Question

Question 1 wolde current Attempt in Progress Nast Trading Post. LLC bepanthe year with 12 units of infot stoof $11 December 7.23 uno at $25. Assume there we 20 units on hand at the end of the period . During the year, trade the following u ashes the periodi c se: May 27 unit 1714 Stand Determine the cost of goods sold under FVD FIFO Cost of goods eTextbook and Media Determine the cost of cold der LIFO LIFO Cast of good old

Answer 1

PERIODIC INVENTORY SYSTEM
FIFO METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Jan, 01	Beginning inventory	12	$                        11.00	$                              132
Purchases
May, 05	Purchases	27	$                        17.00	$                              459
July, 16	Purchases	18	$                        21.00	$                              378
Dec , 07	Purchases	22	$                        25.00	$                              550
	Goods Avaiable for sold	79		$                          1,519
	Sales (79 Units - 30 Units )	49			12	$             11.00	$                 132
					27	$             17.00	$                 459
					10	$             21.00	$                 210	8	$                   21.00	$                       168
								22	$                   25.00	$                       550
	TOTAL				49		$801	30		$718
	ANSWER :
	Cost of Goods Sold	$801
	Ending inventory	$718
PERIODIC INVENTORY SYSTEM
LIFO METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Jan, 01	Beginning inventory	12	$                        11.00	$                              132
Purchases
May, 05	Purchases	27	$                        17.00	$                              459
July, 16	Purchases	18	$                        21.00	$                              378
Dec , 07	Purchases	22	$                        25.00	$                              550
	Goods Avaiable for sold	79		$                          1,519
	Sales (79 Units - 30 Units )	49			22	$             25.00	$                 550
					18	$             21.00	$                 378
					9	$             17.00	$                 153	18	$                   17.00	$                       306
	TOTAL				49		$1,081	18		$306
	ANSWER :
	Cost of Goods Sold	$1,081
	Ending inventory	$306
PERIODIC INVENTORY SYSTEM
AVERAGE METHOD
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	Units	Rate	Total	Units	Rate	Total	Units	Rate	Total
Jan, 01	Beginning inventory	12	$                        11.00	$                              132
Purchases
May, 05	Purchases	27	$                        17.00	$                              459
July, 16	Purchases	18	$                        21.00	$                              378
Dec , 07	Purchases	22	$                        25.00	$                              550
	Goods Avaiable for sold	79	$                        19.23	$                          1,519
	Sales (79 Units - 30 Units )	49			49	$             19.23	$                 942	30	$                   19.23	$                       577
	TOTAL				49		$942	30		$577
	ANSWER :
	Cost of Goods Sold	$942
	Ending inventory	$577