Answers
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
10 |
$ 12.00 |
$ 120.00 |
10 |
$ 12.00 |
$ 120.00 |
0 |
$ 12.00 |
$ - |
Purchases: |
|||||||||
04-Mar |
15 |
$ 11.00 |
$ 165.00 |
15 |
$ 11.00 |
$ 165.00 |
0 |
$ 11.00 |
$ - |
09-Jun |
20 |
$ 10.00 |
$ 200.00 |
20 |
$ 10.00 |
$ 200.00 |
0 |
$ 10.00 |
$ - |
11-Nov |
20 |
$ 8.00 |
$ 160.00 |
5 |
$ 8.00 |
$ 40.00 |
15 |
$ 8.00 |
$ 120.00 |
TOTAL |
65 |
$ 645.00 |
50 |
$ 525.00 |
15 |
$ 120.00 |
FIFO |
|
Sales Revenue |
$ 1,000.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 525.00 |
Gross Margin |
$ 475.00 |
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
10 |
$ 12.00 |
$ 120.00 |
0 |
$ 12.00 |
$ - |
10 |
$ 12.00 |
$ 120.00 |
Purchases: |
|||||||||
04-Mar |
15 |
$ 11.00 |
$ 165.00 |
10 |
$ 11.00 |
$ 110.00 |
5 |
$ 11.00 |
$ 55.00 |
09-Jun |
20 |
$ 10.00 |
$ 200.00 |
20 |
$ 10.00 |
$ 200.00 |
0 |
$ 10.00 |
$ - |
11-Nov |
20 |
$ 8.00 |
$ 160.00 |
20 |
$ 8.00 |
$ 160.00 |
0 |
$ 8.00 |
$ - |
TOTAL |
65 |
$ 645.00 |
50 |
$ 470.00 |
15 |
$ 175.00 |
LIFO |
|
Sales Revenue |
$ 1,000.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 470.00 |
Gross Margin |
$ 530.00 |
Average Method |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
10 |
$ 12.00 |
$ 120.00 |
||||||
Purchases: |
|||||||||
04-Mar |
15 |
$ 11.00 |
$ 165.00 |
||||||
09-Jun |
20 |
$ 10.00 |
$ 200.00 |
||||||
11-Nov |
20 |
$ 8.00 |
$ 160.00 |
||||||
TOTAL |
65 |
$ 9.923 |
$ 645.00 |
50 |
$ 9.9200 |
$ 496.00 |
15 |
$ 9.9200 |
$ 148.80 |
Weighted Average Method |
|
Sales Revenue |
$ 1,000.00 |
(-) Cost of Goods Sold (as calculated above) |
$ 496.00 |
Gross Margin |
$ 504.00 |
[The following information applies to the questions displayed below.] 10 During the year, a company has...
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