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Inventories - Try

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13 views13 pages

Inventories - Try

Uploaded by

choicass948
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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LOT CLASS number of lots sales price per lot total clearing cost

A 10 100,000.00 none
B 20 80,000.00 100,000.00
C 40 70,000.00 300,000.00
D 50 60,000.00 800,000.00

LOT CLASS TOTAL SALES ALLOCATION TOTAL COST


A 1,000,000.00 12% 700,000.00
B 1,600,000.00 19% 1,120,000.00
C 2,800,000.00 33% 1,960,000.00
D 3,000,000.00 36% 2,100,000.00
8,400,000.00
5,880,000.00

total clearing cost


none 700,000.00
100,000.00 1,020,000.00
300,000.00 1,660,000.00
800,000.00 1,300,000.00
ITEMS UNITS COST ESTIMATED SELLING PRICE
A 1,000.00 120.00 180.00
B 1,500.00 110.00 140.00
C 1,200.00 150.00 170.00
D 1,800.00 140.00 190.00
E 1,700.00 130.00 200.00

ITEMS COST NRV LCNRV


A 120,000.00 150,000.00 120,000.00
B 165,000.00 180,000.00 165,000.00
C 180,000.00 168,000.00 168,000.00
D 252,000.00 288,000.00 252,000.00
E 221,000.00 272,000.00 221,000.00
938,000.00 1,058,000.00 926,000.00

DM
inventory 12,000.00
income summary

AM
inventory 938,000.00
inc summary

loss on inventory write down 12,000.00


allowance for inventory writedown
COST TO SELL SELLING PRICE COST TO SELL
30.00 180,000.00 30,000.00
20.00 210,000.00 30,000.00
30.00 204,000.00 36,000.00
30.00 342,000.00 54,000.00
40.00 340,000.00 68,000.00

12,000.00

12,000.00

938,000.00

12,000.00
PROBLEM 13-6
Jan-01 Dec-31
INVENTORY 1,500,000.00
PURCHASES 5,500,000.00
CASH SALES 900,000.00
COLLECTIONS OF AR 8,400,000.00
AR 700,000.00 1,100,000.00
GP RATE ON SALES 40%

LOSS IN IVETORY

TOTAL SALES
CASH SALES 900,000.00 COST RATIO
COLLECTIONS OF AR 8,400,000.00
AR BEG. - 700,000.00
AR END. 1,100,000.00
9,700,000.00

GAS 7,000,000.00
COGS 5,820,000.00
ENDING INVENTORY 1,180,000.00
PROBLEM 13-12
INV. JULY 1, 2022
PHYSICAL INV, MAY 31, 2023
SALES FOR

60%
Units Units Cost TOTAL
Jan-01 Bal. 6,000.00 150.00 900,000.00
Jan-05 purchases 2,000.00 200.00 400,000.00
Jan-10 sale 4,000.00
Jan-15 sale 1,000.00
Jan-20 purchases 2,500.00 300.00 750,000.00
Jan-25 purchases 2,000.00 400.00 800,000.00
Jan-31 sales 3,000.00
ending 4,500.00 2,850,000.00
GAS

ENDIN INVENTORY
Jan-25 purchases 2,000.00 400.00
Jan-20 purchases 2,500.00 300.00
4,500.00
800,000.00
750,000.00
1,550,000.00
Units Units Cost TOTAL
Jan-01 Bal. 6,000.00 150.00 900,000.00
Jan-05 purchases 2,000.00 200.00 400,000.00
Jan-20 purchases 2,500.00 300.00 750,000.00
Jan-25 purchases 2,000.00 400.00 800,000.00
TOTAL 12,500.00 228.00 2,850,000.00

ENDING UNITS 4,500.00


COST 228.00
ENDING INV 1,026,000.00
unit unit cost total cost
Jan-01 beg 5,000.00 200.00 1,000,000.00
Jan-10 purchase 5,000.00 250.00 1,250,000.00
BAL 10,000.00 225.00 2,250,000.00
Jan-15 sale 7,000.00 225.00 1,575,000.00
BAL 3,000.00 225.00 675,000.00 675,000.00
Jan-16 sales return 1,000.00 225.00 225,000.00
BAL 4,000.00 225.00 900,000.00
Jan-30 purchase 16,000.00 150.00 2,400,000.00
BAL 20,000.00 165.00 3,300,000.00
Jan-31 purchase return 5,000.00 150.00 750,000.00
BAL 15,000.00 170.00 2,550,000.00
COST RETAIL
BEG 556,800.00 928,000.00
PURCHASES 4,576,000.00 7,028,000.00
NET MARK UP 42,000.00
NET MARKDOWN - 30,000.00
AVERAGE 5,132,800.00 7,968,000.00
NET MARKDOWN 30,000.00
CONSERVATIVE 5,132,800.00 7,998,000.00

COST RATIO
AVE 64.42%
CONSERVATIVE 64.18%

ENDING INVE AT RETAIL


GAS 7,968,000.00
COGS 6,840,000.00
END 1,128,000.00

ENDING INV. AT COST


AVE 726,631.33
CONSERVATIVE 723,905.78
COST RETAIL LIFO
PURCHASES 4,576,000.00 7,028,000.00
NET MARK UP 42,000.00
NET MARKDOWN - 30,000.00
GAS 4,576,000.00 7,040,000.00

COST RATIO
65.00%

ENDING AT RETAIL
GAS 7,968,000.00
COGS 6,840,000.00
ENDING 1,128,000.00

ENDING AT COST
733,200.00
C R
BEG 556,800.00 928,000.00
PURCHASE 130,000.00 200,000.00
END 686,800.00 1,128,000.00

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