Q3. During April, the following changes in the single inventory product took place: April 1 ...
Q3. During April, the following changes in the single inventory product took place:
April 1 Balance 1,400 units @ $24
8 Purchased 900 units @ $36
12 Purchased 700 units @ $30
24 Purchased 400 units @ $50
10 Sold 1,500 units @ $40
26 Sold 1,700 units @ $44
Calculate the COGS after each sales transaction and the ending inventory after each transaction under the following methods.
(a) FIFO.
(b) Average Cost. (round numbers to the nearest 10)
Homework Answers
| Statement Showing Cost Assigned to Ending Inventory and to Cost to Goods Sold- FIFO | |||||||||
| Goods Purchased | Cost of goods sold | Inventory Balance | |||||||
| Date | # of Units | Cost per unit | # of units Sold | Cost per unit | Cost of goods sold | # of units | cost per unit | Inventory Balance | |
| Beg | 1400 | $24.00 | $33,600.00 | ||||||
| 8-Apr | 900 | $36.00 | 1400 | $24.00 | $33,600.00 | ||||
| 900 | $36.00 | $32,400.00 | |||||||
| 10-Apr | 1,400 | $24.00 | $33,600.00 | ||||||
| 100 | $36.00 | $3,600.00 | 800 | $36.00 | $28,800.00 | ||||
| 1,500 | $37,200.00 | 800 | $28,800.00 | ||||||
| 12-Apr | 700 | $30.00 | 800 | $36.00 | $28,800.00 | ||||
| 700 | $36.00 | $25,200.00 | |||||||
| 24-Apr | 400 | $50.00 | 800 | $36.00 | $28,800.00 | ||||
| 700 | $36.00 | $25,200.00 | |||||||
| 400 | $50.00 | $20,000.00 | |||||||
| 26-Apr | 800 | $36.00 | $28,800.00 | ||||||
| 700 | $36.00 | $25,200.00 | |||||||
| 200 | $50.00 | $10,000.00 | 200 | $50.00 | $10,000.00 | ||||
| 1,700 | $64,000.00 | 200 | $10,000.00 | ||||||
| Total | 3,200 | $101,200.00 | 200 | $10,000.00 | |||||
| Statement Showing Cost Assigned to Ending Inventory and to Cost to Goods Sold- Average | |||||||||
| Goods Purchased | Cost of goods sold | Inventory Balance | |||||||
| Date | # of Units | Cost per unit | # of units Sold | Cost per unit | Cost of goods sold | # of units | cost per unit | Inventory Balance | |
| Beg | 1400 | $24.00 | $33,600.00 | ||||||
| 8-Apr | 900 | $36.00 | 2300 | $28.70 | $66,000.00 | ||||
| 10-Apr | 1500 | $28.70 | $43,043.48 | 800 | $28.70 | $22,956.52 | |||
| 12-Apr | 700 | $30.00 | 1,500 | $29.30 | $43,956.52 | ||||
| 24-Apr | 400 | $50.00 | 1,900 | $33.66 | $63,956.52 | ||||
| 26-Apr | 1700 | $33.66 | $57,224.26 |
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