Question

Cost of Goods Available for Sale Cost of Goods Sold- January 5 Cost of Goods Sold- January 12 Cost of Goods Sold- January 20



Cost of Goods Available for Sale Cost of Goods Sold- January 5 Cost of Goods Sold- January 12 Cost of Goods Sold- January 20 Inventory Balance Perpetual LIFO: #of Unit Cost of Goods #of units Cost per unit # of units | Cost per Ending Inventory Cost of | # of units Cost per unit Cost of Goods Soldsold | # of units Cost per unit Cost of Goods Sold in ending units Cost Availabeorts Goods Soldsold unit sold inventory Sale Beg. Inventory Purchases: January 10 January 18 Total Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory Value | # of units sold #Of units unit Avg.Cost Cost of per unitGoods Sold Beginning Inventory Sale January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale January 12 Subtotal Average Cost Purchase January 18 Subtotal Average Cost Sale January 20 Total
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Answer #1
FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO
# of units Cost per
Unit
Cost of
Goods
Available for
Sale
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
in ending
inventory
Cost per
Unit
Ending
Inventory
Beginning of Inventory 9000 5 45000 5000 5 25000 1000 6 6000
Purchases: 3000 5 15000 9000 7 63000
   January 10 6000 6 36000 1000 5 5000
   January 18 9000 7 63000 5000 6 30000
Total 75000 69000
LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic LIFO
# of units Cost per
Unit
Cost of
Goods
Available for
Sale
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
in ending
inventory
Cost per
Unit
Ending
Inventory
Beginning of Inventory 9000 5 45000 5000 7 35000 1000 6 6000
Purchases: 3000 7 21000 9000 5 45000
   January 10 6000 6 36000 1000 7 7000
   January 18 9000 7 63000 5000 6 30000
Total 93000 51000
Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic Average Cost
AVERAGE COST # of units Cost per
Unit
Cost of
Goods
Available for
Sale
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
in ending
inventory
Cost per
Unit
Ending
Inventory
Beginning of Inventory 9000
Purchases:
   January 10 6000
   January 18 9000
Total 24000 6 144000 14000 6 84000 10000 6 60000

Note: Average cost = Average cost = Total Weights/ Total units = 144000/24000 = 6

Units cost per unit Weights
Beginning of Inventory 9000 5 45000
Purchases:
   January 10 6000 6 36000
   January 18 9000 7 63000
Total 24000 144000
LIFO Cost of Goods Available for Sale Cost of Goods Sold - January 5 Cost of Goods Sold - January 12 Cost of Goods Sold - January 20 Inventory balance
# of units Cost per
Unit
Cost of
Goods
Available for
Sale
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
sold
Cost per
Unit
Cost of
Goods
# of units
in ending
inventory
Cost per
Unit
Ending
Inventory
Beginning of Inventory 9000 5 45000 5000 7 35000 3000 7 21000 1000 7 7000 1000 6 6000
Purchases: 5000 6 30000 9000 5 45000
   January 10 6000 6 36000
   January 18 9000 7 63000
Total 35000 21000 37000 51000
Perpetual Average Inentory on hand Cost of Goods Sold
# of units Cost per
unit
Inventory
Value
# of units
sold
Avg. Cost
Per unit
Cost of
Goods Sold
Average cost per unit calculation
Beginning Inventory 9000 5 45000
Sale- January 5 5000 5 25000
Subtotal Average Cost 4000 5 20000
Purchase- January 10 6000 5.6 33600 [(4000*$5)+(6000*$6)]/(4000+6000)
Subtotal Average Cost 10000 5.6 56000
Sale- January 12 3000 5.6 16800
Subtotal Average Cost 7000 5.6 39200
Purchase- January 18 9000 6.3875 57487.5 [(7000*5.6)+(9000*7)]/(7000+9000)
Subtotal Average Cost 16000 6.3875 102200
Sale - January 20 6000 6.3875 38325
Total 10000 6.3875 63875
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