Homework Answers
FIFO Method.
Cost of goods available for sale = $ 1,237.
Closing inventory = 94 - 72 = 22 Units.
Ending Inventory at May 31st = 22 * $ 15 = $ 330.
Cost of Goods sold = $ 1,237 - $ 330 = $ 907.
____________________________________________________________________________________________
LIFO Method.
Cost of goods available for sale = $ 1,237.
Closing inventory = 94 - 72 = 22 Units.
Ending Inventory at May 31st = 22 * $ 11 = $ 242.
Cost of Goods sold = $ 1,237 - $ 242 = $ 995.
____________________________________________________________________________________________
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Concord Co, uses a periodic inventory system. Its records show the following for the month of...
View Policies Current Attempt in Progress Concord Co. uses a periodic inventory system. Its records show...
View Policies Current Attempt in Progress Concord Co. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Cost Total Cost Units May 1 Inventory $407 15 Purchases - 350 24 Purchases 480 9 Totals 94 $1,237 Compute the ending Inventory at May 31 and cost of goods sold using the FIFO and LIFO methods FIFO Ending inventory at May 31 $ Cost of goods sold
Coronado Co. uses a periodic inventory system. Its records show the following for the month of...
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Ballas Co. uses a periodic inventory system. Its records show the following for the month of...
Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Cost Units Total Cost $240 A May 1 15 24 Inventory Purchases Purchases 30 25 35 $8 11 12 275 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO * Ending inventory at May 31 **** ** Cost of goods sold
Ballas Co. uses a periodic inventory system. Its records show the following for the month of...
Ballas Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 148 units were
sold.
Unit Units Cost Total Cost May 1 Inventory65 15 Purchases55 24 Purchases 76 196 $9 12 13 $585 660 988 $2,233 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of...
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 88 units were sold. Unit Cost $14 May 1 Inventory 15 Purchases 24 Purchases Totals Units 41 34 47 Total Cost $574 578 846 $1,998 122 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ Cost of goods sold
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of...
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 130 units were sold. May 1 15 24 Unit Cost $13 1 6 Units 60 50 70 180 Inventory Purchases Purchases Totals Total Cost $780 800 1,190 $2,770 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of...
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Unit Cost Date May 1 Explanation Inventory Units 30 $8 15 15 Purchase Total Cost $240 225 360 $825 24 Purchase 36 10 Total 91 Calculate the ending inventory at May 31 using the FIFO, LIFO and average cost methods. (Round answers to decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $
Culver Corporation periodic inventory system. Its records show the following for the month of May, in...
Culver Corporation periodic inventory system. Its records show the following for the month of May, in which 76 units were sold uses a Date Explanation Units Unit Cost Total Cost May1 Inventory 15 Purchase 24 Purchase 30 27 37 94 $9 $270 270 407 947 10 Tota Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average unit cost$ 10.07 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers...
Nabobson Inc. uses a periodic inventory system. Its records show the following for the month of...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Zambian Co. uses a periodic inventory system. Its records show the following for the month of...
Zambian Co. uses a periodic inventory system. Its records show
the following for the month of May
OJ LUZ) Zambian Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 € 9 €270 15 Purchases 22 11 242 Purchases 38 456 Totals €968 24
View Policies Current Attempt in Progress Concord Co. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Cost Total Cost Units May 1 Inventory $407 15 Purchases - 350 24 Purchases 480 9 Totals 94 $1,237 Compute the ending Inventory at May 31 and cost of goods sold using the FIFO and LIFO methods FIFO Ending inventory at May 31 $ Cost of goods sold
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Cost Units Total Cost $240 A May 1 15 24 Inventory Purchases Purchases 30 25 35 $8 11 12 275 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO * Ending inventory at May 31 **** ** Cost of goods sold
Ballas Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 148 units were
sold.
Unit Units Cost Total Cost May 1 Inventory65 15 Purchases55 24 Purchases 76 196 $9 12 13 $585 660 988 $2,233 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 88 units were sold. Unit Cost $14 May 1 Inventory 15 Purchases 24 Purchases Totals Units 41 34 47 Total Cost $574 578 846 $1,998 122 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ Cost of goods sold
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 130 units were sold. May 1 15 24 Unit Cost $13 1 6 Units 60 50 70 180 Inventory Purchases Purchases Totals Total Cost $780 800 1,190 $2,770 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Unit Cost Date May 1 Explanation Inventory Units 30 $8 15 15 Purchase Total Cost $240 225 360 $825 24 Purchase 36 10 Total 91 Calculate the ending inventory at May 31 using the FIFO, LIFO and average cost methods. (Round answers to decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $
Culver Corporation periodic inventory system. Its records show the following for the month of May, in which 76 units were sold uses a Date Explanation Units Unit Cost Total Cost May1 Inventory 15 Purchase 24 Purchase 30 27 37 94 $9 $270 270 407 947 10 Tota Calculate the weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125) Weighted-average unit cost$ 10.07 Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers...
Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
$1,479
Calculate the ending inventory at May 31 using the FIFO and
weighted-average cost formulas. (Round calculations for
cost per unit to 4 decimal places, e.g. 10.1252. Round ending
inventory...
Zambian Co. uses a periodic inventory system. Its records show
the following for the month of May
OJ LUZ) Zambian Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Units Unit Cost Total Cost May 1 Inventory 30 € 9 €270 15 Purchases 22 11 242 Purchases 38 456 Totals €968 24
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