Question

3.) Shamrock Company uses the periodic inventory method and had the following information available: (20 points) Units Unit Cost 1/1 Beginning Inventory 100 $4 1/20 Purchase 7/25 Purchase 200 10/20 Purchase 300 400 A physical count of inventory on 12/31 revealed there were 400 units on hand. Complete the following: COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost / / / 1 / / II / 17 / / / / LION FIFO: / / / / nding Inventory Unit Cost Date 79 Tonal Cost S / / / / / X / / / / / / / Cost of G 0 IN / Cost of goods available for sale Less: Cost of goods sold Proof of Cost of Goods Sold Units Unit Cost Date Total Cost / /

Answer 1

COST OF GOODS AVAILABLE FOR SALE Unit cost Total Cost 4S 6 S 2,400 7 S 1,400 8 S 2,400 S 6,600 Units Date Explanation Beginning Inventory Purchase Purchase Purchase 100 S 400 S 200 S 300 S 1000 1/10 1/20 7/25 10/20 400 FIFO Ending Inventory Unit Cost Total Cost 100 S 7 S 300 S 8 S 2,400 400 Date Units 7/25 10/20 700 S 3,100 Cost of Goods Sold Cost of goods avialbel for sale Less: Ending Inventory Cost of Goods Sld S 6,600 S 3,100 S 3,500

Proof of Cost of Goods Sold Unit Cost Total Cost 100 S 400 S 100 S 600 Date Units Beg. 1/1 1/20 7/25 4 S 400 6 S 2,400 7 S 700 S 3,500 LIFO: Ending Inventory Unit Cost Total Cost 100 S 300 $ 400 Date Units Beg. 1/1 1/20. 4S 400 6 S 1,800 S 2,200 Proof of Cost of Goods Sold Unit Cost Total Cost 100S 6 S 200 S 7 S 1,400 8 S 2,400 300 S 600 Date Units |1/20 7/25 10/20 600 S 4,400