Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost 3/1 Beginning inventory 150 $40 3/3 Purchase 50 $50 3/10 Purchase 250 $55 3/30 Purchase 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations)
Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif’s Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit.
Purchases
Units Unit Cost
3/1 Beginning inventory 150 $40
3/3 Purchase 50 $50
3/10 Purchase 250 $55
3/30 Purchase 100 $65
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations)
(b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations)
(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations)
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