Assume your organization has the following inventory changes during the year:
Beginning Inventory 15 units Valued at $10,000 each
February purchases 13 units at $11,500 each
June purchases 20 units at $12,000 each
Total units used 42
Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year, using both the FIFO and the LIFO method of cost-flow.
FIFO
Total units Available for sale = 15 + 13 + 20 = 48 units
Total units used = 42 units
Cost of Ending Inventory = (48 - 42) * $12,000 = $72,000
Cost of Ending Inventory = $72,000
Value of Inventory used = (15 * $10,000) + ($13 * $11,500) + (14 * $12,000)
Value of Inventory used = $467,500
LIFO
Total units Available for sale = 15 + 13 + 20 = 48 units
Total units used = 42 units
Cost of Ending Inventory = (48 - 42) * $10,000 = $60,000
Cost of Ending Inventory = $60,000
Value of Inventory used = (20 * $12,000) + ($13 * $11,500) + (9 * $10,000)
Value of Inventory used = $479,500
Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units Valued...
Assume your organization has the following inventory changes during the year: Beginning Inventory 15 units Valued at $10,000 each February purchases 13 units at $11,500 each June purchases 20 units at $12,000 each Total units used 42 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year, using both the FIFO and the LIFO method of cost-flow.
Assume your organization has the following inventory changes during the year: Beginning Inventory 20 units valued at $7,500 each January purchases 10 units at $8,500 each April purchases 15 units at $8,750 each Total Units Used 30 Calculate the value of the ending inventory and the value of the inventory used (the inventory expense) for the year using both the FIFO and the LIFO method of cost-flow.
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 297 units @ $17 795 units @ $21 500 units @ $23 June 10 15 27 Sold Sold Sold 203 units @ $42 498 units @ $44 303 units @ $47 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 302 units @ $11 803 units @ $13 498 units @ $14 June 10 15 27 Sold Sold Sold 198 units e$27 498 units @ $28 296 units @ $30 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (2) FIFO LIFO...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Exercise 8-10 Inventory information for Part 311 of Sandhill Corp, discloses the following information for the month of June. June 1 Balance 304 units $13 June 10 Sold 205 units $30 11 Purchased 804 units $15 15 Sold 504 units @ $32 20 Purchased 498 units @ $16 27 Sold 295 units $34 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (2) (1) LIFO FIFO...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Inventory information for Part 311 of Blue Corp.
discloses the following information for the month of June.
June 1 Balance 299 units @ $16
June 10 Sold 196 units @ $38
June 11 Purchased 803 units @ $19
June 15 Sold 502 units @ $40
June 20 Purchased 505 units @ $21
June 27 Sold 297 units @ $43
Assuming that the periodic inventory method is used,
compute the cost of goods sold and ending inventory under (1) LIFO
and (2) FIFO.
(1)
LIFO
Cost if good...
Inventory information for Part 311 of Waterway Corp. disclosses the following information for the month of June. 197 units $37 Balance 301 units $16 Sold June 1 June 10 Purchased 797 units @ $19 Sold 498 units @ $39 11 15 297 units @ $42 503 units @$20 27 Sold 20 Purchased Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO 19,351...