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Periodic Inventory

Acct II Periodic Inventory

QuestionAnswer
What does GAFS stand for? Goods Available For Sale
How do we calculate GAFS using an Weighted Average? Beg Inv $ amount + Total $ of purchases
How do we calculate the dollar value of Ending Inventory using Weighted Average? Ending Inv # units X Average Weighted $
What type of account is Purchases and what is it's normal balance side? COGS account and normal balance side is DR
What type of account is Purchase Returns and Allowances & Purchase Discounts, and what is their normal balance side? COGS contra account and normal balance side is CR
What type of account is Transportation-in and what is it's normal balance side? COGS account and normal balance side is DR
What is the formula for calculating COGS? BI +(P - Pur Dis - Pur Ret Allw + Trans) - EI
What would the journal entry be for the following: purchased on account inventory costing Purchases DR A/P CR
What would the journal entry be for the following: supplier gave a price reduction on some defective units purchased OAC A/P DR Purchase Returns & Allowances CR
What would be the journal entry for the following: paid OAC, received a discount for paying early A/P DR the full amount of original purchase, Cash CR (full amount - discount), Purchase Discounts CR discount amount
What would be the journal entry for the following: received payment OAC, discount given Cash DR (full amount - discount), Sales Discount DR discount amount, and A/R CR full amount
GAFS - EI = COGS
GAFS - COGS = EI
EI + COGS = GAFS
How do we find the Weighted Average cost in $ GAFS / Beg Inv # units + Total # units purchased
What is FIFO? First In First Out
Name two ways to calculate COGS using FIFO BI + P - EI or add up the value of the purchases working backwards until you reach EI # units total.
Name two ways to calculate COGS using Weighted Average EI # units X weighted average $, or Total # units sold X Weighted Average $
Created by: buad ok college