Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory March 5 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase Units Unit Price Total Cost 1,090 $ 8.20 $ 8,938 8,280 900 380 9.20 9.70 3,686 680 10.40 7,072 590 11.10 6,549 800 12.10 9,680 420 14.20 5,964 14.25 7,125 $ 57,294 500 5,360 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Ending Cost of Goods Sold Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X
Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory March 5 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase Units Unit Price Total Cost 1,090 $ 8.20 $ 8,938 8,280 900 380 9.20 9.70 3,686 680 10.40 7,072 590 11.10 6,549 800 12.10 9,680 420 14.20 5,964 14.25 7,125 $ 57,294 500 5,360 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Ending Cost of Goods Sold Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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am.900.
![Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.
January 1, 20-- Beginning inventory
March 5
April 16
June 3
August 18
September 13
November 14
December 3
1st purchase
2nd purchase
3rd purchase
4th purchase
5th purchase
6th purchase
7th purchase
a. FIFO
Units Unit Price Total Cost
1,090 $ 8.20 $
9.20
900
380
9.70
680 10.40
590 11.10
800
12.10
420 14.20
14.25
500
5,360
There are 1,000 units of inventory on hand on December 31.
Required:
1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:
Cost of Goods
Cost of Ending
Sold
X
28
X $
$
b. LIFO
c. Weighted-average (round calculations to
two decimal places)
8,938
8,280
3,686
7,072
$
6,549
9,680
5,964
7,125
$ 57,294
Inventory
X
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5fedcb0-60af-4f6f-b2e7-7d4229fcd9d5%2F17fcd0fa-08e0-4caa-a407-58f319728cb7%2Fx1fqpzt_processed.png&w=3840&q=75)
Transcribed Image Text:Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.
January 1, 20-- Beginning inventory
March 5
April 16
June 3
August 18
September 13
November 14
December 3
1st purchase
2nd purchase
3rd purchase
4th purchase
5th purchase
6th purchase
7th purchase
a. FIFO
Units Unit Price Total Cost
1,090 $ 8.20 $
9.20
900
380
9.70
680 10.40
590 11.10
800
12.10
420 14.20
14.25
500
5,360
There are 1,000 units of inventory on hand on December 31.
Required:
1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:
Cost of Goods
Cost of Ending
Sold
X
28
X $
$
b. LIFO
c. Weighted-average (round calculations to
two decimal places)
8,938
8,280
3,686
7,072
$
6,549
9,680
5,964
7,125
$ 57,294
Inventory
X
X
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for number of units sold
VIEWStep 3: Working for cost of goods sold and ending inventory using FIFO
VIEWStep 4: Working for cost of goods sold and ending inventory using LIFO
VIEWStep 5: Working for cost of goods sold and ending inventory using weighted average
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