Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.
Beginning Inventory, January 1, 2018 | 1,200 units @ $85 each |
Purchases: | |
January 15 | 2,500 units @ $100 each |
January 21 | 2,300 units @ $105 each |
Sales: | |
January 5 | 1,150 units @ $125 each |
January 22 | 1,550 units @ $135 each |
January 29 | 1,000 units @ $140 each |
Ending Inventory, January 31, 2018 | 2,300 units |
Required: Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods:
NOTE: COG = COST OF GOODS
FIFO | COGS Available for Sale | COG Sold - Periodic FIFO | Ending Inventory - Periodic FIFO | ||||||
# of units | Cost per unit | COGS Available for Sale | # of units sold | Cost per unit | COG Sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
Beginning Inventory | 1,200 | $85 | $102,000 | 1,200 | $85 | $102,000 | 0 | $85 | 0 |
Purchases: | |||||||||
Jan 15 | 2,500 | $100 | $250,000 | 2,500 | $100 | $250,000 | $0 | $100 | 0 |
Jan 21 | 2,300 | $105 | $241,500 | 0 | $105 | $0 | 2,300 | $105 | $241,500 |
Total | 6,000 | $593500 | $3,700 | $352,.000 | 2,300 | $241,500 | |||
LIFO | COGS Available for Sale | COG Sold - Periodic LIFO | Ending Inventory - Periodic LIFO | ||||||
# of units | Cost per unit | COGS Available for Sale | # of units sold | Cost per unit | COG Sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
Beginning Inventory | 1,200 | $85 | $102,000 | 0 | $85 | $0 | 1,200 | $85 | $102,000 |
Purchases: | |||||||||
Jan 15 | 2,500 | $100 | $250,000 | ? | $100 | ? | ? | $100 | ? |
Jan 21 | 2,300 | $105 | $241,500 | ? | $105 | ? | 0 | $105 | 0 |
Total | 6,000 | $593,000 | ? | ? | ? | ? |
I have filled in what I know and I used a "check my work" function to know they're right, I'm just not sure about the answers where the question marks are.
LIFO | COGS Available for Sale | COG Sold - Periodic LIFO | Ending Inventory - Periodic LIFO | ||||||
# of units | Cost per unit | COGS Available for Sale | # of units sold | Cost per unit | COG Sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
Beginning Inventory | 1,200 | $ 85 | $ 102,000 | 0 | $ 85 | $ 0 | 1,200 | $ 85 | $ 102,000 |
Purchases: | |||||||||
Jan-15 | 2,500 | $ 100 | $ 250,000 | 1400 | $ 100 | $ 140,000 | 1100 | $ 100 | $ 110,000 |
Jan-21 | 2,300 | $ 105 | $ 241,500 | 2300 | $ 105 | $ 241,500 | 0 | $ 105 | 0 |
Total | $ 6,000 | $ 593,500 | $ 3,700 | $ 381,500 | $ 2,300 | $ 212,000 |
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company...
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