Q.4. Use the format in Exhibit 9-1 to compute the ending LIFO inventory and cost of...
Q.4.
Use the format in Exhibit 9-1 to compute the ending LIFO inventory and cost of goods sold assuming:
$550,000 in sales
Beginning inventory 1125 units @ $175
Purchases of 890 units @ $150
450 units @ $165
200 units @ $140
Ending inventory 892 units
What is the dollar value of the ending inventory. In your answer, format the number using commas as needed. Do not include a dollar sign. Round to nearest whole dollar (no decimal and no cents)
Homework Answers
Under LIFO (Last In First Out) method of inventory valuation, Inventory purchased last is issued first and the closing inventory consists of oldest purchases and the cost of goods sold consists of latest purchases
Total units sold
= Opening inventory + Purchases – Closing Inventory
= 1,125 + 890 + 450 + 200 – 892
= 1773 units
Total value of opening inventory and purchases
= 1,125 x $175 + 890 x $150 + 450 x $165 + 200 x $140
= $ 432,625
Value of closing inventory of 892 units will be from beginning inventory (oldest purchases)
= 892 units x $175
= $156,100
Cost of goods sold
= Total value of opening inventory and purchases – Value of closing inventory
= $ 432,625 - $156,100
= $276,525
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