FAR-Inventory

Card Set Information

Author:
Patience9921
ID:
277608
Filename:
FAR-Inventory
Updated:
2014-06-30 23:35:51
Tags:
FAR
Folders:

Description:
Financial Accounting and Reporting
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  1. Gross Purchases
          -Purchase Discount
          -Purchase R+A(Returns and Allowences
    Net Purchases
          +Freigh-In/Transport
    COG Purchased

     Beg Inv
    +COG Purchased
    Cost Of Goods Available for Sale
    -Ending Inventory
    COGS

  2. Periodic System
      Beg Bal 200 @ 1.50 = 300
      1/05 Pur  200 @ 1.60 = 480
      1/18 Pur 200 @ 1.65 = 330
      1/27 Pur 300 @ 1.78 = 534
    COG Available for sale   1,644

    Fifo/Lifo
        Sold 600 Units
    300 @ 1.78 = 534
    200 @ 1.65 = 330
    100 @ 1.60 = 160
    EI            1024 Under Fifo

    COGAS  -  Ending Invenory    COGS
    1644                620              1024
  3. Periodic System 
    Beg Bal 200 @ 1.50 = 300 
    1/05 Pur  200 @ 1.60 = 480 
    1/18 Pur 200 @ 1.65 = 330 
    1/27 Pur 300 @ 1.78 = 534
    COG Available for sale   1,644

    Lifo    
    Sold 400 Units
    200 @ 1.50 = 300
    300 @ 1.60 = 480
    100 @ 1.65 = 165
    EI            945 

    Under Fifo
    COGAS  -  Ending Invenory    COGS
    1644               945              699
  4. Periodic System  
    Beg Bal 200 @ 1.50 = 300  
    1/05 Pur  200 @ 1.60 = 480
     1/18 Pur 200 @ 1.65 = 330 
    1/27 Pur 300 @ 1.78 = 534
    COG Available for sale   1,644

    1644/1000 = 1.644

    600 * 1.644 = 986.4 Ending Inventory

    Cogas    Ending Inventory  = COGS
    1644 -      986                     657.6
  5. Perpetual System

        -Beg Balance    200 @ 150 = 300
        -1/5 Purchase   300 @ 160 = 480
                              500 @           780
     
      -Sell 400            200 @ 150 = 300
                              200 @ 160 = 320
                               COGS          620

    Balance      100 @1.60 =  160
                Pur 200 @ 1.65 = 330
                Pur 300 @ 1.78 = 534     
                     600      EI    =1024
  6. Sale   400 
    300 @ 1.60 = 480
    100 @ 1.50 = 150
    COGS           630

    New Balance
    Pur 100 @ 1.50 = 150
    Pur 200 @ 1.65 = 330
    Pur 300 @ 1.78 = 534
         600      EI    =1014
  7. Beg Bal
    200   @ 150 = 300
    300   @ 160 = 480
    500                780

    Have to take the Unit Cost and Divide by the

    Inventory

    Unit
    Cost Inventory




    780
    / 500 = 1.56/Unit

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