Homework Help is Here – Start Your Trial Now!
Business
Accounting
Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost 40 1-Jul Beginning Inventory 5-Jul Sold 13-Jul Purchased 17-Jul Sold 25-Jul Purchased 27-Jul Sold 2,000 1,000 6,000 3,000 8,000 5,000 44 50

Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost 40 1-Jul Beginning Inventory 5-Jul Sold 13-Jul Purchased 17-Jul Sold 25-Jul Purchased 27-Jul Sold 2,000 1,000 6,000 3,000 8,000 5,000 44 50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help with full working with everything 

 

2 Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. B Units Unit Cost 4 40 5 5-Jul Sold 5 13-Jul Purchased 7 17-Jul Sold B 25-Jul Purchased 27-Jul Sold 0 1 a 2 3 4 5 6 7 8 9 CO 1 b 2 3 4 5 16 27 8 19 10 #1 -2 c :3 4 =5 6 =7 8 19 -0 41 12 -3 14 1-Jul Beginning Inventory 15 How many units did we sell? Which ones did we sell? Beginning Inventory 1st Purchase 2nd Purchase COGS How many units remain? 2nd purchase How many units did we sell? Which ones did we sell? 2nd Purchase 1st Purchase COGS How many units remain? 1st Purchase Beginning Inventory Ending Inventory Beginning Inventory Purchased Purchased 2,000 1,000 6,000 3,000 8,000 5,000 Average Cost How many units did we sell? COGS How many units remain? Ending Inventory 2,000 6,000 1,000 What is the average cost of one unit? Units 9,000 <-1000+3000+5000 7,000 2,000 6,000 8,000 16,000 44 9,000 418,500 7,000 325,500 50 40 44 50 50 Unit Cost 40 44 50 80,000 264,000 50,000 394,000 350,000 80,000 264,000 400,000 744,000 46.50 <--744000/16000 <-9000*46.50 each <--16000 available, sold 9000, 7000 left <--7000*46.50 each
Transcribed Image Text:2 Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. B Units Unit Cost 4 40 5 5-Jul Sold 5 13-Jul Purchased 7 17-Jul Sold B 25-Jul Purchased 27-Jul Sold 0 1 a 2 3 4 5 6 7 8 9 CO 1 b 2 3 4 5 16 27 8 19 10 #1 -2 c :3 4 =5 6 =7 8 19 -0 41 12 -3 14 1-Jul Beginning Inventory 15 How many units did we sell? Which ones did we sell? Beginning Inventory 1st Purchase 2nd Purchase COGS How many units remain? 2nd purchase How many units did we sell? Which ones did we sell? 2nd Purchase 1st Purchase COGS How many units remain? 1st Purchase Beginning Inventory Ending Inventory Beginning Inventory Purchased Purchased 2,000 1,000 6,000 3,000 8,000 5,000 Average Cost How many units did we sell? COGS How many units remain? Ending Inventory 2,000 6,000 1,000 What is the average cost of one unit? Units 9,000 <-1000+3000+5000 7,000 2,000 6,000 8,000 16,000 44 9,000 418,500 7,000 325,500 50 40 44 50 50 Unit Cost 40 44 50 80,000 264,000 50,000 394,000 350,000 80,000 264,000 400,000 744,000 46.50 <--744000/16000 <-9000*46.50 each <--16000 available, sold 9000, 7000 left <--7000*46.50 each
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost allocation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS