anonymous
  • anonymous
ACCOUNTING QUESTION
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
Are you A counting the question HARHARHAR.
anonymous
  • anonymous
The calculations in the attachment are correct but I don't understand how my teacher got them. Someone explain please?
anonymous
  • anonymous

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anonymous
  • anonymous
anonymous
  • anonymous
The numbers from the 2nd attachment are from the 1st
anonymous
  • anonymous
@juanitam
anonymous
  • anonymous
hi
anonymous
  • anonymous
HI!!!
anonymous
  • anonymous
Am I clear enough with what I'm asking?
anonymous
  • anonymous
ok where do you want to start. I see lifo /ending inventory
anonymous
  • anonymous
I have a worksheet that begins with the info given to me in the first attachment. I understood how my teacher got all of the other calculations (average, periodic fifo & lifo, and perpetual fifo) but I do not understand how she got the calculations she got in my second attachment for perpetual lifo.
anonymous
  • anonymous
and by periodic and perpetual, i mean inventory systems used by the company.
anonymous
  • anonymous
kk - working out now
anonymous
  • anonymous
ok. let me know if you need anything else clarified.
anonymous
  • anonymous
sso you just need to know how she did the 2nd attachment?
anonymous
  • anonymous
1. cgs at LIFO 3/5 sold 5 - so that means used all of the 4 on 3/4 purchase and 1 of the beg inventory =4*14 + 1 * 12 = 68 3/24 sold 2 - so that means last in was 2 * 15 = 30 total cgs = 98 in order to do this you must look at each sold date based on the inventory that you have on hand
anonymous
  • anonymous
2. value of inventory Beg +8 * 12 sold 1 on 3/5 purchase 3/4 +4* 14 sold on 3/5 purchase 3/18 +11 * 15 sold 2 on 3/24 purchase left with 7 * 12 = 84 9 * 15 = 135 total of 219
anonymous
  • anonymous
3. gross profit based on sells less cgs (calculated 1 above) sells 5 *25 = 125 2 * 30 = 60 total sales 185 less cgs - 98 GP is 87
anonymous
  • anonymous
yeah. i have all the numbers but i want to know why those numbers were used.
anonymous
  • anonymous
read what i wrote and see if you still have questions
anonymous
  • anonymous
i think you have some of the dates wrong above
anonymous
  • anonymous
cgs is based on using the last inventory in for the current sale so on 3/10 they sold 5 well she had 8 from beg and 4 from purchase on 3/4 so you use 4 on last sale and 1 from beginning
anonymous
  • anonymous
agreed on dates - but you still should be able to follow what i did - let m know if you need to me re-explain it
anonymous
  • anonymous
ok you can move on to someone else that needs assistance. ill let you know if i need more help.
anonymous
  • anonymous
I think I need the first part explained with words. Everything else makes sense based on the numbers from cost of goods sold. I mainly don't understand why we use a 2 to multiply 15.
anonymous
  • anonymous
easy - she sold on 3/24 2 right? well using LIFO premises what was the latest inventory that came in?
anonymous
  • anonymous
11?
anonymous
  • anonymous
Idk Im not too keen on this stuff yet although its not too complicated.
anonymous
  • anonymous
right and you only need 2 of those so 2 * 15 (cost of those items) you are doing good - trust me deeper you go into accounting harder it gets. Not all about math :)
anonymous
  • anonymous
then why isnt the other one 5 times 12
anonymous
  • anonymous
5 were sold
anonymous
  • anonymous
because you have to look at the LAST IN - FIRST OUT
anonymous
  • anonymous
the last in on the first sell was 4 @ 14 but you sold 5 so you had to use all 4 @ 14 PLUS 1 from beginning @ 12
anonymous
  • anonymous
oh it kinda makes sense now lol
anonymous
  • anonymous
thanks. :) gave you some more medals for the help.
anonymous
  • anonymous
let me know if you have other questions.

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