Solutions:
Computation of ending inventory under FIFO (Perpetual) | |||||||||
Date | Goods Purchased | Cost of goods sold | Inventory Balance | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
1-Jan | 3 | $605.00 | $1,815.00 | ||||||
8-Jan | 2 | $605.00 | $1,210.00 | 1 | $605.00 | $605.00 | |||
10-Jan | 6 | $745.00 | $4,470.00 | 1 | $605.00 | $605.00 | |||
6 | $745.00 | $4,470.00 | |||||||
15-Jan | 1 | $605.00 | $605.00 | 3 | $745.00 | $2,235.00 | |||
3 | $745.00 | $2,235.00 | |||||||
Ending Inventory | 3 | $2,235.00 | |||||||
Computation of ending inventory under LIFO (Perpetual) | |||||||||
Date | Goods Purchased | Cost of goods sold | Inventory Balance | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
1-Jan | 3 | $605.00 | $1,815.00 | ||||||
8-Jan | 2 | $605.00 | $1,210.00 | 1 | $605.00 | $605.00 | |||
10-Jan | 6 | $745.00 | $4,470.00 | 1 | $605.00 | $605.00 | |||
6 | $745.00 | $4,470.00 | |||||||
15-Jan | 4 | $745.00 | $2,980.00 | 1 | $605.00 | $605.00 | |||
2 | $745.00 | $1,490.00 | |||||||
Ending Inventory | 3 | $2,095.00 | |||||||
Computation of ending inventory under Moving Average (Perpetual) | |||||||||
Date | Goods Purchased | Cost of goods sold | Inventory Balance | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
1-Jan | 3 | $605.00 | $1,815.00 | ||||||
8-Jan | 2 | $605.00 | $1,210.00 | 1 | $605.00 | $605.00 | |||
10-Jan | 6 | $745.00 | $4,470.00 | 1 | $605.00 | $605.00 | |||
6 | $745.00 | $4,470.00 | |||||||
Average cost | 7 | $725.00 | $5,075.00 | ||||||
15-Jan | 4 | $725.00 | $2,900.00 | 3 | $725.00 | $2,175.00 | |||
Ending Inventory | 3 | $2,175.00 |
Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory...
Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 5 sets at $655 each. On January 10, Sarasota purchased 8 units at $755 each. The company sold 2 units on January 8 and 4 units on January 15. Incorrect answer iconYour answer is incorrect. Compute the ending inventory under FIFO. (Round answer to 0 decimal places, e.g. 1,250.) FIFO The ending inventory $ eTextbook and Media Assistance Used eTextbook Incorrect...
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Bufford Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $650 each. On January 10, Bufford purchased 7 units at $670 each. The company sold 2 units on January 8 and 4 units on January 15. Compute the ending inventory under LIFO $
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