USCPA备考：SIM综合题型练习（1)

Golden Corporation sold 50,000 units during the year at $25.00 per unit. Sales and inventory records are shown below.

Sales data for year 1
Date                           Quantity sold
February 5                   6,000
April 15                       14,000
August 15                   20,000
October 30                  10,000

Inventory Data for year 1
Date                                             Units           Unit cost         Total cost
Beginning inventory, January 1     10,000           10.00             $ 100,000
Purchase, March 1                        12,000           12.00             144,000
Purchase, April 10                        18,000            14.50             261,000
Purchase, July 9                           16,000            15.20             243,200
Purchase, August 15                     7,000             18,00             126,000
Purchase, October 15                  12,000            19,00              228,000
Total goods available for sale         75,000                               $1,102,200

Assume that Golden uses the FIFO cost flow assumption and a periodic inventory system. Prepare a schedule detailing ending inventory as of December 31, year 1. For each shaded cell select the appropriate value or formula by clicking on the cell and choosing the appropriate entry. Total ending inventory amounts will be provided in the rationale.

Schedule of Ending Inventory FIFO Periodic December 31, year 1

Date                                        Units                   Unit cost                    Total cost
Purchase, July 9
Purchase, August 15
Purchase, October 15
Total goods available for saleAnswer:Date                                          Units                   Unit cost                    Total costPurchase, July 9                        6,000                   15.20                         $ 91,200Purchase, August 15                  7,000                   18,00                         126,000Purchase, October 15                12,000                  19.00                         228,000Total goods available for sale       75,000                   \                              $ 445,200