**Business Math Task 5**

1.

find the cost of goods available for sale using the following table:

date of purchase

units purchased

cost per unit

total cost

beginning inventory

182

$21

august 20

78

$27

september 12

39

$28

october 2

52

$21

cost of goods available for sale

use the specific identification method for exercises 2–3.

2.

find the cost of ending inventory using the following table showing a breakdown of unit costs for ending inventory:

cost per unit

units

total cost

$21

13

$27

64

$28

29

$21

48

3.

find the cost of goods sold using the tables in exercises 1 and 2.

use the weighted-average method for exercises 4–5.

4.

find the average unit cost using the table in exercise 1.

5.

find the cost of ending inventory and the cost of goods sold using the tables in exercises 1 and 2.

6.

use the first-in, first-out method to find the cost of goods sold and the cost of ending inventory using the table from exercise 1 and the fact that the ending inventory is 96 units.

7.

use the last-in, first-out method to find the cost of goods sold and the cost of ending inventory using the table from exercise 1 and the fact that the ending inventory is 200 units.

8.

use the retail method to find the cost of goods sold and the cost of ending inventory using the table in exercise 1, the following table, and the fact that sales are $5,000:

date of purchase

retail price per unit

beginning inventory

$26

august 20

$32

september 12

$35

october 2

$26

9.

find the turnover rate at cost for phones and more, inc. if it has a beginning inventory at cost of $51,266; an ending inventory at cost of $42,780; and cost of goods sold is $25,000.663664

10.

find the turnover rate at retail for a pottery shop if the beginning inventory at retail is $486,923 and the ending inventory at retail is $326,843. sales for the period are $935,830.

11.

use the inventory table for evanger’s canned dog food and net sales of $3,982 to estimate the cost of ending inventory with the gross profit method if gross profit on sales is 45%.

inventory report for evanger’s canned dog food

date of purchase

units (cases) purchased

cost per unit (case)

beginning inventory

148

$12.88

january 15

144

$14.27

february 13

152

$13.56

march 16

215

$12.38

12.

petmeds® usually calculates the cost of goods sold from the retail value of its merchandise and shows the ratio of retail value to cost. which method of inventory valuation are they most likely to use?

13.

find the turnover rate at retail for a business with sales of $75,000 and an average inventory at retail of $15,000.

the entire calculator value should be used to calculate the overhead in exercises 14–15.

excel 14.

department 1 had $5,200 in sales for the month, department 2 had $4,700, department 3 had $6,520, department 4 had $4,870, and department 5 had $2,010. the total overhead was $10,000. find each department’s overhead based on sales.

15.

tyson’s fixit store has a monthly overhead of $9,200. find each department’s monthly overhead based on floor space using the following square feet for each department: hardware, 800; plumbing, 600; tools, 400; supplies, 600.

**Category:**Accounting, General Accounting

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