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    Vinka Amalia
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    1) The document provides inventory information for MNO Company for July, including beginning balances, purchases, sales, and ending inventory balances under FIFO and moving average methods. 2) Under FIFO, cost of goods sold is $149 and ending inventory is $52. Under moving average, cost of goods sold is $698 and ending inventory is $429,393. 3) Additional information includes units purchased and sold each date, unit costs, and calculations of cost of goods sold and ending inventory.

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    1) The document provides inventory information for MNO Company for July, including beginning balances, purchases, sales, and ending inventory balances under FIFO and moving average methods. 2) Under FIFO, cost of goods sold is $149 and ending inventory is $52. Under moving average, cost of goods sold is $698 and ending inventory is $429,393. 3) Additional information includes units purchased and sold each date, unit costs, and calculations of cost of goods sold and ending inventory.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    7 views14 pages

    UTS Kit

    Uploaded by

    Vinka Amalia
    1) The document provides inventory information for MNO Company for July, including beginning balances, purchases, sales, and ending inventory balances under FIFO and moving average methods. 2) Under FIFO, cost of goods sold is $149 and ending inventory is $52. Under moving average, cost of goods sold is $698 and ending inventory is $429,393. 3) Additional information includes units purchased and sold each date, unit costs, and calculations of cost of goods sold and ending inventory.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 14

    The following information was available from the inventory records of MNO Company f

    July:
    Units Unit Cost
    Balance at July 1 30 $ 2
    Purchased in cash:
    July 6 20 $2.50
    July 26 35 $2.60

    Sold on account Units Selling Price


    July 7 25 $ 5
    July 31 40 $ 5

    FIFO METHOD
    Purchased Cost of Goods Sold
    Date Description
    Units @ Units
    July 1 Beginning
    July 6 Purchase 20 $ 2.50

    July 7 Sold 25

    July 26 Purchased 35 $ 2.60

    July 31 Sold 5
    20
    15
    Ending Inventory $ 52
    Total COGS $ 149

    MOVING AVERAGE INVENTORY METHOD


    Purchased Cost of Goods Sold
    Date Description
    Units @ Units
    July 1 Beginning
    15000 $ 10 $ 150,000
    July 6 Purchase 20000 $ 12.00 $ 240,000.00
    July 7 Sold 25
    July 26 Purchased 35 $ 2.60 $ 91.00
    July 31 Sold 40

    Ending Inventory $ 429,393


    Total COGS $ 698
    ecords of MNO Company for

    Cash/Account Receivable 125


    Sales Revenue 125

    COGS $ 50.00
    Inventory $ 50.00

    INVENTORY WORKSHEET
    Cost of Goods Sold Ending Balance
    @ Units @ Total
    30 $ 2.00 $ 60
    30 $ 2.00 $ 60
    20 $ 2.50 $ 50
    $ 2.00 $ 50.00 5 $ 2.00 $ 10
    20 $ 2.50 $ 50
    5 $ 2.00 $ 10
    20 $ 2.50 $ 50
    $ 35 $ 2.60 $ 91
    $ 2.00 $ 10.00
    $ 2.50 $ 50.00
    $ 2.60 $ 39.00 $ 20 $ 2.60 $ 52
    149

    INVENTORY WORKSHEET
    Cost of Goods Sold Ending Balance
    @ Units @ Total
    5,000 $ 8.00 $ 40,000
    20,000 $ 9.50 $ 190,000
    40,000 $ 10.75 $ 430,000
    $ 10.75 $ 268.75 39,975 $ 10.75 $ 429,731
    40,010 $ 10.74 $ 429,822
    $ 10.74 $ 429.71 39,970 $ 10.74 $ 429,393

    698
    The following information was available from the inventory records of MNO Company f
    July:
    Units Unit Cost
    Balance at July 1 30 $ 2
    Purchased in cash:
    July 6 20 $2.50
    July 26 35 $2.60

    Sold on account Units Selling Price


    July 7 25 $ 5
    July 31 40 $ 5

    FIFO METHOD
    Purchased Cost of Goods Sold
    Date Description
    Units @ Units
    July 1 Beginning
    July 6 Purchase 200 $ 2.50

