please help with full working with everything 2 Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average.BUnitsUnit Cost4405 5-Jul Sold5 13-Jul Purchased7 17-Jul SoldB 25-Jul Purchased27-Jul Sold01 a23456789CO1 b2345162781910#1-2 c:34=56=7819-04112-3141-Jul Beginning Inventory15How many units did we sell?Which ones did we sell?Beginning Inventory1st Purchase2nd PurchaseCOGSHow many units remain?2nd purchaseHow many units did we sell?Which ones did we sell?2nd Purchase1st PurchaseCOGSHow many units remain?1st PurchaseBeginning InventoryEnding InventoryBeginning InventoryPurchasedPurchased2,0001,0006,0003,0008,0005,000Average CostHow many units did we sell?COGSHow many units remain?Ending Inventory2,0006,0001,000What is the average cost of one unit?Units9,000 <-1000+3000+50007,0002,0006,0008,00016,000449,000418,5007,000325,5005040445050Unit Cost40445080,000264,00050,000394,000350,00080,000264,000400,000744,00046.50 <--744000/16000<-9000*46.50 each<--16000 available, sold 9000, 7000 left<--7000*46.50 each

FIFO Method : Under FIFO method, the units which are purchased first will be sold first. LIFO…

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

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

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