|
1. Average Cost per Unit = $6.70 per unit | |||
2. Inventory at April 30 | |||
LIFO | $10,520.00 | =1500 * $6.00 + (250 * $6.08 ) | |
Average-cost | $11,725.18 | =1750 * $6.70 | |
3. Ending Inventory using FIFO & LIFO | |||
FIFO | Units | Rate | Value |
Inventory from April 29 | 1250 | $6.79 | $8,487.50 |
Inventory from April 21 | 500 | $6.60 | $3,300.00 |
Total | $11,787.50 | ||
LIFO | Units | Rate | Value |
Beginning Inventory | 1500 | $6.00 | $9,000.00 |
Inventory from April 4 | 250 | $6.08 | $1,520.00 |
Total | $10,520.00 | ||
4. Cost of Goods Sold | $72,350 | (See Working in Table) | |
5. In inflanatory period, FIFO method will show the highest Income. As Cost of Goods Sold is less in FIFO method as compared to LIFO & Average method |
Working Average Cost | ||||||||||
Date | Purchase | Cost of Goods Sold | Inventory on Hand | |||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | ||
Apr.1 | 1500 | $6.00 | $9,000 | |||||||
Apr.3 | 1250 | $6.00 | $7,500 | 250 | $6.00 | $1,500 | ||||
Apr.4 | 3750 | $6.08 | $22,800 | 4000 | $6.08 | $24,300 | ($1500 + $22800)/4000 | |||
Apr.8 | 2000 | $6.40 | $12,800 | 6000 | $6.18 | $37,100 | ($24300 + $12800)/6000 | |||
Apr.9 | 3500 | $6.18 | $21,642 | 2500 | $6.18 | $15,458 | ||||
Apr.11 | 1500 | $6.18 | $9,275 | 1000 | $6.18 | $6,183 | ||||
Apr.13 | 3000 | $6.50 | $19,500 | 4000 | $6.42 | $25,683 | ($6183 + $19500)/4000 | |||
Apr.21 | 1750 | $6.60 | $11,550 | 5750 | $6.48 | $37,233 | ($25683 + $11550)/5750 | |||
Apr.23 | 3000 | $6.48 | $19,426 | 2750 | $6.48 | $17,807 | ||||
Apr.27 | 2250 | $6.48 | $14,570 | 500 | $6.48 | $3,238 | ||||
Apr.29 | 1250 | $6.79 | $8,488 | 1750 | $6.70 | $11,725 | ($3238 + $8488)/1750 | |||
Totals | 11750 | $75,138 | 11500 | $72,412 | 1750 | $11,725 |
Date | Purchase | Cost of Goods Sold | Inventory on Hand | ||||||
Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | |
Apr.1 | 1500 | $6.00 | $9,000 | ||||||
Apr.3 | 1250 | $6.00 | $7,500 | 250 | $6.00 | $1,500 | |||
Apr.4 | 3750 | $6.08 | $22,800 | 250 | $6.00 | $1,500 | |||
3750 | $6.08 | $22,800 | |||||||
Apr.8 | 2000 | $6.40 | $12,800 | 250 | $6.00 | $1,500 | |||
3750 | $6.08 | $22,800 | |||||||
2000 | $6.40 | $12,800 | |||||||
Apr.9 | 250 | $6.00 | $1,500 | 0 | $6.00 | $0 | |||
3250 | $6.08 | $19,760 | 500 | $6.08 | $3,040 | ||||
2000 | $6.40 | $12,800 | |||||||
Apr.11 | 500 | $6.08 | $3,040 | 0 | $6.08 | ||||
1000 | $6.40 | $6,400 | 1000 | $6.40 | $6,400 | ||||
Apr.13 | 3000 | $6.50 | $19,500 | 1000 | $6.40 | $6,400 | |||
3000 | $6.50 | $19,500 | |||||||
Apr.21 | 1750 | $6.60 | $11,550 | 1000 | $6.40 | $6,400 | |||
3000 | $6.50 | $19,500 | |||||||
1750 | $6.60 | $11,550 | |||||||
Apr.23 | 1000 | $6.40 | $6,400 | 0 | $6.40 | $0 | |||
2000 | $6.50 | $13,000 | 1000 | $6.50 | $6,500 | ||||
1750 | $6.60 | $11,550 | |||||||
Apr.27 | 1000 | $6.50 | $6,500 | 0 | $6.50 | $0 | |||
1250 | $6.60 | $8,250 | 500 | $6.60 | $3,300 | ||||
Apr.29 | 1250 | $6.79 | $8,488 | 500 | $6.60 | $3,300 | |||
1250 | $6.79 | $8,488 | |||||||
Totals | 11750 | $75,138 | 11500 | $72,350 | 1750 | $11,788 |
Exercise 8-11 Kingbird Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Sheffield Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,260
@
$6.00
April 3
1,050
@
$10.00
4
3,150
@
6.08
9
2,940
@
10.00
8
1,680
@
6.40
11
1,260
@
11.00
13
2,520
@
6.50
23
2,520
@
11.00
21
1,470
@
6.60
27
1,890
@
12.00
29
1,050
@
6.79
9,660
11,130
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11
Swifty Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11
Sunland Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
1,020
@
$6.00
April 3
850
@
$10.00
4
2,550
@
6.08
9
2,380
@
10.00
8
1,360
@
6.40
11
1,020
@
11.00
13
2,040
@
6.50
23
2,040
@
11.00
21
1,190
@
6.60
27
1,530
@
12.00
29
850
@
6.79
7,820
9,010
Assuming that periodic inventory records are kept in units
only, calculate the...
*Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 750 @ $5.00 1,875 @ 5.07 1,000 @ 5.36 1,500 @ 5.56 875 @ 5.66 625 @ 5.86 6,625 Sales April 3 625 @ $11.00 9 1,750 @ 11.00 11 750 @ 12.00 23 1,500 @ 12.00 27 1,125 @ 13.00 5,750 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Exercise 8-11 Culver Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 672 1,680 8 896 0 1,344 784 $6.00 6.08 6.41 6.51 6.61 Sales April 3 560 9 1,568 @ 11 672 23 1,344 2 7 1,008 @ $11.00 11.00 12.00 12.00 13.00 560 6. 79 5 ,152 5,936 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places,...
Bonita Company’s record of transactions for the month of April
was as follows.
Bonita Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 780 @ $6.00 1,950 @ 6.08 1,040 @ 6.40 1,560 @ 6.50 910 @ 6.60 650 @ 6.79 6,890 Sales April 3 650 @ $10.00 9 1,820 @ 10.00 11 780 @ 11.00 23 1,560 @ 11.00 27 1,170 @ 12.00 5,980 Assuming that periodic inventory records are...
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08 1,520 @ 6.40 2,280 @ 6.50 1,330 @ 6.60 950 @ 6.79 10,070 Sales April 3 950 @ $10.00 9 2,660 @ 10.00 11 1,140 @ 11.00 23 2,280 @ 11.00 27 1,710 @ 12.00 8,740 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answert...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...