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Correct Answer:
Requirement 1:
Moving average cost |
|||
Inventory balance |
Total cost |
Average cost for each units |
|
01-Apr |
350 |
$ 2,310.00 |
$ 6.6000 |
04-Apr |
1000 |
$ 6,684.50 |
$ 6.6845 |
05-Apr |
450 |
$ 3,008.03 |
$ 6.6845 |
11-Apr |
1000 |
$ 6,858.03 |
$ 6.8580 |
12-Apr |
550 |
$ 3,771.91 |
$ 6.8580 |
18-Apr |
1000 |
$ 6,948.91 |
$ 6.9489 |
26-Apr |
1850 |
$ 13,230.41 |
$ 7.1516 |
27-Apr |
550 |
$ 3,933.37 |
$ 7.1516 |
28-Apr |
400 |
$ 2,860.63 |
$ 7.1516 |
30-Apr |
850 |
$ 6,307.63 |
$ 7.4207 |
Requirement 2:
FIFO |
LIFO |
Weighted Average |
|
Ending Inventory (units) |
1400 |
1400 |
1400 |
Requirement 3:
FIFO |
LIFO |
Weighted Average |
|
Ending Inventory (in dollars) |
$ 10,435 |
$ 9,485 |
$ 9,394 |
Working:
Cost of Goods Available for sale |
||||
Units |
Cost per unit |
value |
||
Beginning Inventory |
01-Apr |
350 |
$ 6.60 |
$ 2,310.00 |
Purchases |
04-Apr |
650 |
$ 6.73 |
$ 4,374.50 |
Purchases |
11-Apr |
550 |
$ 7.00 |
$ 3,850.00 |
Purchases Return |
18-Apr |
450 |
$ 7.06 |
$ 3,177.00 |
Purchases |
26-Apr |
850 |
$ 7.39 |
$ 6,281.50 |
30-Apr |
450 |
$ 7.66 |
$ 3,447.00 |
|
Total |
3300 |
$ 23,440.00 |
FIFO |
||||||
A |
Total Units Available for sale |
3300 |
$ 23,440.00 |
|||
Units Sold |
1900 |
|||||
Ending Inventory Units |
1400 |
|||||
Valuation |
||||||
Cost of Goods Sold |
350 |
$ 6.60 |
$ 2,310.00 |
|||
650 |
$ 6.73 |
$ 4,374.50 |
||||
550 |
$ 7.00 |
$ 3,850.00 |
||||
350 |
$ 7.06 |
$ 2,471.00 |
||||
B |
Cost of Goods Sold |
1900 |
units |
$ 13,005.50 |
||
A-B |
Ending Inventory |
1400 |
units |
$ 10,434.50 |
LIFO |
||||||
A |
Total Units Available for sale |
3300 |
$ 23,440.00 |
|||
Units Sold |
1900 |
|||||
Ending Inventory Units |
1400 |
|||||
Valuation |
||||||
Cost of Goods Sold |
450.00 |
$ 7.66 |
3,447.00 |
|||
850.00 |
$ 7.39 |
6,281.50 |
||||
450.00 |
$ 7.06 |
3,177.00 |
||||
150.00 |
$ 7.00 |
1,050.00 |
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B |
Cost of Goods Sold |
1900 |
units |
$ 13,955.50 |
||
A-B |
Ending Inventory |
1400 |
units |
$ 9,484.50 |
Weighted Average |
||||||
A |
Total Units Available for sale |
3300 |
$ 23,440.00 |
|||
Units Sold |
1900 |
|||||
Ending Inventory Units |
1400 |
|||||
Valuation |
||||||
Cost of Goods Sold |
550 |
$ 6.68 |
$ 3,676.48 |
|||
1300 |
$ 7.15 |
$ 9,297.05 |
||||
150 |
$ 7.15 |
$ 1,072.74 |
||||
B |
Cost of Goods Sold |
2000 |
units |
$ 14,046.26 |
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A-B |
Ending Inventory |
1400 |
units |
$ 9,393.74 |
End of answer.
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