Question

The coffee Roasting company provided you the following information for their popular Kona coast roasted bean blend balance 245 determine the ending inventory at 31 December 2017 under the following methods show all calculations FIFO periodic LIFO periodic ,average cost periodi

ny 103 Exam #2 The Coffee Roasting Company provid information for their popular 245 Total Roasting Company provided you the following for their popular Kona Coast Roasted Bean Blend: Date Balance Pounds Cost/Pound $11.25 $2,756.25 Purchases: March 1 105 May 14 June 2 October 26 December 23 Total Available 160 300 210 175 1,195 $11.50 $11.60 $12.25 $13.50 $13.50 $1,207.50 $1,856.00 $3,675.00 $2,835.00 $2,362.50 $14,692.25 A total of 935 pounds were sold in 2017, resulting in 260 pounds on hand at the end of the year. Required Determine the ending inventory at December 31, 2017 under the following methods. Show all calculations LIFO-Period FIFO-Periodic

Answer 1

Coffee Roasting Company Closing Inventory as per FIFO Method Receipts Date Particulars Balance 1 Mar Purchases Balance 245 Pounds S11.25 $2756.25 245 Pounds S11.25-$2756.25 105 Pounds$11.20 $1207.50 245 Prunds $11.25-$2756.25 105 Pounds$11.20-$1207.50 160 Pounds $11.60 $1856.00 245 Punds or $11.25-$2756.25 105 Punds or S11.20-$1207.50 160 Pounds or $11.60-$1856.00 300 Pounds$12.25 $3675.00 215 Pounds @$11.25 $2756.25 105 Pounds S11.20-$1207.50 160 Pounds $11.60-$1856.00 300 Pounds$12.25 $3675.00 210 Pounds $13.50-$2835.00 245 Pounds $11.25-$2756 25- 105 PoundsS11.20-$1207.50 160 Prunds o $11.6-$185600 300 Pounds o s12.25-$3675,00 210 Pounds@$13.50 $2835,00 175 Pounds$13.50 $2362.50 |105 Paunds11.20-S1207.500 160 Paunds $11.60-S1856.00 14-May Purthases 300 Paunds sy $12.25-53675.00 2un Purrhasns 26-0ct Purchases 210 Pounds $13.50-$2835.00 23 Dec Purchsses 175 Pounds$13.50-$2362.500 935 Pounds Sales During the Year 2017 Valuation of Ending Inventory at December 31, 2017 as Per FIFO Method Under FFO Method, the oldest prchased wentay st be sold fvstly For selling 935 Pound, Inventory must be issued in the following Manner First 245 Pounds @$11.25 Then 105 Pounds$11.20 $11.60 Than 160 Pounrs Then 300 Pouns $12.25 Galsnce 125 Pounds $13.50 Ending Inventory as at 31st December 2017 85 Pounds$13.50 175 Pounds$13.50 1,147 50 2,362 50 260 Pounds 3.510.00

Coffee Roasting Company Closing Inventory as per LIFO Method Date Particulars Receipts Balance 1-Mar Purchases 105 Pcunds$1120-$1207.50 Balance 245 Paunds$11.25-$2756.25 105 Pounds$11.20-$1207.50 245 Paunds $11.25 $2756 25 14-May Purchases 160 Pounds $1160-$1856 00 160 Pounds $11.60-$1856 00 105 Pounds$11.20-$1207.50 245 Pounds $11.25 $2756 25 300 Prunds $12.25-$367500 300 Punds $12.25-$3675.00 160 Punds $11.6-$195600 105 Paunds $11.20-$1207.50 245 Pounds$11.25 $2756 25 210 Pounds$1350-$2835.00 210 Pounds$13.50 $2835.00 300 Paunds $12.25-$3675.00 160 Pounds $11.60-$1956 00 105 Pounds$11.20 $1207.50 245 Pounds $11.25-$2756 25 175 Pounds $13.50-$2362.50 210 Pounds$13.50-$2035.00 300 Pounds $12.25-$3675.00 16 Punds ey $11.60-$1856 00 105 Pounds 11.20-$1207.50 2un Purchases 26-0ct Purchases 23-Dec Purchases 175 Pcunds$13.50-$2362 50 215 Pounds $11.25 $2756 25 Sales During the Year 2017 935 Pounds Valuation of Ending Inventory at December 31, 2017 as Per LIFO Method Linder LO Method, the atest puchased inventary must be sald fosty. For selling 935 Pound, Inventory must be issued in the following Manner First 175 Pounds @$13.50 Then 210 Pounds@$13.50 Than 300 Poundrs $12.25 Then 160 Pounrs g $11,60 Balance 90 Paunds@$11.60 Ending Inventory as at 31st December 2017 15 Paunds $11.20 245 Pounds $11 25 260 Pounds 168.00 2,756 25 S 2.924.25

Coffee Roasting Company Closinalmentory 85 per Average Cost Method Aaane 245 Pounds$11.25 = $2756 25 245 Pounds$11.25 $2756 25 | 106 Pounds f $11.20 $1207 50 245 Pounds o $11.2-$25625 106 Pounds$11.20 $1207 50 160 Pounds $11,60 $1056.00 24 Pouds o $11.25-$2/625 |106 Poundss11.20 $1207 50 160 Pounds $11.60 $1856.00 300 Pounds f $12.2-$365.00 24 Prunds $11.2-$72 106 Pounds$11.20 $120750 140 Pounds $11.6)- $185600 300 Pounds of $12.-$365.00 |210 Pounds@ $13.50 $2835.00 |245 Pounds $11.25-$2756 25 10 Pounds of $11.210-$10 50 1 Prunds o $11.6l-$1H 00 300 Pounds$12.25-$3675.00 710 Prunds $13.50-$7835.00 1 Prunds 0r $13.)-$7367 50 Date Particuars Roceints Balance 1-Mar Purchases 105 Pounds $11.20 $1207.50 14-May Purchases 160 Pounds $11.6-$185h0 2un Purchases 300 Pounds $12.2-S36500 -Oct Purrhases 710 Pounds $13.-S$7835.0 23-Dec Purchases 175 Pounds$13.50-$2352.50 Sales During the Year 2017 935 Pounds Valuation af Ending Inventory at December 31, 20117 as Per Average Cost Method indr Ara t method, it is assumed that the cost af inwontary is bsed on the Anragems orgoods avaiable far sale ding the period. Far calulation ofAverage cost, total cost of goods avaiatle for saie must be dided by the fotaf units available for safe. Average cost Total Cost of Goods Available for Sale/Total Units Available for sale Totai Cost of Goods Available for Sale f) 14,692 25 Jotal nits of ioods Availahle for Sale () 115 Average Cost per unit (1)/(2) 12.29 Ending Inventory as at 31st December 2017 260 Pounds 12.29 3,195.40