ACCT 1001- Week 11 Practice Worksheet 1 (1)

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George Brown College Canada *

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1001

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Accounting

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Apr 3, 2024

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Uploaded by marwamazlomyar1999

Name: Marwa Mazlomyar Student ID: 101424278 ACCT 1001 Perpetual Inventory System (Week 10) PART A- Choose one correct option for each question below. Q1 Which of the following should not be included in a company's physical inventory? A. Goods held on consignment from another company. B. Goods shipped on consignment to another company. C. Goods in transit that were purchased from a supplier and shipped FOB shipping point. D. Goods in transit that were sold to a customer and shipped FOB destination. Answer – Goods held on consignment from another company. Q2 As a result of a physical inventory count, Atlantic Company determined that it had inventory worth $180,000 at December 31, 2021. This count did not take into consideration the following: Rogers Consignment store currently has goods that cost $35,000 on its sales floor that belong to Atlantic but are being sold on consignment by Rogers. The selling price of these goods is $50,000. Atlantic purchased $13,000 of goods that were shipped on December 27, FOB destination, and they were received by Atlantic on January 3. Determine the correct amount of inventory that Atlantic should report. A. $230,000 B. $215,000 C. $228,000 D. $193,000 Answer- $215,000 PART B – Determine the cost of ending inventory. Question- Jonah Company uses a perpetual inventory system. All sales and purchases are on account. The selling price is $9 per unit. The company has the following inventory data for the month of March: Date Transaction Units Unit Cost Total Cost March 1 Beginning Inventory 200 $4.30 $860 March 10 Purchase 500 4.50 2250 March 15 Sales (500) March 20 Purchase 400 4.75 1900

Name: Marwa Mazlomyar Student ID: 101424278 ACCT 1001 Perpetual Inventory System (Week 10) March 25 Sales (400) March 30 Purchase 300 5.00 1500 500 6510 INSTRUCTIONS- Use Weighted Average Method to find cost of ending inventory and type your answer in table below. Purchases Cost of goods sold Balance Date Units Cost Total Units Cost Total Units Cost Total March 1 200 $4.30 $860 200 $4.30 $860 March 10 500 4.50 2250 200 4.30 860 500 4.50 2250 March 15 (500) 9 4500 March 20 400 4.75 1900 March 25 (400) 9 3600 March 30 300 5.00 1500 1200 5650 (900) 8100 500 4.70 2354.16

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