Below are inventory purchases and sales transactions during the month of February. You will be asked for COGS & El for all 6 methods we learned. The answers are split into different questions for grading and point purposes. Your work must be on your PDF! NO WORK = NO CREDIT. PLEASE label which method you are solving. BEG INV & purchases Feb 1: Beginning Inventory: 150 Units @ $8 cost per unit Feb 14: PURCHASE from a vendor of 225 Units @ $12 cost per unit Feb 20: PURCHASE from a vendor of 325 Units @ $14 cost per unit Sales made to customers: Feb 8: SALE to a customer of 75 Units @ $18 sales price per unit Feb 18: SALE to customer of 250 Units @ $22 sales price per unit Feb 25: SALE to customer of 175 units @ $24 sales price per unit
Below are inventory purchases and sales transactions during the month of February. You will be asked for COGS & El for all 6 methods we learned. The answers are split into different questions for grading and point purposes. Your work must be on your PDF! NO WORK = NO CREDIT. PLEASE label which method you are solving. BEG INV & purchases Feb 1: Beginning Inventory: 150 Units @ $8 cost per unit Feb 14: PURCHASE from a vendor of 225 Units @ $12 cost per unit Feb 20: PURCHASE from a vendor of 325 Units @ $14 cost per unit Sales made to customers: Feb 8: SALE to a customer of 75 Units @ $18 sales price per unit Feb 18: SALE to customer of 250 Units @ $22 sales price per unit Feb 25: SALE to customer of 175 units @ $24 sales price per unit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help answer the 2nd picture (inventory costing:periodic system)
Transcribed Image Text:INVENTORY COSTING: PERIODIC SYSTEM (part 2 of 4): Use the same inventory
transactions as above
Calculate COGS for the month of February and Ending Inventory (El) using the PERIODIC
methods. (in dollars, not units)
ROUNDING: round calculation steps to two decimal places, and answers to whole dollars. I will be
able to adjust your score for rounding differences when grading (if you are clear organized in your
work/calculations)>
Periodic Weighted Average COGS $
Periodic Weighted Average El $
Periodic FIFO COGS $
Periodic FIFO EI $
Periodic LIFO COGS $
Periodic LIFO EI $
Search or type URL
8.
*
Transcribed Image Text:INVENTORY COSTING: ALL 6 WAYS
(Part 1 of 4)
Below are inventory purchases and sales transactions during the month of February.
You will be asked for COGS & El for all 6 methods we learned. The answers are split
into different questions for grading and point purposes.
Your work must be on your PDF! NO WORK = NO CREDIT.
PLEASE label which method you are solving.
BEG INV & purchases
Feb 1: Beginning Inventory: 150 Units @ $8 cost per unit
Feb 14: PURCHASE from a vendor of 225 Units @ $12 cost per unit
Feb 20: PURCHASE from a vendor of 325 Units @ $14 cost per unit
Sales made to customers:
Feb 8: SALE to a customer of 75 Units @ $18 sales price per unit
Feb 18: SALE to customer of 250 Units @ $22 sales price per unit
Feb 25: SALE to customer of 175 units @ $24 sales price per unit
Sales made to customers:
Feb 8: SALE to a customer of 75 Units @ $18 sales price per unit
Use the transactions above to determine:
Goods Available for Sale in Dollars and Units
Feb 18: SALE to customer of 250 Units @ $22 sales price per unit
GAFS $(in dollars)
Feb 25: SALE to customer of 175 units @ $24 sales price per unit
Use the transactions above to determine:
Goods Available for Sale in Dollars and Units
GAFS $(in dollars)
G Search or type URL
GAFS Units (QTY)
$
%
&
Sales in dollars and units
Sales $(in dollars)
Units sold (QTY)
Units in Ending Inventory(QTY)
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