Total units available for sale = 1900+6110+4180 = 12190 units
Total cost of goods available for sale = 1900*7+6110*6+4180*4 = $66680
Average cost per unit = 66680/12190 = $5.4701 per unit
Units sold = 12190- 2920 = 9270 units
FIFO
Ending inventory = 2920*4 = $11,680
Cost of goods sold = 66680-11680 = $55,000
LIFO
Ending inventory = 1900*7 + (2920-1900)*6 = $19420
Cost of goods sold = 66680-19420 = $47,260
Average Cost
Ending inventory = 2920*5.4701 = $15973
Cost of goods sold = 66680-15973= $50707
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. FIFO L IFO...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Cost Units 1,820 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,200 4,050 2,940 NA Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $6 1,990 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,070 2,950 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1 Units Unit Cost $5 1,940 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4 6,130 4,100 2,870 2 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing mythods. (Round...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 6 For the current year: Purchase, March 21 6,010 5 Purchase, August 1 4,120 3 Inventory, December 31, current year 2,900 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing metho
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Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following Information for product 1: Units Unit Cost 2, eee $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3. eee 4.999 Required: Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Cost Units 1,970 $6 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 8 5,050 2,900 4,100 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Inventory, December 31, prior Unit Cost $12.50 3,500 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,500 4,500 13.50 4.00 8,500 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...