Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost Total Cost 80 9,600 90 34,200 110 22,000 We sold 240 units! a b 1-Jan Beginning Inventory First Purchase Second Purchase с How many units did we sell? Which ones did we sell? beg inv first purch cogs How many units remain? first purch 2nd purch end inv How many units did we sell? Which ones did we sell? 2nd purch 1st purch cogs How many units remain? 1st purch beg Inv end inv (current asset on the BS) What is the average cost of one unit? Units beg 1st purch 2nd purch Average Cost How many units did we sell? COGS 120 380 200 How many units remain? Ending Inventory Unit Cost

Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Units Unit Cost Total Cost 80 9,600 90 34,200 110 22,000 We sold 240 units! a b 1-Jan Beginning Inventory First Purchase Second Purchase с How many units did we sell? Which ones did we sell? beg inv first purch cogs How many units remain? first purch 2nd purch end inv How many units did we sell? Which ones did we sell? 2nd purch 1st purch cogs How many units remain? 1st purch beg Inv end inv (current asset on the BS) What is the average cost of one unit? Units beg 1st purch 2nd purch Average Cost How many units did we sell? COGS 120 380 200 How many units remain? Ending Inventory Unit Cost

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: 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

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Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average.
Units
Unit Cost Total Cost
80
9,600
90
34,200
110
22,000
We sold 240 units!
a
b
1-Jan Beginning Inventory
First Purchase
Second Purchase
С
How many units did we sell?
Which ones did we sell?
beg inv
first purch
cogs
How many units remain?
first purch
2nd purch
end inv
How many units did we sell?
Which ones did we sell?
2nd purch
1st purch
cogs
How many units remain?
1st purch
beg inv
end inv (current asset on the BS)
What is the average cost of one unit?
Units
beg
1st purch
2nd purch
Average Cost
How many units did we sell?
COGS
120
380
200
How many units remain?
Ending Inventory
Unit Cost

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Please do not give solution in image format thanku
Please do not give solution in image format thanku
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $