Chelsea's Junk Shack has got Who's-Its and What's-Its galore. Oh, you want Thingamabobs?
Well, they had 20 of them in their inventory at the beginning of May, recorded at a cost of $25
each. On July 7th, the company purchased 15 Thingamabobs for $405. On July 9th, they
purchased another 12 for $21 each. On July 14th, the company sold 30 Thingamabobs for $30
each. Then on July 17th, they purchased another 8 Thingamabobs for $208. On July 22nd, they
sold 10 more Thingamabobs for $35 each.
Recently demand has dropped, since Thingamabobs have been linked to recent outbreaks of
ignorance and bigotry. Next month, Chelsea's Junk Shack plans to sell off the rest of its
Thingamabobs for $10.00 each. Note that the company uses a perpetual inventory system, and
uses the weighted average cost assumption.
Assuming the company only sells Thingamabobs, answer the following
questions:
25
x 20
900
1. What is the Cost of Goods Sold for the month of May? What is its gross profit?
asoom the conoscono
2. What is the value of ending inventory?
3. Suppose they record $400 less COGS than they should. What effect will this
have on next month's net income, assuming they report the correct ending
inventory next month?
4. What would the COGS be for May, assuming that the company instead used the
FIFO cost assumption?
Answers: 3
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Chelsea's Junk Shack has got Who's-Its and What's-Its galore. Oh, you want Thingamabobs?
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