Question

Kingbird, Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 May 5 670 units at $8 505 units at $9 Aug, 12 Dec. 8 490 units at $10 105 units at $11 Kingbird uses a periodic inventory system. Sales totaled 1,500 units. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 16695 Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ 8.904 e Textbook and Media List of Accounts - Your answer is partially correct. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST 2895 16695 The ending inventory The cost of goods sold $ $ 3855 12840 $ $ 13800 e Textbook and Media List of Accounts

Answer 1

Kingbird Inc. Unit Cost Total Cost 735 505 Average Periodic Inventory Date Units Unit Cost Total Cost Beg. 105 735 Feb-20 670 5360 May-05 4545 Aug-12 490 4900 Dec-08 105 1155 1875 8.90 16695 Clos.Stk -375 -3339 1500 COGS 13356 FIFO Periodic Date Units Beg. 105 Feb-20 670 May-05 505 Aug-12 490 Dec-08 105 1875 Clos.Stk -375 1500 Unit Cost Total Cost 735 8 5360 9 4545 4900 1155 16695 -3855 COGS 12840 LIFO Periodic Date Units Beg. 105 Feb-20 670 May-05 505 Aug-12 490 Dec-08 105 1875 Clos.Stk -375 1500 5360 4545 4900 1155 16695 -2895 13800 COGS Ending Inventory = 1875 - 1500 = 375 Ending Inventory = 1875 - 1500 = 375 Ending Inventory = 1875 - 1500 = 375 Ending Inventory Date Units 375 Unit Cost Total Cost 8.90 3339 Ending Inventory Date Units Dec-08 105 Aug-12 270 375 Unit Cost Total Cost 11 1155 10 2700 3855 Ending Inventory Date Units Beg. 105 Feb-20 270 375 Unit Cost Total Cost 735 8 2160 2895