Question

Saxton Company's inventory records for the most recent year contain the following data: (Click the icon to view the data) Saxton Company sold a total of 20,100 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent) Using the average-cost method, the cost of goods sold is and the ending inventory is $ Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year Data Table Using the FIFO method, the cost of goods sold is and the ending inventory is Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. Using the LIFO method, the cost of goods sold is and the ending inventory is $ Beginning inventory Purchases during year Quantity 7.000 18,000 Unit Cost $ 14.00 $ 16.00 print [Done]

Answer 1

AB E F units in beginning inventory units purchased units sold units in ending inventory 7,000 18,000 -20,100 4,900 requirement 1 cost of beginning inventory cost of units purchased total cost total units average cost per unit $ 98,000 $ 288,000 $ 386,000 25,000 $ 15.44 / cost of goods sold = ending inventory = $ 310,344 $ 75,656 requirement 2 cost of goods sold = ending inventory = $ 307,600 $ 78,400 requirement 3 cost of goods sold = ending inventory = $ 317,400 $ 68,600

for formulas and calculations, refer to the image below -

A units in beginning inventory 7000 units purchased 18000 units sold -20100 units in ending inventory =SUM(E2:E4) requirement 1 cost of beginning inventory |=7000*14 cost of units purchased =18000*16 total cost =SUM(E7:E8) total units =7000+18000 average cost per unit =E9/E10 cost of goods sold = ending inventory = =E11020100 =E11*4900 requirement 2 cost of goods sold = ending inventory = =(7000*14) +(13100*16) | =(4900*16) requirement 3 cost of goods sold = ending inventory = =(18000*16)+(2100*14) =(4900*14)

In case you have any query, kindly ask in comments.