Balance/Transaction No. of units Beginning Inventory Sale Purchase Date Cost March 1 10 units $20 March 4 8 units March 10 12 units $22 March 12 Sale 13 units March 20 Purchase 10 units $24 March 24 Sale 10 units
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Thelma’s Amusements bought and sold the following inventory during March:
Required:
Compute the total COGS and Ending Inventory for March using the following
methods:
a. FIFO
b. LIFO
c. Weighted-Average
The inventory can be valued using various methods as LIFO,FIFO and weighted average method.
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- www. Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: MARTINE HET AAMY Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units LIFO 1,910 6,150 4,020 2,860 Unit Cost $6 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost-inventory costing methods. (Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount.) Average Cost 5 3 P KAlrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a perlodic Inventory system. The following are the transactions for the month of July. Units 2,800 1,000 6,000 3,eee 8,e00 Unit Cost July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold $ 25 Purchased 29 Sold Purchased 31 Sold 5,eee Calculate the cost of goods available for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO. or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods SoldBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,800 units at $23 Dec. 10 1,900 units at $25 Dec. 12 2,660 units Dec. 20 1,710 units at $27 Dec. 14 2,280 units Dec. 31 1,140 units Question Content Area a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO MethodPrepaid Cell Phones Date QuantityPurchased PurchasesUnit Cost PurchasesTotal Cost QuantitySold Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity InventoryUnit…
- Please help meCompute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
- Please make a LIFO chartCullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance UsedYou have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
- Wildhorse Company uses a periodic inventory system. Its records show the following for the month of April, with 23 units on hand at April 30: April 1 Inventory 12 Purchases 16 Purchases Total Unit Total Units Cost Cost |8 བ ཅེ སུ $7 $189 12 588 10 170 $947 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory Cost of Goods Sold FIFO $ Weighted averageCullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30: Units Unit Cost Total Cost April 1 Inventory 30 $8 $240 12 Purchases 45 10 450 16 Purchases 17 11 187 Total 92 $877 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. )
