Solution
FIFO | |
Ending Inventory | $ 4,954 |
Cost of Goods Sold | $ 7,689 |
.
LIFO | |
Ending Inventory | $ 4,286 |
Cost of Goods Sold | $ 8,357 |
.
Weighted Average | |
Ending Inventory | $ 4,627 |
Cost of Goods Sold | $ 8,016 |
Working
Units | Cost per unit | value | |
Beginning Balance | 23 | $ 73.00 | $ 1,679 |
Purchases | |||
33 | $ 79.00 | $ 2,607 | |
46 | $ 83.00 | $ 3,818 | |
51 | $ 89.00 | $ 4,539 | |
Total | 153 | $ 12,643 |
.
Average Cost of Inventory | ||
Units | (A) | 153 |
Total Cost | (B) | $ 12,643 |
Average Cost | (C=B/A) | $ 82.63 |
.
FIFO | ||||
Total Units Available for sale | 153 | |||
Units Sold | 97 | |||
Closing Stock in Units | 56 | |||
Valuation | ||||
Ending Inventory | 51 | @ | $ 89.00 | $ 4,539 |
5 | @ | $ 83.00 | $ 415 | |
Value Of Ending Inventory | $ 4,954 | |||
Cost of Goods sold | $ 7,689 | |||
LIFO | ||||
Total Units Available for sale | 153 | |||
Units Sold | 97 | |||
Closing Stock in Units | 56 | |||
Valuation | ||||
Ending Inventory | 23 | @ | $ 73.00 | $ 1,679 |
33 | @ | $ 79.00 | $ 2,607 | |
Value Of Ending Inventory | $ 4,286 | |||
Cost of Goods sold | 12643 minus 4286 | $ 8,357 | ||
Weighted Average method | ||||
Total Units Available for sale | 153 | |||
Units Sold | 97 | |||
Closing Stock in Units | 56 | |||
Valuation | ||||
Ending Inventory | 56 | @ | $ 82.63 | $ 4,627 |
Value Of Ending Inventory | $ 4,627 | |||
Cost of Goods sold | (Total Purchase and opening stock Minus Closing Stock) | $ 8,016 |
Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Cost $73...
Consider the following information for Maynor Company, which uses a periodic inventory system: Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Beginning Inventory Purchase Purchase Purchase Units Unit Cost Total Cost 12 January 1 March 28 August 22 October 14 Goods Available for Sale 24 29 87 $ 62 68 72 78 $744 1,496 1,728 2,262 $6,230 The company sold 29 units on May 1 and 24 units on October 28 Required: Calculate the...
Save & Ex Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Beginning Inventory Purchase Purchase January 1 Units Unit Cost $ 67 73 Total Cost March 28 17 $1,139 1,971 2,618 3,237 August 22 October 14 27 34 77 Purchase 39 Goods Available for Sale 83 117 $8,965 The company sold 39 units on May 1 and 34 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using...
hapter 610) Consider the following information for Maynor Company, which uses a periodic inventory system Total Cost Unit Cost $ 60 January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase 1,320 1.400 $5,220 The company sold 25 units on May 1 and 20 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Purchase Purchase Units 16 26 Unit Cost $66 72 Total Cost $1,056 1,872 January 1 March 28 August 22 October 14 32 76 2,432 82 3,034 Goods Available for Sale $8,394 The company sold 37 units on May 1 and 32 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing...
2) Consider the following information for Maynor Company, which uses a periodic inventory system: Unit Transaction Units Cost January 1 Beginning Inventory 10 $ 60 March 28 Purchase 206 6 August 22 Purchase October 14 Purchase Goods Available for Sale Total Cost $ 600 1,320 1,400 1,900 $ 5,220 75 The company sold 25 units on May 1 and 20 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following...
Consider the following information for Maynor Company, which uses a periodic inventory system: Units 22 Transaction Beginning Inventory Purchase Purchase Purchase Unit Cost $72 78 January 1 March 28 August 22 October 14 Total Cost $ 1,584 2,496 3,608 4,312 Goods Available for Sale 147 $12,000 The company sold 49 units on May 1 and 44 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following invento, costing methods. (Round...
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 15 $ 65 $ 975 March 28 Purchase 25 71 1,775 August 22 Purchase 30 75 2,250 October 14 Purchase 35 81 2,835 Goods Available for Sale 105 $ 7,835 The company sold 35 units on May 1 and 30 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using...
Consider the following Information for Maynor Company, which uses a perlodic Inventory system: Transaction Beginning Inventory Purchase ITI Units Unit Cost Total Cost S B5 $ 2,975 January 1 March 28 35 4,095 6, 650 45 91 August 22 Purchase 70 95 75 7,575 October 14 Purchase 101 225 $21, 295 Goods Available for Sale The company sold 75 units on May 1 and 70 units on October 28. Required: Calculate the company's ending Inventory and cost of goods sold...
Question 2 (24 score) Consider the following information for Maynor Company, which uses a perpetual inventory system: Transaction Units Unit Cost Total Cost January March 28 August 22 October 14 Beginning Inventory10 $60 Purchase Purchase Purchase 20 20 25 75 600 1,320 1,400 1,900 $5,220 70 76 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of...
Waterway Company uses a periodic system reports the following for the month of June. Unit Cost $7 8 June 1 12 23 30 Units 300 300 420 310 110 Inventory Purchase Purchase Inventory Total Cost $ 2,100 3,360 2,790 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory Cost of goods sold