The following data is available for one of the products sold by Chan Company for the month of April: April 1 On hand, 10 units at $8 each Purchased 30 units at $7.80 each 18 Purchased 40 units at $8.25 each 20 Sold 75 units for $13 each 24 Purchased 20 units for $8.25 each $ 80 234 330 165 Chan Conpany's ending inventory for April was 25 units. Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. ´Assume that Chan Company uses a perpetual inventory system." FIFO Weirhted Average Cost of Good: Sold (COGS) Ending Inventory

The following data is available for one of the products sold by Chan Company for the month of April: April 1 On hand, 10 units at $8 each Purchased 30 units at $7.80 each 18 Purchased 40 units at $8.25 each 20 Sold 75 units for $13 each 24 Purchased 20 units for $8.25 each $ 80 234 330 165 Chan Conpany's ending inventory for April was 25 units. Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. ´Assume that Chan Company uses a perpetual inventory system." FIFO Weirhted Average Cost of Good: Sold (COGS) Ending Inventory

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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Check my work Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 250 units. Beginning Inventory Date January 1 Units Unit Cost 100 $ 80 Total $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost
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Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a perlodic Inventory system. The following are the transactions for the month of July. Units 2,800 1,000 6,000 3,eee 8,e00 Unit Cost July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold $ 25 Purchased 29 Sold Purchased 31 Sold 5,eee Calculate the cost of goods available for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO. or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
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