On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions: Date November 6 Purchased 100 units @ $75 per unit 11 Sold 200 units 17 Sold 85 units 24 Purchased 100 units @ $125 per unit 28 Purchased 50 units @ $110 per unit 30 Sold 100 units Required: Compute the following costs for November under the following alternatives. Show your computations. A) Cost of Goods Sold under FIFO periodic B) Cost of Ending Inventory under LIFO periodic C) Cost of Goods Sold under LIFO perpetual D) Cost of Ending Inventory under Weighted average (average - periodic, round unit costs to 2 decimal places) E)Cost of Goods Sold under Moving average (average - perpetual, round unit costs to 2 decimal places)
I. On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:
Date
November 6 Purchased 100 units @ $75 per unit
11 Sold 200 units
17 Sold 85 units
24 Purchased 100 units @ $125 per unit
28 Purchased 50 units @ $110 per unit
30 Sold 100 units
Required:
Compute the following costs for November under the following alternatives.
Show your computations.
A) Cost of Goods Sold under FIFO periodic
B) Cost of Ending Inventory under LIFO periodic
C) Cost of Goods Sold under LIFO perpetual
D) Cost of Ending Inventory under Weighted average (average - periodic, round unit costs to 2 decimal places)
E)Cost of Goods Sold under Moving average (average - perpetual, round unit costs to 2 decimal places)
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