Homework Answers
| QTY | Rate | Amount | |
| Purchase | 300 | 6 | ₹ 1,800.00 |
| Purchase | 400 | 7 | ₹ 2,800.00 |
| Purchase | 200 | 8 | ₹ 1,600.00 |
| 900 | ₹ 6,200.00 |
1
Average unit Cost =$6200/900= $6.89
2
The cost of ending Inventory =360*6.89=$2480
3
No of units sold = total purchased units - closing stock =440 units - 180 Units =260 units
Cost of goods sold under FIFO method
| QTY | Rate | Total |
| 100 | 6 | ₹ 600.00 |
| 160 | 7 | ₹ 1,260.00 |
| Amount | ₹ 1,720.00 | |
|
Cost of goods sold under LIFO method |
||
| Units | Rate | Amount |
| 140 | 8 | 1120 |
| 120 | 7 | 840 |
| 280 | Cost of goods sold | 1960 |
Hence Profit when shifting to LIFO Method =$1960-$1720=$240
4
Correct income = 90000 + understated inventory =$97000
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Brief Exercise 6-04 al-a2 In its first month of operations, Bethke Company made three purchases of...
Brief Exercise 6-3 In its first month of operations, Bethke Company made three purchases of merchandise...
Brief Exercise 6-3 In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 188 units at $9, (2) 523 units at $10, and (3) 136 units at $11 Assuming there are 331 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bethke uses a periodic inventory system. LIFO FIFO The cost of the ending inventory
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In its first month of operation, Whispering Winds Corp. purchased 180 units of Inventory for $8,...
In its first month of operation, Whispering Winds Corp. purchased 180 units of Inventory for $8, then 280 units for $9, and finally 220 units for $10. At the end of the month, 260 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profits 4. PM C NEW TORU5.00) 0/1 Question 7 View Policies Show Attempt History Current Attempt in Progress port Your answer is incorrect. In its first...
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In its first month of operation, Bonita Industries purchased 340 units of inventory for $5, then 440 units for $6, and finally 380 units for $7. At the end of the month, 420 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit $
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In its first month of operation, Vaughn Manufacturing purchased 320 units of inventory for $8, then...
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In its first month of operations, Oriole Company made three purchases of merchandise in the following...
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In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following...
In its first month of operations, Ivanhoe Company made three
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In its first month of operations, Vaughn Company made three purchases of merchandise in the following...
In its first month of operations, Vaughn Company made three
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$
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a periodic inventory system.
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