ACC 205 Week 3 Exercise 4 Inventory valuation methods computations and concepts

ACC 205 Week 3 Exercise 4 Inventory valuation methods computations and concepts

Product Description

Inventory valuation methods: computations and concepts. Wave Riders Surfboard Company began business on January 1 of the current year. Below are the transactions for the year

 

1/3: Purchase 100 boards @$125
3/17: Sold 50 boards @ $250
4/3: Purchase 200 boards @$135
5/17: Sold 75 boards @ $250
6/3: Purchase 100 boards @$145
1/3: Purchase 100 boards @$155
3/17: Sold 300 boards @ $250
1/3: Purchase 100 boards @$140

Wave Riders uses a perpetual inventory system.

Instructions

  1. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:
  • First-in, first-out
  • Last-in, first-out
  • Weighted average
  1. Which of the three methods would be chosen if management’s goal is to

(1) produce an up-to-date inventory valuation on the balance sheet?

(2) approximate the physical flow of a sand and gravel dealer?

 

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