Fundamental Accounting Principles
24th Edition
ISBN: 9781259916960
Author: Wild, John J., Shaw, Ken W.
Publisher: Mcgraw-hill Education,
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Chapter 18, Problem 5APSA
Problem 18-5A Inventory computation and reporting C4 P1 Shown here are annual financial data taken from two different companies.
Musk World Wave-Board
Retail Manufacturing
Beginning inventory
Merchandise...................... $200,000
Finished goods..................... 1500,000
Cost of purchases..................... 300,000
Cost of goods manufactured............ 375,000
Ending inventory
Merchandise...................... 175,000
Finished goods..................... 225,000
Required
1. Compute the cost of goods sold section of the income statement for the year for each company.
Check (1) Wave-Board's cost of goods sold, $1,150,000
2. Identify the inventory accounts and describe where each is reported on the income statement and
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Maintain inventory records
Fire fox manufacturing has the following information in relation to commodity for July inventory ................July1...................20 units at birr 50
Sales
July 7.........10 units
July 18.......... 10 units
July 27...........10 units
Purchase
july 3..............20 units at birr 51
July 20 ................. 15 units at birr 52
Required
Task 1: the company used perpetual inventory system and LIFO costing determine cost of goods sold and ending inventory
Task 2: if the company used periodic inventory system and FIFO costing method , determine costs of goods sold and ending inventory.
QUESTION 6
A company had the following purchases during its first year of operations:
Purchases
Sales
January
April
May
20 units at $7
30 units at $8
15 units at $14
The company uses the weighted-average method to determine the cost of its inventory.
a. What is the weighted average cost per unit in May (round to one decimal place if necessary)?
b. What is the cost of goods sold in May?
c. What is the cost of ending inventory in May?
Question 1
Pak alco sells Aluminum sheets @$210 per square meter. The following data is available for the company.
Units in beginning inventory . . . . . . . . . . . . . . . . . . . . 0Units produced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000Units sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000Units in ending inventory . . . . . . . . . . . . . . . . . . . . . . . 1,000Variable costs per unit:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Variable manufacturing overhead . . . . . . . . . . . . . . . 20Variable selling and administrative . . . . . . . . . . . . . . 10
Total variable cost per unit. . . . . . . . . . . . . . . . . . . . . .$160
Fixed costs:Fixed manufacturing overhead . . . . . . . . . . . . . . . . . 700,000Fixed selling and administrative . . . . . . . . . . . . . . . . 285,000
Total Fixed Cost. . . . .…
Chapter 18 Solutions
Fundamental Accounting Principles
Ch. 18 - Prob. 1DQCh. 18 - Prob. 2DQCh. 18 - Prob. 3DQCh. 18 - Prob. 4DQCh. 18 - Prob. 5DQCh. 18 - Prob. 6DQCh. 18 - Prob. 7DQCh. 18 - Prob. 8DQCh. 18 - Prob. 9DQCh. 18 - Prob. 10DQ
Ch. 18 - Prob. 11DQCh. 18 - Prob. 12DQCh. 18 - Prob. 13DQCh. 18 - Prob. 14DQCh. 18 - Prob. 15DQCh. 18 - Prob. 16DQCh. 18 - Prob. 17DQCh. 18 - Prob. 18DQCh. 18 - Prob. 19DQCh. 18 - List the four components of a schedule of cost of...Ch. 18 - Prepare a proper title for the annual schedule of...Ch. 18 - Prob. 22DQCh. 18 - Prob. 23DQCh. 18 - Prob. 24DQCh. 18 - Prob. 25DQCh. 18 - Prob. 1QSCh. 18 - Prob. 2QSCh. 18 - Fixed and variable costs C2 Listed below are...Ch. 18 - Prob. 4QSCh. 18 - Prob. 5QSCh. 18 - Prob. 6QSCh. 18 - Prob. 7QSCh. 18 - Prob. 8QSCh. 18 - Prob. 9QSCh. 18 - Prob. 10QSCh. 18 - Prob. 11QSCh. 18 - Prob. 12QSCh. 18 - Prob. 13QSCh. 18 - Prob. 14QSCh. 18 - Prob. 15QSCh. 18 - Prob. 16QSCh. 18 - Prob. 17QSCh. 18 - Prob. 1ECh. 18 - Prob. 2ECh. 18 - Prob. 3ECh. 18 - Prob. 4ECh. 18 - Prob. 5ECh. 18 - Prob. 6ECh. 18 - Prob. 7ECh. 18 - Prob. 8ECh. 18 - Prob. 9ECh. 18 - Prob. 10ECh. 18 - Prob. 11ECh. 18 - Exercise 18-12 Components of accounting reports P2...Ch. 18 - Prob. 13ECh. 18 - Prob. 14ECh. 18 - Prob. 15ECh. 18 - Prob. 16ECh. 18 - Prob. 17ECh. 18 - Prob. 18ECh. 18 - Prob. 19ECh. 18 - Prob. 1APSACh. 18 - Prob. 2APSACh. 18 - Prob. 3APSACh. 18 - Prob. 4APSACh. 18 - Problem 18-5A Inventory computation and reporting...Ch. 18 - Prob. 1BPSBCh. 18 - Prob. 2BPSBCh. 18 - Prob. 3BPSBCh. 18 - Prob. 4BPSBCh. 18 - Prob. 5BPSBCh. 18 - Prob. 18SPCh. 18 - Prob. 1AACh. 18 - Prob. 2AACh. 18 - Prob. 3AACh. 18 - Prob. 1BTNCh. 18 - Prob. 2BTNCh. 18 - Prob. 3BTNCh. 18 - Prob. 4BTNCh. 18 - Prob. 5BTNCh. 18 - Prob. 6BTN
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