Part 9 (24 points) Perpetual Inventory Problem During January, a company that us
ID: 2374364 • Letter: P
Question
Part 9 (24 points)
Perpetual Inventory Problem
During January, a company that uses a perpetual inventory system had a beginning
inventory, purchases, and sales as follows:
Units Unit Cost
Beginning inventory 60 $12.00
Jan 5. Purchase 40 $14.00
Jan 15. Sale 49 ?
Complete the framed area/ ????? of the inventory cards below under each of the assumptions listed.
1. SPECIFIC IDENTIFICATION (25 sold from the beginning inventory and 24 from Jan. 5 purchase).
Purchases Cost of Goods Sold Inventory Balance
Date Units Cost Total Units Cost Total Units Cost Total
Jan. 1 60 $12.00 $720.00 60 $12.00 $720.00
Jan. 5 40 $14.00 $560.00 60 $12.00
40 $14.00 $1,280.00
Jan. 15 ? ? ?????????????????????
?????????????????????????????????
2. LAST IN - FIRST OUT
Purchases Cost of Goods Sold Inventory Balance
Date Units Cost Total Units Cost Total Units Cost Total
Jan. 1 60 $12.00 $720.00 60 $12.00 $720.00
Jan. 5 40 $14.00 $560.00 60 $12.00
40 $14.00 $1,280.00
Jan. 15 ????????????????????????????
3. FIRST IN - FIRST OUT
Purchases Cost of Goods Sold Inventory Balance
Date Units Cost Total Units Cost Total Units Cost Total
Jan. 1 60 $12.00 $720.00 60 $12.00 $720.00
Jan. 5 40 $14.00 $560.00 60 $12.00
40 $14.00 $1,280.00
Jan. 15 ?????????????????????????????????????????????????????
4. WEIGHTED AVERAGE
Purchases Cost of Goods Sold Inventory Balance
Date Units Cost Total Units Cost Total Units Cost Total
Jan. 1 60 $12.00 $720.00 60 $12.00 $720.00
Jan. 5 40 $14.00 $560.00 60 $12.00
40 $14.00 $1,280.00
Jan. 15 ?????????????????????????????????????????
Explanation / Answer
1. ( 25*12)+(24*14)=636
2.(40*14)+(9*12)=668
3.49*12=588
4. 49*12.8=627.2
note:12800/(60+40)=12.8