FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the
value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following
transactions under three different cost allocation methods and using perpetual inventory updating.
Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG).
You must show your work and calculations--answers that are correct but do not show calculations are graded
as a zero grade. Place your answers in the shaded cells.
Number of Units Unit Cost
110 $
Beginning inventory, March 1
Purchased inventory, March 8
86
140 $
90
Sold inventory for $110 per unit, March 11
95
If you use the FIFO method,
the dollar value of COGS is →
and the dollar value of ending inventory is-
If you use the LIFO method,
the dollar value of COGS is -
and the dollar value of ending inventory is-
If you use the Weighted Average method,
the dollar value of COGS is -
and the dollar value of ending inventory is→
Problem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory):
Select accounts using the drop down dialogue (also assume that the customer paid cash).
Transaction
Account name
Debit
Credit
A. Display the accounting transaction to
record the revenue from the sale on March 11
B. Display the accounting transaction to
record the COGS from the sale on March 11
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Transcribed Image Text:Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of COGS is - and the dollar value of ending inventory is→ Problem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory): Select accounts using the drop down dialogue (also assume that the customer paid cash). Transaction Account name Debit Credit A. Display the accounting transaction to record the revenue from the sale on March 11 B. Display the accounting transaction to record the COGS from the sale on March 11
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