Question

Rogers made few purchases and few sales for apple iPod. Calculate the Gross profit and Cost...

Rogers made few purchases and few sales for apple iPod. Calculate the Gross profit and Cost of Goods Sold for Apple iPod for Rogers for the month of Jan by using perpetual inventory system (20 pts)
​a. FIFO (10 Pts)
​b. Moving Weighted Average Method (10 pts). Round off the figures.
Date
Inventory
Units
Price $
Jan 1
Beg. Inventory
311@
120 (C.P)
Jan 7
Purchases
80@
120 (C.P)
Jan12
Sales
200@
250 (S.P)
Jan 15
Sales
120 @
270 (S.P)
Jan 24
Purchases
80 @
100 (C.P)
Jan 28
Sales
85 @
270(S.P)
Business   Accounting   
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Homework Answers

Answer #1

Rogers,

FIFO MWAM
Gross profit

(105,350-48,320)

= 57,030 cp

(105,350-47,699)

= 57,651 cp
Cost of goods sold

(200units×120cp)+{(111units×120cp)+(9units×120cp)}+{(71units×120cp)+(14units×100cp)}

= 48,320 cp

(200units×120cp)+(120units×120cp)+(85units×109.4cp)

= 47,699 cp

Sales = (200units×250cp)+(120units×270cp)+(85units×270cp)

= 105,350 CP

Weighted average cost per unit :

Calculations CP
Jan 7 {(311+80)units × 120cp}/ (311+80)units 120
Jan 24 {(71units×120)+(80units×100)}/(71+80) units 109.4
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