am.900. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchase3rd purchase4th purchase5th purchase6th purchase7th purchasea. FIFOUnits Unit Price Total Cost1,090 $ 8.20 $9.209003809.70680 10.40590 11.1080012.10420 14.2014.255005,360There 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 GoodsCost of EndingSoldX28X $$b. LIFOc. Weighted-average (round calculations totwo decimal places)8,9388,2803,6867,072$6,5499,6805,9647,125$ 57,294InventoryXX

Name: am.900. Douglas Company's beginning inventory and purchases during the
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Description: am.900. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchase3rd pu

FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

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Accounting

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

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

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

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Step 1: Introduce to FIFO, LIFO and Weighted Average Method

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Step 3: Working for cost of goods sold and ending inventory using FIFO

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