Question

10A. Wise Bocks has the following transactions in August related to merchandise inventory. i (Click the icon to view the transactions.) Detemine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method assuming Wise Books uses the periodic inventory system. а. Deternine the cost of goods sold and ending merchandise inventory using the LIFO inventory costing method assuming Wise Books uses the periodic inventory system. Determine the cost of goods sold and ending merchandise inventory using the weighted-average inventory costing method assuming Wise Books uses the periodic inventory system. a., b., and c. Determine the cost of goods sold and ending merchandise inventory using the (a) FIFO inventory costing method, (b) LIFO inventory costing method, and (c) weighted-average inventory costing method assuming Wise Books uses the periodic inventory system. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) b. i More Info FIFO LIFO Weighted-Average 195 Beginning merchandise inventory Net cost of purchases 213 Plus: Aug. 1Beginning merchandise inventory, 15 books $13 each 3 Sold 6 books @ S19 each 12Purchased 12 books $14 each 15 Sold 10 books $19 each 20 Purchased 3 books S15 each 28 Sold 9 books S21 each Cost of goods available for sale 408 Ending merchandise inventory Less: Cost of goods sold Print Done

Answer 1

Page ① Date:_//_Page No.: Beginning Inventory units 15 rate $13 value $195 Purchan Aug 12 Purchon Aug 20 cost of goods available for sale $14 $15 $168 $45 $408 sales Sales Sales Aug 3 Aug 15 Aug 28 $ 19 $ 21 25 closing inventory = 5 units

Date: 11 Page No.: I ON FIFO Inventory casting method closing inventory = 5 whit out of Purchan Aug 20 = 3 x 15 = 45 Purchan Aug 12 = 2x14 = 28. $73 cost of goods sale told - cast of goods aroulable for Ending inventory = $908 - $73 = $335

b. - - Page 2 LIFO Inventory costing method closing inventory = 5 unit Beginning inventory = 5 * out of $ 13 = $65 st cost of goods sold wit for $408 of sale goods available - Ending inventory $65 = $343 C weighted average weighted = average 15 sale cost of goods available for $13 + 12x $14 7 3 x 815 30 = $13.6 per unit closing inventory = $13.6 x 5 = 68 cost of goods sold = - sale. cost of cost of goods available for - Ending inventory = 408- 68 = $340,

b. - - Page 2 LIFO Inventory costing method closing inventory = 5 unit Beginning inventory = 5 * out of $ 13 = $65 st cost of goods sold wit for $408 of sale goods available - Ending inventory $65 = $343 C weighted average weighted = average 15 sale cost of goods available for $13 + 12x $14 7 3 x 815 30 = $13.6 per unit closing inventory = $13.6 x 5 = 68 cost of goods sold = - sale. cost of cost of goods available for - Ending inventory = 408- 68 = $340,

Page ② Date: _II_Page No... FIFO LIFO weighted Average $195 213 Cornim Inventory Plus: net wit of purchar * cost of goods available for les : ending inventory wst of goods told Sale $195 $ 213 $408. & 73 $335 $ 408 $65 $343 klar $ 213 $408 $68 $340 # not cost of purchase = 12 x = 14 + 3x $15 $ 213