On December 1, 2019, Ayayai Company had the account balances
shown below.
Debit |
Credit |
|||||
Cash | $6,800 | Accumulated Depreciation—Equipment | $1,500 | |||
Accounts Receivable | 3,700 | Accounts Payable | 3,000 | |||
Inventory | 1,815 | * | Common Stock | 18,000 | ||
Equipment | 21,600 | Retained Earnings | 11,415 | |||
$33,915 | $33,915 |
*(3,300 x $0.55)
The following transactions occurred during December.
Dec. 3 | Purchased 4,600 units of inventory on account at a cost of $0.65 per unit. | |
5 | Sold 4,900 units of inventory on account for $0.84 per unit. (Ayayai sold 3,300 of the $0.55 units and 1,600 of the $0.65.) | |
7 | Granted the December 5 customer $84 credit for 100 units of inventory returned costing $56. These units were returned to inventory. | |
17 | Purchased 2,200 units of inventory for cash at $0.80 each. | |
22 | Sold 2,000 units of inventory on account for $0.96 per unit. (Ayayai sold 2,000 of the $0.65 units.) |
Adjustment data:
1. | Accrued salaries payable $300. | |
2. | Depreciation $200 per month. |
Compute ending inventory and cost of goods sold under FIFO,
assuming Ayayai Company uses the periodic inventory
system.
Ending Inventory | $ | |
Cost of Goods Sold | $ |
(f)
Compute ending inventory and cost of goods sold under LIFO,
assuming Ayayai Company uses the periodic inventory
system.
Ending Inventory | $ | |
Cost of Goods Sold | $ |
Purchase Data | CGS FIFO Calculation | CGS LIFO Calculation | ||||||||||||||||
Date | Units | Price/Unit | Total | Date | units sold | CGS | Units left | Ending Inventory Value | Date | units sold | CGS | Units left | Ending Inventory Value | |||||
1-Dec | 3300 | 0.55 | 1815 | |||||||||||||||
3-Dec | 4600 | 0.65 | 2990 | |||||||||||||||
5-Dec | 3300 | (3300*0.55) =1815 | 4600 | 5-Dec | 4600 | (4600*0.65) = 2990 | 3300 | |||||||||||
5-Dec | 1600 | (1600*0.65) =1040 | 3000 | 5-Dec | 300 | (300*0.55) = 165 | 3000 | |||||||||||
7-Dec | -100 | (-100*0.65) = - 65 | 3100 | 7-Dec | -100 | (-100*0.55) = - 55 | 3100 | |||||||||||
17-Dec | 2200 | 0.80 | 1760 | |||||||||||||||
22-Dec | 3100 | (3100*0.65) = 2015 | 2200 | 22-Dec | 2200 | (2200*0.8) = 1760 | 3100 | |||||||||||
22-Dec | 200 | (200*0.8) = 160 | 2000 | (2000*0.8) = 1600 | 22-Dec | 1100 | (1100*0.55) = 605 | 2000 | (2000*0.55) = 1100 | |||||||||
4965 | 1600 | 5465 | 1100 | |||||||||||||||
On December 1, 2019, Ayayai Company had the account balances shown below. Debit Credit Cash $6,800...
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