Question

Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of Goods Available for Sale of units Cost of Goods Sold Cost Ending per unit Inventory # of units unit Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total 0 $ Sales revenue Gross profit 4 < Prev 5 6 of 24 !!! Next >

Answer 1

• Requirement asked

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	54	$                46.00	$                        2,484.00	0	$               46.00	$                              -	54	$                 46.00	$            2,484.00
Purchases:
07-Apr	134	$                48.00	$                        6,432.00	122	$               48.00	$                 5,856.00	12	$                 48.00	$                576.00
16-Jul	204	$                51.00	$                     10,404.00	204	$               51.00	$               10,404.00	0	$                 51.00	$                         -
06-Oct	114	$                52.00	$                        5,928.00	114	$               52.00	$                 5,928.00	0	$                 52.00	$                         -
TOTAL	506		$                      25,248.00	440		$               22,188.00	66		$            3,060.00

	LIFO
Sales Revenue	$            28,160.00
(-) Cost of Goods Sold (as calculated above)	$            22,188.00
Gross Margin	$              5,972.00

--Requirement 3

Average Method	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	54	$                46.00	$                        2,484.00
Purchases:
07-Apr	134	$                48.00	$                        6,432.00
16-Jul	204	$                51.00	$                      10,404.00
06-Oct	114	$                52.00	$                        5,928.00
TOTAL	506	$            49.8972	$                      25,248.00	440	$          49.8972	$               21,955	66	$            49.8972	$            3,293

	Weighted Average Method
Sales Revenue	$               28,160.00
(-) Cost of Goods Sold (as calculated above)	$               21,954.77
Gross Margin	$                 6,205