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A company uses a periodic inventory system and reports purchases and sales data for its only product. Units Acquired at Cost 160 units @ $ 8.50 = $ 1,360 100 units @ $7.50 = 240 units @ $7.00- 500 units Date April 1 April 3 April 18 April 22 April 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 750 1,680 $ 3,790 Units sold at Retail 120 units @ $17.50 120 units @ $17.50 240 units Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods.

A company uses a periodic inventory system and reports purchases and sales data for its only product. Units Acquired at Cost 160 units @ $ 8.50 = $ 1,360 100 units @ $7.50 = 240 units @ $7.00- 500 units Date April 1 April 3 April 18 April 22 April 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 750 1,680 $ 3,790 Units sold at Retail 120 units @ $17.50 120 units @ $17.50 240 units Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods.

FINANCIAL ACCOUNTING
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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A company uses a periodic inventory system and reports purchases and sales data for its only product. Units Acquired at Cost @ $8.50 = @ $7.50 = Date April 1 April 3 April 18 April 22 April 30 Req 1A Enter answers in the tabs below. Activities Beginning inventory Sales Purchase Sales Purchase Totals Beginning inventory Purchases: April 18 April 30 Total Req 1B Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Req1C Number of Cost per units unit 160 100 240 500 160 units 100 units 7.50 7.00 240 units @ $7.00 = 500 units Req1D Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Goods Available Cost per unit for Sale 8.50 $ 1,360 Req 2 750 1,680 $ 3,790 $ 1,360 Number of units sold 750 0 Units sold at Retail 120 units @ $ 17.50 120 units @ $17.50 1,680 $ 3,790 240 units $ Cost of Goods Sold 0 Ending Inventory Number of units in inventory Cost per unit Ending Inventory $ 0
Transcribed Image Text:A company uses a periodic inventory system and reports purchases and sales data for its only product. Units Acquired at Cost @ $8.50 = @ $7.50 = Date April 1 April 3 April 18 April 22 April 30 Req 1A Enter answers in the tabs below. Activities Beginning inventory Sales Purchase Sales Purchase Totals Beginning inventory Purchases: April 18 April 30 Total Req 1B Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 2. Compute gross profit for the four inventory methods. Req1C Number of Cost per units unit 160 100 240 500 160 units 100 units 7.50 7.00 240 units @ $7.00 = 500 units Req1D Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Goods Available Cost per unit for Sale 8.50 $ 1,360 Req 2 750 1,680 $ 3,790 $ 1,360 Number of units sold 750 0 Units sold at Retail 120 units @ $ 17.50 120 units @ $17.50 1,680 $ 3,790 240 units $ Cost of Goods Sold 0 Ending Inventory Number of units in inventory Cost per unit Ending Inventory $ 0
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