Homework Answers
| FIFO | |||||
| Date | Particulars | Units | Cost | Amount | COGS |
| Jan 01 | Beginning Inventory | 1,000.00 | 15.00 | 15,000.00 | |
| Mar 15 | Purchase | 1,000.00 | 17.00 | 17,000.00 | |
| Jun 15 | Purchase | 1,000.00 | 19.00 | 19,000.00 | |
| Sep 15 | Purchase | 1,000.00 | 21.00 | 21,000.00 | |
| Dec 15 | Purchase | 1,000.00 | 23.00 | 23,000.00 | |
| Total | 5,000.00 | 19.00 | 95,000.00 | ||
| COGS | 3,500.00 | 61,500.00 | 1000*15+1000*17+1000*19+500*21 | ||
| Ending Inventory | 1,500.00 | 33,500.00 | 500*21+1000*23 | ||
| COGS | 61,500.00 | ||||
| Ending Inventory | 33,500.00 | ||||
| LIFO | |||||
| Date | Particulars | Units | Cost | Amount | COGS |
| Jan 01 | Beginning Inventory | 1,000.00 | 15.00 | 15,000.00 | |
| Mar 15 | Purchase | 1,000.00 | 17.00 | 17,000.00 | |
| Jun 15 | Purchase | 1,000.00 | 19.00 | 19,000.00 | |
| Sep 15 | Purchase | 1,000.00 | 21.00 | 21,000.00 | |
| Dec 15 | Purchase | 1,000.00 | 23.00 | 23,000.00 | |
| Total | 5,000.00 | 19.00 | 95,000.00 | ||
| COGS | 3,500.00 | 71,500.00 | 1000*23+1000*21+1000*19+500*17 | ||
| Ending Inventory | 1,500.00 | 23,500.00 | 500*17+1000*15 | ||
| COGS | 71,500.00 | ||||
| Ending Inventory | 23,500.00 | ||||
| Weighted Average | |||||
| Date | Particulars | Units | Cost | Amount | COGS |
| Jan 01 | Beginning Inventory | 1,000.00 | 15.00 | 15,000.00 | |
| Mar 15 | Purchase | 1,000.00 | 17.00 | 17,000.00 | |
| Jun 15 | Purchase | 1,000.00 | 19.00 | 19,000.00 | |
| Sep 15 | Purchase | 1,000.00 | 21.00 | 21,000.00 | |
| Dec 15 | Purchase | 1,000.00 | 23.00 | 23,000.00 | |
| Total | 5,000.00 | 19.00 | 95,000.00 | ||
| COGS | 3,500.00 | 19.00 | 66,500.00 | ||
| Ending Inventory | 1,500.00 | 19.00 | 28,500.00 | ||
| COGS | 66,500.00 | ||||
| Ending Inventory | 28,500.00 |
Add Answer to:
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450 units
at
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Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
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system.
(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
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units of Product 4-18-15 at a cost of $20 per unit. During the
year, the following purchases were made.
Mar. 15
450 units
at
$23
Sept. 4
350 units
at
$25
July 20
230 units
at
$24
Dec. 2
100 units
at
$26
1,100 units were sold. Sheffield Company uses a periodic inventory
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(b1)
Calculate average cost per unit. (Round answer to 3
decimal places, e.g. 1.250.)
Average...
Assume that net income using the weighted-average cost flow
assumption is $232,000. Calculate net income under FIFO and
LIFO
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