tracking units and costs of goods purchased and sold over multiple dates to determine ending inventory quantities and values using each method. Gross profit was then calculated for each method based on total sales and cost of goods sold.

Uploaded by

Diệu Quỳnh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Name: Tran Dieu Nhu Quynh

Class: BH1502

Homework ACC chapter 6

Problem 6-1B
1. Cost of goods available for sale and the number of units available for sale

Cost of goods available for sale


Date Units Cost per Units Total Cost
Apr. 1 20 $ 3,000 $ 60,000
Apr. 6 30 $ 3,500 $ 105,000
Apr. 17 5 $ 4,500 $ 22,500
Apr. 25 10 $ 4,800 $ 48,000
Total 65 $ 235,500

2. The number of units in ending inventory

Ending inventory = The number of units available for sale – The number of units sold

= 65 – 60 = 5 (units)

3. The cost assigned to ending inventory

a. FIFO
Cost of goods sold
Sold Date Purchases Date Units Sold Units Cost Cost of Goods
Sold
Apr. 9 Apr. 1 20 $ 3,000 $ 60,000
Apr. 6 15 $ 3,500 $ 52,500
Apr. 30 Apr. 6 15 $ 3,500 $ 52,500
Apr. 17 5 $ 4,500 $ 22,500
Apr. 25 5 $ 4,800 $ 24,000
Total cost of goods sold 60 $ 211,500

Ending Inventory
Date Ending Inventory Cost per Units Ending Inventory
Units Cost
Apr. 25 5 $ 4,800 $ 24,000
Total ending inventory 5 $ 24,000
b. LIFO

Cost of goods sold


Sold Date Purchases Date Units Sold Units Cost Cost of Goods
Sold
Apr. 9 Apr. 1 5 $ 3,000 $ 15,000
Apr. 6 30 $ 3,500 $ 105,000
Apr. 30 Apr. 1 10 $ 3,000 $ 30,000
Apr. 17 5 $ 4,500 $ 22,500
Apr. 25 10 $ 4,800 $ 48,000
Total cost of goods sold 60 $ 220,500

Ending Inventory
Date Ending Inventory Cost per Units Ending Inventory
Units Cost
Apr. 1 5 $ 3,000 $ 15,000
Total ending inventory 5 $ 15,000

c. Weighted average

Date Purchases Cost of goods sold Inventory Balance


Apr. 1 20 @ $ 3,000 = $ 60,000 $ 60,000
Apr. 6 30 @ $ 3,500 = $ 105,500 $ 165,000
Apr. 9 35 @ $ 3,300 = $ 115,500 $ 49,500
Apr. 17 5 @ $ 4,500 = $ 22,500 $ 72,000
Apr. 25 10 @ $ 4,800 = $ 48,000 $ 120,000
Apr. 30 25 @ $ 4000 = $ 100,000 $ 20,000
Total cost of goods sold $ 215,500

Ending Inventory
Ending Inventory Cost per Units Ending Inventory
Units Cost
Total ending inventory 5 $ 4,000 $ 20,000
d. Specific identification

Cost of goods sold


Sold Date Purchases Units Sold Units Cost Cost of Goods
Date Sold
Apr. 9 Apr. 1 8 $ 3,000 $ 24,000
Apr. 6 27 $ 3,500 $ 94,500
Apr. 30 Apr. 1 12 $ 3,000 $ 36,000
Apr. 6 3 $ 3,500 $ 10,500
Apr. 25 10 $ 4,800 $ 48,000
Total cost of goods sold 60 $ 213,000

Ending Inventory
Date Ending Inventory Cost per Units Ending Inventory
Units Cost
Apr. 17 5 $ 4,500 $ 22,500
Total ending inventory 5 $ 22,500

4. Gross Profit

FIFO LIFO Weighted Specific


Average Identification
Sales $ 770,000 $ 770,000 $ 770,000 $ 770,000
Cost of Goods Sold $ 211,500 $ 220,500 $ 215,500 $ 213,000
Gross Profit $ 558,500 $ 549,500 $ 554,500 $ 557,000

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