    July 7 Purchase 150 $ 2.60

    July 26 Sold 50
    100
    July 31 Sold 75
    Ending Inventory $ -
    Total COGS $ 558

    MOVING AVERAGE INVENTORY METHOD


    Purchased Cost of Goods Sold
    Date Description
    Units @ Units
    July 1 Beginning
    July 6 Purchase 100 $ 2.40 $ 240.00
    Purchase 150 $ 2.60 $ 390.00
    July 7 Sold 150
    July 31 Sold 75

    Ending Inventory $ 434


    Total COGS $ 557
    records of MNO Company for

    Cash/Account Receivable 125


    ce Sales Revenue 125

    COGS $ -
    Inventory $ -

    INVENTORY WORKSHEET FIFO METHOD


    Cost of Goods Sold Ending Balance
    Date Description
    @ Units @ Total
    50 $ 2.40 $ 120 July 1 Beginning
    50 $ 2.40 $ 120 July 6 Purchase
    200 $ 2.50 $ 500
    50 $ 2.40 $ 120 July 7 Sold
    200 $ 2.50 $ 500
    150 $ 2.60 $ 390
    $ 2.4 $ 120 100 $ 2.50 $ 250 1350 July 26 Purchased
    $ 2.50 250 150 $ 2.60 $ 390
    $ 2.50 $ 187.50 25 $ 2.50 62.5
    150 $ 2.60 $ 390 July 31 Sold
    557.5

    Ending Inventory
    Total COGS

    INVENTORY WORKSHEET
    Cost of Goods Sold Ending Balance MOVING AVERAGE INVENTORY METHOD
    @ Units @ Total
    Date Description
    150 $ 2.40 $ 360
    250 $ 2.40 $ 600 July 1 Beginning
    400 $ 2.48 $ 990 July 6 Purchase
    $ 2.48 $ 371.25 250 $ 2.48 $ 620 July 7 Sold
    $ 2.48 $ 185.63 175 $ 2.48 $ 434 675 July 26 Purchased
    July 31 Sold

    557

    Ending Inventory
    Total COGS
    INVENTORY WORKSHEET
    Purchased Cost of Goods Sold Ending Balance
    Units @ Units @ Units @ Total
    30 $ 2.00 $ 60
    20 $ 2.50 30 $ 2.00 $ 60
    20 $ 2.50 $ 50
    25 $ 2.00 $ 50.00 5 $ 2.00 $ 10
    20 $ 2.50 $ 50

    35 $ 2.60 5 $ 2.00 $ 10
    20 $ 2.50 $ 50
    $ 35 $ 2.60 $ 91
    5 $ 2.00 $ 10.00
    20 $ 2.50 $ 50.00
    15 $ 2.60 $ 39.00 $ 20 $ 2.60 $ 52
    149
    $ 52
    $ 149

    VENTORY METHOD INVENTORY WORKSHEET


    Purchased Cost of Goods Sold Ending Balance
    Units @ Units @ Units @ Total
    30 $ 2.00 $ 60
    20 $ 2.50 $ 50.00 50 $ 2.20 $ 110
    25 $ 2.20 $ 55.00 25 $ 2.20 $ 55
    35 $ 2.60 $ 91.00 60 $ 2.43 $ 146
    40 $ 2.43 $ 97.33 20 $ 2.43 $ 49

    152
    $ 49
    $ 152
    MERCHANDISING

    Sales Revenue $ 1,065.00


    Sales Return -
    Sales Discount -
    Net Sales $ 1,065.00
    COGS $ (329.00)
    Gross Profit $ 736.00
    Operating Expenses $ (394.00)
    Net Income $ 342.00
    Sales Revenue $ - Sales Revenue
    Sales Return - Sales Return
    Sales Discount - Sales Discount
    Net Sales $ - Net Sales

    Beginning Inventory Beginning Inventory


    Purchases Purchases
    Goods Avaliable for Sale $ - Goods Avaliable for Sale
    Ending Inventory Ending Inventory
    COGS
    COGS $ -
    Gross Profit $ -
    Operating Expenses Gross Profit
    Net Income $ - Operating Expenses
    Net Income
    15,600 =

    1185
    38315

    120
    3880

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