Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23 Purchase 750 5,250 30 Inventory 280 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) Ending inventory Cost of goods sold $ FIFO LIFO AVERAGE-COST

Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23 Purchase 750 5,250 30 Inventory 280 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to O decimal places, e.g. 2,520.) Ending inventory Cost of goods sold $ FIFO LIFO AVERAGE-COST

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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K Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220 Cost per Total Retail price Total retail per unit Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 43 20 17 29 109 83 26 unit $830 $1.760 $975 $16,575 $490 $14,210 The estimated cost of goods sold is $ cost $35,690 $965 $35,200 $2.105 $2,006 $600 GREEID value $41.495 $42.100 $34,102 $17.400 $135,097
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $17 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $fill in the blank 1 16.72 per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. $fill in the blank 2 5,016 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. $fill in the blank 3 3,674.40
Pertodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item avaleble for sale during the year were as follows: Jan. 1 Inventory 30 units at $460 $13,800 Aug. 13 Purchase 330 units at $437 144,210 Nov. 30 Purchese 50 units at $456 22,800 Available for sale 410 units $180,810 There are 73 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method, (b) the last-in, first-out (LIFO) method, and (c) the weighted average cost method. a First-in, first-out (FIFO) method D. Last-in, first-out (LIFO) method e Weighted average cost method 32,193
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Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, tocalculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering thefollowing transactions. Number of units unit cost Beginning inventory 105 $40 Purchased March 2 150 42 Sold march 21. 31 for 75 dollars spent 88
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Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Purchases Quantity 00 Balances Purchases Unit Cost Purchases Total Cost 00 Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Quantity 10