4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X: Date PARTICULARS OMR 1.1.2017 Opening stock of Material X 250 units at 1.200 5.1.2017 Purchased 350 units of Material X at 7.12017 Purchased 425 units of Material X at 10.1.2017 Sold 800 units 12.1.2017 Purchased 550 units of Material X at 15.1.2017 Sold 620 units 1.275 1.340 1.425 1.500 20.1.2017 Sold 120 units

4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X: Date PARTICULARS OMR 1.1.2017 Opening stock of Material X 250 units at 1.200 5.1.2017 Purchased 350 units of Material X at 7.12017 Purchased 425 units of Material X at 10.1.2017 Sold 800 units 12.1.2017 Purchased 550 units of Material X at 15.1.2017 Sold 620 units 1.275 1.340 1.425 1.500 20.1.2017 Sold 120 units

Name: 4. Calculate the Ending inventory from the followinginformation using
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Description: 4. Calculate the Ending inventory from the followinginformation using_LIFO, SIMPLE AVERAGE methods ofMaterial issues:The details relating to the purchase and sales of Material X isgiven below. Calculate the Ending inventory and Cost of goodssold for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
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Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
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