Rock Slide is a distributor that assembles power units. Using the material presented in Schedules A and Schedule B:
(1) Determine Rock Slide’s cost of goods sold and the ending inventory using the inventory costing methods of FIFO, LIFO, and Weighted Averages;
(2) Determine Rock Slide’s gross profit (margin) using the inventory costing methods of
FIFO, LIFO and Weighted Averages;
S c h e d u l e A A s s e m b l y o f P o w e r U n i t s Rock Slide
| Assembly Activity | Units | Cost/Unit | Total Cost |
| Beginning Inventory
1/1/12 |
70 | $105 | $7,350 |
| Assembly Units
Placed Into Inventory |
|||
| 2/15/12 | 85 | $110 | $9,350 |
| 4/20/12 | 90 | $112 | $10,080 |
| 9/18/12 | 65 | $112 | $7,280 |
| 11/16/12 | 110 | $112 | $12,320 |
| 12/20/12 | 80 | $120 | $9,600 |
| Total Assembled Units
Available for Sale- 2012 |
500 | $55,980 |
Schedule B
Sales of Power Units Rock Slide
| Sales Activity | Units | Unit Sales
Price |
Total Sales |
| 1/15/12 | 60 | $145 | $8,700 |
| 3/20/12 | 80 | $150 | $12,000 |
| 5/2/12 | 100 | $150 | $15,000 |
| 10/8/12 | 60 | $150 | $9,000 |
| 11/30/12 | 110 | $150 | $16,500 |
| 12/28/12 | 30 | $175 | $5,250 |
| Total 2012 Sales | 440 | $66,450 |
