Homework Answers
Answer- 1)- Cost of ending inventory using FIFO method = $77340.
Explanation-
| FIFO Method | ||||||||
| 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 |
| Jan-01 | 3200 | 17.6 | 56320 | |||||
| Jan-23 | 4300 | 16.40 | 3200 | 17.6 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| Feb-14 | 1400 | 16.70 | 3200 | 17.60 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| 1400 | 16.70 | 23380 | ||||||
| Mar-17 | 2400 | 17.70 | 3200 | 17.60 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| 1400 | 16.70 | 23380 | ||||||
| 2400 | 17.70 | 42480 | ||||||
| Apr-13 | 3200 | 17.60 | 56320 | 2300 | 17.70 | 40710 | ||
| 4300 | 16.40 | 70520 | ||||||
| 1400 | 16.70 | 23380 | ||||||
| 100 | 17.70 | 1770 | ||||||
| May-05 | 5500 | 15.60 | 2300 | 17.70 | 40710 | |||
| 5500 | 15.60 | 85800 | ||||||
| Jul-04 | 3700 | 16.80 | 2300 | 17.70 | 40710 | |||
| 5500 | 15.60 | 85800 | ||||||
| 3700 | 16.80 | 62160 | ||||||
| Oct-31 | 2300 | 17.70 | 40710 | 2900 | 16.80 | 48720 | ||
| 5500 | 15.60 | 85800 | ||||||
| 800 | 16.80 | 13440 | ||||||
| Nov-22 | 1800 | 15.90 | 2900 | 16.80 | 48720 | |||
| 1800 | 15.90 | 28620 | ||||||
| Totals | 17600 | 291940 | 4700 | 77340 |
2)- Cost of good sold using LIFO method =$290820.
Explanation-
| LIFO Method | ||||||||
| 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 |
| Jan-01 | 3200 | 17.6 | 56320 | |||||
| Jan-23 | 4300 | 16.40 | 3200 | 17.6 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| Feb-14 | 1400 | 16.70 | 3200 | 17.60 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| 1400 | 16.70 | 23380 | ||||||
| Mar-17 | 2400 | 17.70 | 3200 | 17.60 | 56320 | |||
| 4300 | 16.40 | 70520 | ||||||
| 1400 | 16.70 | 23380 | ||||||
| 2400 | 17.70 | 42480 | ||||||
| Apr-13 | 2400 | 17.70 | 42480 | 2300 | 17.60 | 40480 | ||
| 1400 | 16.70 | 23380 | ||||||
| 4300 | 16.40 | 70520 | ||||||
| 900 | 17.60 | 15840 | ||||||
| May-05 | 5500 | 15.60 | 2300 | 17.60 | 40480 | |||
| 5500 | 15.60 | 85800 | ||||||
| Jul-04 | 3700 | 16.80 | 2300 | 17.60 | 40480 | |||
| 5500 | 15.60 | 85800 | ||||||
| 3700 | 16.80 | 62160 | ||||||
| Oct-31 | 3700 | 16.80 | 62160 | 2300 | 17.60 | 40480 | ||
| 4900 | 15.60 | 76440 | 600 | 15.60 | 9360 | |||
| 0 | ||||||||
| Nov-22 | 1800 | 15.90 | 2300 | 17.60 | 40480 | |||
| 600 | 15.60 | 9360 | ||||||
| 1800 | 15.90 | 28620 | ||||||
| Totals | 17600 | 290820 | 4700 | 78460 |
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Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
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Purchases:
September 8
450
3.50
September 18
350
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A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
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$
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the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
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A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
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