Question

pt1

Exercise 6-4A Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per Cost of Goods Available for Sale Cost per unit # of units Cost of Goods Sold unit # of units Cost Ending per unit Inventory Beginning Inventory Purchases: Apr. 7 Jul. 16 Oct.6 Total ES Sales revenue Gross profit

pt2

pt.3

Answer 1

1)FIFO:
	Cost of Goods available for Sale	Cost of Goods sold	Ending Inventory
	Units	cost / unit	COFAFS	Units	cost / unit	COGS	Units	cost / unit	Ending Inv.
Begin Inv.	46	38	1748	46	38	1748
7-Apr	126	40	5040	126	40	5040
16-Jul	196	43	8428	196	43	8428
6-Oct	106	44	4664	57	44	2508	49	44	2156
Total	474		19880	425		17724
Sales revenue	425*56 =	23800
COGS		17724
Gross Profit	23800-17724=	6076
2)LIFO:
	Cost of Goods available for Sale	Cost of Goods sold	Ending Inventory
	Units	cost / unit	COFAFS	Units	cost / unit	COGS	Units	cost / unit	Ending Inv.
Begin Inv.	46	38	1748				46	38	1748
7-Apr	126	40	5040	123	40	4920	3	40.00	120
16-Jul	196	43	8428	196	43	8428
6-Oct	106	44	4664	106	44	4664
Total	474		19880	425		18012	49		1868
Sales revenue	425*56 =	23800
COGS		18012
Gross Profit	23800-18012=	5788
3)WAC:
	Cost of Goods available for Sale	Cost of Goods sold	Ending Inventory
	Units	cost / unit	COFAFS	Units	cost / unit	COGS	Units	cost / unit	Ending Inv.
Begin Inv.	46	38	1748
7-Apr	126	40	5040
16-Jul	196	43	8428
6-Oct	106	44	4664
Total	474	41.94	19880	425	41.94	17825	49	41.94	2055
Sales revenue	425*56 =	23800
COGS		17825
Gross Profit	23800-17825=	5975