Tyler Company has the following information related to purchases and sales of one of its inventory...
Tyler Company has the following information related to purchases and sales of one of its inventory items.
| Date | Description | Units Purchased at Cost | Units Sold at Retail |
| Sept. 1 | Beginning inventory | 400 units @ $12 | |
| Sept. 10 | Purchase | 600 units @ $13 | |
| Sept. 20 | Sales | 620 units @ $22 | |
| Sept. 25 | Purchase | 900 units at $15 |
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
Homework Answers
Calculate ending inventory and cost of goods sold
| FIFO | LIFO | Average cost | |
| Ending inventory | (380*13+900*15) = 18440 | (900*15+380*12) = 18060 | 26100-7812 = 18288 |
| Cost of goods sold | 26100-18440 = 7660 | 26100-18060 = 8040 | 620*12.60 = 7812 |
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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered
into the following calendar-year purchases and sales
transactions
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
600
units
@ $35 per unit
Feb.
10
Purchase
300
units
@ $32 per unit
Mar.
13
Purchase
150
units
@ $20 per unit
Mar.
15
Sales
725
units
@ $80 per unit
Aug.
21
Purchase
190
units
@ $40 per unit
Sept.
5
Purchase
540
units
@ $37...
ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 620 units @ $45 per unit Feb. 10 Purchase 380 units @ $42 per unit Mar. 13 Purchase 100 units @ $30 per unit Mar. 15 Sales 735 units @ $70 per unit Aug. 21 Purchase 170 units @ $50 per unit Sept. 5 Purchase 400 units @ $46...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $14 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 680 units @ $26 Sept. 25 Purchase 1000 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Units Purchased at Cost Units Sold at Retail Description Sept. 1 Beginning inventory 400 units$14 Sept. 10 Purchase 600 units $15 Sept. 20 Sales 640 units$26 Sept. 25 Purchase 600 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and...
Brief Exercise 6-36 Effects of Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail 20 units @ $5 30 units @ $8 Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase Required: 40 units @ $15 25 units at $10 1. Which inventory costing method produces the highest amount for net income? 2. Which inventory costing method produces...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Montoure Company uses a perpetual inventory system. It entered
into the following calendar-year purchases and sales
transactions
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
600
units
@ $35 per unit
Feb.
10
Purchase
300
units
@ $32 per unit
Mar.
13
Purchase
150
units
@ $20 per unit
Mar.
15
Sales
725
units
@ $80 per unit
Aug.
21
Purchase
190
units
@ $40 per unit
Sept.
5
Purchase
540
units
@ $37...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...
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