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mariomintchev
 3 years ago
ACCOUNTING QUESTION
mariomintchev
 3 years ago
ACCOUNTING QUESTION

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LessOffensivename
 3 years ago
Best ResponseYou've already chosen the best response.0Are you A counting the question HARHARHAR.

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0The calculations in the attachment are correct but I don't understand how my teacher got them. Someone explain please?

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0The numbers from the 2nd attachment are from the 1st

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0Am I clear enough with what I'm asking?

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1ok where do you want to start. I see lifo /ending inventory

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0I 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.

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0and by periodic and perpetual, i mean inventory systems used by the company.

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0ok. let me know if you need anything else clarified.

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1sso you just need to know how she did the 2nd attachment?

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.11. 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

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.12. 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

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.13. 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

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0yeah. i have all the numbers but i want to know why those numbers were used.

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1read what i wrote and see if you still have questions

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0i think you have some of the dates wrong above

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1cgs 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

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1agreed on dates  but you still should be able to follow what i did  let m know if you need to me reexplain it

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0ok you can move on to someone else that needs assistance. ill let you know if i need more help.

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0I 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.

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1easy  she sold on 3/24 2 right? well using LIFO premises what was the latest inventory that came in?

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0Idk Im not too keen on this stuff yet although its not too complicated.

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1right 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 :)

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0then why isnt the other one 5 times 12

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1because you have to look at the LAST IN  FIRST OUT

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1the 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

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0oh it kinda makes sense now lol

mariomintchev
 3 years ago
Best ResponseYou've already chosen the best response.0thanks. :) gave you some more medals for the help.

JuanitaM
 3 years ago
Best ResponseYou've already chosen the best response.1let me know if you have other questions.
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