Sheet1P(6)-2(A)Ganville Day DistributionCost Of Godds Available
For SaleDateExplanationUnitsRateAmount1-MarBeginning
inven.15007105005-MarPurchase30082400013-MarPurchase550094950021-MarPurchase4000104000016-MarPurchase20001122000Total16000146000(B)Fifo
MethodEnding
InventoryDateExplanationUnitsRateAmount21-MarPurchase1500101500026-MarPurchase20001122000Total350037000Cost
of goods
sold=146000-37000=109000ProofDateExplanationUnitsRateAmount1-MarBeginning
Inv.15007105005-MarPurchase300082400013-MarPurchase550094950021-MarPurchase25001025000Total12500109000Lifo
MethodEnding InventoryDateExplanationUnitsRateAmount1-MarBeginning
Inv.15007105005-MarPurchase2000816000Total350026500Cost of goods
sold=146000-26500=119500ProofDateExplanationUnits
RateAmount26-MarPurchase2000112200021-MarPurchase4000104000013-MarPurchase55009495005-MarPurchase100088000Total12500119500Average
Cost MathodEnding
InventoryDateExplanationUnitsRateAmount31-Mar146000+160003500912531937.5Total350031937.5Cost
of goods
sold=146000-31937.5=114062.5ProofDateExplanationUnitsRateAmount31-Mar146000/16000125009.125114062.5Total12500114062.5P(6)-3(a)Edding
CompanyCost of goods available for
saleDateExpalanationUnitRateAmount1-JanBeginning
Inv.4008320020-FebPurchase6009540015-MayPurchase50010500012-AugPurchase3001133008-DecPurchase200122400Total200019300(B)FIFO
MethodEnding
InventoryDateExplanationUnitRateAmount12-AugPurchase3001133008-DecPurchase200122400Total5005700Cost
of goods
sold=19300-5700=13600ProofDateExplanationUnitRateAmount1-JanBeginning
Inv.4008320020-FebPurchase60094005-MayPurchase500105000Total150013600Lifo
MethodEnding InventoryDateExplanationUnitRateAmount1-JanBeginning
Inv.4008320020-FebPurchase1009900Total5004100Cost of goods
sold=19300-4100=15200ProofDateExplanationUnitRateAmount8-DecPurchase20012240012-AugPurchase30011330012-MayPurchase50010500020-FebPurchase50094500Total150015200Average
Cost MethodEnding
InventoryDateExplanationUnitRateAmount1-Dec19300+20005009.654825Total5004825Cost
of goods
sold=19300-4825=14475ProofDateExplanationUnitRateAmount31-Dec19300/200015009.2514475Total150014475P(6)-4(A)Morals
CoCondencet Income StatementFor the year ended December 31,2008
ParticularsFifoLifoSales865000865000LessBeginning
inventory3200032000Cost of goods purshased595000595000Ending
Inventory8400068000Gross Profit322000306000LessOperating
expence147000147000Income from operation175000159000LessIncome
tax5950054060Net Income115500115500Ending
inventory(FIFO)=3000*2.80=84000Ending
inventory(LIFO)=32000+(15000*2.40)=68000(B)Monar Inc.Condensed
Income StatementFor the year ended December
31,2010ParticularsFifoLifoSales747000747000LessBeginning
Inventory1600016000Ending inventory4860038000Gross
Profit311600301000LessOperating expence130000130000Income from
operation181600171000LessIncome tax7264068400Net
income108960102600Income
statementParticularsAmountAmountSales600000Less:Cost of goods
soldBeginning Inv.32000Purchase377000Less: returns
andallowence13300Less: discount8500Add:Freight in8800Cost of
goodsavailable for sale396000Less:Ending Inv.36000Cost of
goodssold364000Gross profit240000Income
StatementParticularsAmountAmountSales700000Less:Estaimatedgross
profit280000420000Estimated costof goods soldBeginning
Inv.32000Purchase424000Less: purchasereturn 14900Less:
purchasediscount9500Add:Friegt in9900Cost of goodsavailable for
sale445500Cost of goodsavailable for sale445500Less:EstimatedCost
of goodssold420000Ending inventorylost in fair25500
