Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for...
Klump Co.
Klump Co. uses a perpetual inventory system and had the following
inventory transactions for the month of June.
| June | 1 | On hand, 50 units at $18.00 each | $ 900.00 | |
| 4 | Purchased 115 units at $18.20 each | 2,093.00 | ||
| 5 | Sold 100 units | |||
| 10 | Purchased 75 units at $18.25 each | 1,368.75 | ||
| 24 | Sold 50 units | |||
| Total cost of goods available for sale | $4,361.75 | |||
| 30 | On hand, 100 units | |||
Refer to the information provided for Klump Co. If the company uses
the FIFO inventory costing method, the amount of ending
inventory reported on the balance sheet is:
|
$1,823.75 |
||
|
$1,825.00 |
||
|
$1,800.00 |
||
|
$1,810.00 |
Homework Answers
Calculate ending inventory under FIFO perpetual method :
ENding inventory = (75*18.25+25*18.20) = 1823.75
so answer is a) $1823.75
Add Answer to:
Klump Co.
Klump Co. uses a perpetual inventory system and had the following
inventory transactions for...
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Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
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16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
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the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
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