Computing Cost of Sales and Ending Inventory
Stocken Company has the following financial records for the current
period.
Units | Unit Cost | |
---|---|---|
Beginning Inventory | 100 | $ 26 |
Purchases: #1 | 650 | 22 |
#2 | 550 | 18 |
#3 | 200 | 16 |
Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out.
(a) First-in, first-out | |
Ending inventory | Answer |
Cost of goods sold | Answer |
(b) Average cost | |
Ending inventory | Answer |
Cost of goods sold | Answer |
(c) Last-in, first-out | |
Ending inventory | Answer |
Cost of goods sold | Answer |
units | pu | total | ||||
Beginning inventory | 100 | 26 | 2600 | |||
Purchase#1 | 650 | 22 | 14300 | |||
purchase#2 | 550 | 18 | 9900 | |||
purchase#3 | 200 | 16 | 3200 | |||
total | 1500 | 30000 | ||||
a) | FIFO | |||||
Ending inventory | ||||||
200*16+150*18 | ||||||
5900 | ||||||
cost of goods sold | ||||||
30,000-5,900 | ||||||
24100 | ||||||
b) | LIFO | |||||
ending inventory | ||||||
100*26+250*22 | ||||||
8100 | ||||||
cost of goods sold | ||||||
30,000-8100 | ||||||
21900 | ||||||
c) | Average cost | |||||
ending inventory | ||||||
30000/1500*350 | ||||||
7000 | ||||||
cost of goods sold | ||||||
30,000-7000 | ||||||
23000 | ||||||
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
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