erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintain...
erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded the following information for the month of January.
| Date | Units | Unit Cost |
|---|---|---|
| Inventory, January 1 | 855 | $10.50 |
| Purchase, January 10 | 360 | 12.00 |
| Purchase, January 20 | 180 | 13.25 |
| Purchase, January 28 | 540 | 14.00 |
| Sale, January 5 | 450 | |
| Sale, January 13 | 180 | |
| Sale, January 31 | 288 | |
| Inventory, January 31 | 1,017 |
Required
Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below.
Note: Round your final answers to the nearest dollar.
Note: Do not round costs per unit in your calculations.
| Ending Inventory | COGS | |
|---|---|---|
| 1. Moving average method. | Answer | Answer |
| 2. FIFO method. | Answer | Answer |
| 3. LIFO method. | Answer | Answer |
Homework Answers
Summary Table:
| Ending Inventory | COGS | |
| Moving Average Method | 12859 | 10384 |
| FIFO Method | 13509 | 9733.5 |
| LIFO Method | 12325.5 | 10917 |
Add Answer to:
erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintain...
Perpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April...
Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
Perpetual System- Calculating Ending Inventory and cost of Sales using Moving Average, FIFO, and LIFO April...
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Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
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Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price $ 81 Aug. 3 8 85 $50 Sale Purchase Sale Purchase 75 45 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare...
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