Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

mariomintchev

  • 4 years ago

ACCOUNTING QUESTION

  • This Question is Closed
  1. LessOffensivename
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Are you A counting the question HARHARHAR.

  2. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    The calculations in the attachment are correct but I don't understand how my teacher got them. Someone explain please?

  3. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

  4. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

  5. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    The numbers from the 2nd attachment are from the 1st

  6. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @juanitam

  7. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    hi

  8. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    HI!!!

  9. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Am I clear enough with what I'm asking?

  10. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    ok where do you want to start. I see lifo /ending inventory

  11. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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.

  12. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    and by periodic and perpetual, i mean inventory systems used by the company.

  13. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    kk - working out now

  14. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok. let me know if you need anything else clarified.

  15. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    sso you just need to know how she did the 2nd attachment?

  16. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  17. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  18. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  19. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yeah. i have all the numbers but i want to know why those numbers were used.

  20. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    read what i wrote and see if you still have questions

  21. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i think you have some of the dates wrong above

  22. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  23. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  24. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok you can move on to someone else that needs assistance. ill let you know if i need more help.

  25. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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.

  26. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    easy - she sold on 3/24 2 right? well using LIFO premises what was the latest inventory that came in?

  27. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    11?

  28. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Idk Im not too keen on this stuff yet although its not too complicated.

  29. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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 :)

  30. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    then why isnt the other one 5 times 12

  31. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    5 were sold

  32. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    because you have to look at the LAST IN - FIRST OUT

  33. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    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

  34. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oh it kinda makes sense now lol

  35. mariomintchev
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thanks. :) gave you some more medals for the help.

  36. JuanitaM
    • 4 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    let me know if you have other questions.

  37. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy