Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual LIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost 175 130 per unit $10.00 $1,750.00 0 $9.00 1,170.00 275 $7.00 1,925.00 580 $4,845.00 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Units Sold at Retail Units Selling Total Sales price per unit 135 $19.00 $2,565.00 140 $19.00 275 2,660.00 0 $5,225.00 Cost of Goods Sold - Jan 25 Cost Cost of per unit goods sold Units $10.00 $9.00 $7.00 $0.00 Ending Inventory Units 0 Cost per unit $10.00 $9.00 $7.00 Inventory $0.00

Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual LIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost 175 130 per unit $10.00 $1,750.00 0 $9.00 1,170.00 275 $7.00 1,925.00 580 $4,845.00 Cost of Goods Sold - Jan 9 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Units Sold at Retail Units Selling Total Sales price per unit 135 $19.00 $2,565.00 140 $19.00 275 2,660.00 0 $5,225.00 Cost of Goods Sold - Jan 25 Cost Cost of per unit goods sold Units $10.00 $9.00 $7.00 $0.00 Ending Inventory Units 0 Cost per unit $10.00 $9.00 $7.00 Inventory $0.00

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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Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…