Accounting Calculations Questions Assignment
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| Question 1 | ||||||
| A company manufactured 1,000 units of product during the year and sold 900 units. | ||||||
| Costs incurred during the current year are as follows: | ||||||
| Direct materials and direct labor | $9,000 | |||||
| Indirect materials and indirect labor | 4,000 | |||||
| Insurance on manufacturing equipment | 2,400 | |||||
| Advertising | 1,600 | |||||
| Total | 17,000 | |||||
| What amount should be reported as inventory in the company’s year-end balance sheet? | ||||||
| A. What is the Cost of Goods Sold for the year? | ||||||
| B. What is the ending inventory at year end? | ||||||
| ** Include your calculations | ||||||
| Question 2 | ||||||
| Ending balances for Rose Fuel Company selected accounts are presented below: | ||||||
| Sales | $300,000 | |||||
| Beginning inventory | 50,000 | |||||
| Ending inventory | 60,000 | |||||
| Smith’s gross margin is 20%. What amount represents Smith purchases? | ||||||
| Using the gross profit method calculate Cost of Goods Sold and Purchases for the period. | ||||||
| A. What is the Cost of Goods Sold? | ||||||
| B. What is the Purchases value for the period? | ||||||
| ** Include your calculations | ||||||
| Question 3 | ||||||
| Fresh Packaging Company had a beginning inventory of 12,000 units and purchased 15,000 units | ||||||
| during the year. Sales for the year totalled 13,000 units at $8 per unit. Based on the information below | ||||||
| calculate cost of goods sold and ending inventory dollar values based on FIFO. | ||||||
| Available | ||||||
| Units | Unit Price | for Sale | Ending Inventory | |||
| Beginning Inventory – October | 3,000 | $3.00 | ||||
| Beginning Inventory – November | 3,000 | $3.10 | ||||
| Beginning Inventory – December | 6,000 | $3.20 | ||||
| Purchases – April | 4,000 | $2.80 | ||||
| Purchases – June | 11,000 | $3.00 | ||||
| Totals | 27,000 | $ – | $ – | 0 | ||
| Sales | 13,000 | $ – | ||||
| Ending Inventory | 14,000 | $ – | ||||
| Calculate Cost of Goods Sold and Ending inventory dollar values | ||||||
| A. Cost of Goods Sold | ||||||
| B. Ending Inventory Dollar Value | ||||||
| NOTE: Create a table for calculations | ||||||
| Question 4 | ||||||
| Premier Company uses a periodic inventory system. | ||||||
| The following are inventory transactions for the month of March: | Cost | |||||
| Units | Per Unit | |||||
| 1-Mar | Beginning inventory | 30,000 | $ 12.00 | |||
| 21-Mar | Purchase | 20,000 | $ 14.00 | |||
| 24-Mar | Purchase | 40,000 | $ 11.00 | |||
| 31-Mar | Sales at $40 per unit | 70,000 |
Premier uses the LIFO method to determine the value of its inventory.
What amount should Premier report as cost of goods sold on its income statement for the month of March?
A. Cost of Goods Sold
B. Dollar value ending inventory
Question 5
In your own words explain moving average inventory costing and average inventory costing methods. (225-300 words)
How are they different? Why might accountants prefer one system over the other?
Explain the benefits of each method and how cost versus benefit might be optimized.
your answer can be presented as a list of bullet points. Write, read, and review your work.
Verify each question or requirement for this question is addressed in your answer.
Your answer should explain how unit costs are calculated for each of the two methods.
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