Question

Dundas Company's inventory records for its retail division show the following at January 31: E: (Click the icon to view the accounting records.) At January 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific identification, then (b) average cost, then (c) FIFO, and finally (d) LIFO. (Round the average cost per unit to the nearest cent. Round all final answers to the nearest whole dollar.)

Answer 1

Solution

On the basis of available information, the solution is provided below,
Solution Asprovided, anual January 16 January 26 Beginning Iventory Proshowed Pruchaves Suavili @ $110 Sumille $171 12 will $180 25 wils $4,860. 8 65 $ 2.160 $4.375 Total Noud, a) Onder specific Iden iki culion Melind, Clomig lywentony I will from Jan. 1 storx @ $17ople. 4_unite from Jan. 26 atnak @ $18051... Cleming Inventory (11 mile) $4.990. $ 720. $ 1,910 Now.can both the information (le. Suank Gyond Value) of cloning Trwentong in clean, Costak Goooda Bold will be Total $4,095 Closing Duventry -1 mila - $4.310 Cost of Goods sold 14 anila $ 2,465 b) Under Average Cost Mellid, Total Value 26 muild 64,375 .. fer wait value = $14,975|25) - $ 145 50, Cloning Inventory (It will). 13$175 $1,925 Quds Cost of Boode Goboda (14 units) 214x $1754 2450 C) Under F1fo Meltindi Ao 14 unit will be sold, & will from Jan I atook @ $180b.u. 5 miles from Jan. J atook @ +171 .4 w Balance wilt om Jon 26 ataen@ $180b.u. Costet Gpoods Gold (14 ) 44,360 $_856 180 2.995 Now.okter thuis, 14 milli hea been remained Deet_of Tom. 26 atook @ piso puede So chooing Twentonge $180 x 14 41990-

d) Under LEO Melliod, Costok Goocha bold of units will be te nuila from Jom 26. atdex $180b... and, Brelance 2 will from Jan lá atek@ $1 bile Cost of Goods Sold (14 wwili) $ 2.160. 342 121812 613. Now, & smilt house. Seen left in Jom lá aber @ $11 bati, and nothing www.kxen out of Beginning Durenbony of Jan. I 30, Cloeie mweuhnya & will from Jan la alock @ $171 bike 8 milk from Jomil ahen @ $ 1795.4. 4360 -- closiue meatmy (tamil) 44,873 There, Ilé overall neerano in us andles Unile specific Identifiakiml) -_ Average Cost [+) _FLFO (1) LIF8C) Cost of Goode solde 14 2465 2.395 2202 Cloony Inwenty 4910 1 925. 4.980 _1873. (9) lobes the overall ocenariu.in. (1) above, Lito meliod give the higheat. cost of Roode Leld (ie. $2,802) and Elfo meltind give the lowest fie: $ 2.996). The reason in the per unit value. Due to selection of Mamelliad, the prior most imentary for FIFO) on the latter wusst (for. L.RO) in selected first. Therefore, are the bes unit value of. de inventory to different of every stable, it comes differcnie in Cost of Goods Sold valuabon in different mellido, althougle. Ille number of mile will be name. Mare - )