Inventories (LO 3.2) Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 p box ($15,000), and he made the following purchases of candy during the year: March 1 August 15 November 20 10,000 boxes at $1.55 20,000 boxes at $1.65 10,000 boxes at $1.70 At the end of the year, Lawrence's inventory consisted of 16,000 boxes of candy. a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. Ending inventory Cost of goods sold Feedback $15,500 33,000 17,000 b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method. Ending inventory Cost of goods sold Check My Work Incomert

Inventories (LO 3.2) Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 p box ($15,000), and he made the following purchases of candy during the year: March 1 August 15 November 20 10,000 boxes at $1.55 20,000 boxes at $1.65 10,000 boxes at $1.70 At the end of the year, Lawrence's inventory consisted of 16,000 boxes of candy. a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. Ending inventory Cost of goods sold Feedback $15,500 33,000 17,000 b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method. Ending inventory Cost of goods sold Check My Work Incomert

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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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! Required information [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 260 units at $7 on January 1, (2) 470 units at $8 on January 8, and (3) 770 units at $9 on January 29. Assuming 950 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO
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