Solution 1:
Computation of COGS and ending inventory - Periodic LIFO | |||||||||
Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
Beginning inventory | 1600 | $45.00 | $72,000 | 0 | $45.00 | $0.00 | 1600 | $45.00 | $72,000.00 |
Purchases: | |||||||||
30-Jan | 2300 | $49.00 | $112,700 | 1750 | $49.00 | $85,750.00 | 550 | $49.00 | $26,950.00 |
1-May | 1000 | $75.00 | $75,000 | 1000 | $75.00 | $75,000.00 | 0 | $75.00 | $0.00 |
Total | 4900 | $259,700 | 2750 | $160,750.00 | 2150 | $98,950.00 |
Computation of COGS and ending inventory - Periodic Weighted Average cost method | |||||||||
Particulars | Cost of goods available for sale | Cost of goods sold - Average cost | Ending Inventory - Average cost | ||||||
Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
Beginning inventory | 1600 | $45.00 | $72,000 | ||||||
Purchases: | |||||||||
30-Jan | 2300 | $49.00 | $112,700 | ||||||
1-May | 1000 | $75.00 | $75,000 | ||||||
Total | 4900 | $53.000 | $259,700 | 2750 | $53.000 | $145,750 | 2150 | $53.000 | $113,950 |
Computation of COGS and ending inventory - Periodic FIFO | |||||||||
Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
Beginning inventory | 1600 | $45.00 | $72,000 | 1600 | $45.00 | $72,000.00 | 0 | $45.00 | $0.00 |
Purchases: | |||||||||
30-Jan | 2300 | $49.00 | $112,700 | 1150 | $49.00 | $56,350.00 | 1150 | $49.00 | $56,350.00 |
1-May | 1000 | $75.00 | $75,000 | 0 | $75.00 | $0.00 | 1000 | $75.00 | $75,000.00 |
Total | 4900 | $259,700 | 2750 | $128,350.00 | 2150 | $131,350.00 |
Computation of COGS and ending inventory - Specific Identification | |||||||||
Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
Beginning inventory | 1600 | $45.00 | $72,000 | 1600 | $45.00 | $72,000.00 | 0 | $45.00 | $0.00 |
Purchases: | |||||||||
30-Jan | 2300 | $49.00 | $112,700 | 750 | $49.00 | $36,750.00 | 1550 | $49.00 | $75,950.00 |
1-May | 1000 | $75.00 | $75,000 | 400 | $75.00 | $30,000.00 | 600 | $75.00 | $45,000.00 |
Total | 4900 | $259,700 | 2750 | $138,750.00 | 2150 | $120,950.00 |
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,500 $ 60 Transactions during the year: a. Purchase, January 30 2,600 72 b. Sale, March 14 ($100 each) (1,150...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units Unit Cost 1,800 $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 6. Sale, March 14 ($100 each) c. Purchase, May...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units 1.400 Cost 555 Transactions Beginning inventory. January 1 Transactions during the year a. Purchase, January 30 b. Sale, March 14 (5100 each) c. Purchase, Hay d. Sale,...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 2,800 $ 60 Transactions during the year: a. Purchase, January 30 4,250 74 b. Sale, March 14 ($100 each) (2,450...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units 1,500 Unit Cost $ 40 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase. May...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Units 1,300 Unit Cost $40 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Unit Cost $ 55 Transactions Units Beginning inventory, January 1.400 Transactions during the year: a. Purchase, January 30 2,450 b. Sale, March 14 ($100 each) (1,050) C. Purchase,...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Units Cost 1,800 $50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 h Sale, March 14 ($100 each) c. Purchase, May 1...
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost $ 5.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Sale, March 14 ($10 each Purchase, May 1 Sale, August 31...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units 1,700 Unit Cost 45 Transactions Beginning Inventory, January 1 Transactions during the year 0. Purchase, January 30 b. Sale, March 14 (5100 each) C. Purchase, May 1...