Question

G F D C B A Name: M4 Assignment: Periodic System Inventory Cost Flows 1 show how you arrived at your answers, with Canvas. Enter your answers in the spaces provided below. Be sure t Excel formulas or calculations by hand. Submit your assignment to the M4 assignment page 4 Ein Company began operations in February 2013. Ein's accounting records provide the following data for the remainder 5 2013 for one of the items the company sells. 6 7 Extended Cost Units Price per unit Description 522 58 9 = Beginning Inventory Purchase 1, February 15 10 432 72. 6 11 80 $ 640 8 Purchase 2, March 22 12 774 $ 86 9 May 29 Purchase 13 768 =$ 96 Purchase 4, September 10 14 Cost of Goods Available for Sale 17 18 ctions: The company sold 37 units of inventory during 2013 and uses the periodic system. and El under FIFO, LIFO and Average Cost. You can use the space to the right for 19 FIFO COGS: Description 20 Extended Cost Price per unit Units 22 23 24 25 26 Total COGS 27 28 FIFO El: 29 Extended Cost Price per unit Units Description 30 31 Total El 32 33 34 UFO COGS: 35 Extended Cost Price per unit Units Description зе 37 38 39 40 41 Total COGS 42 43 44 IFO El: 45 Extended Cost Price per unit Units Description 46 47 Total El 48 49 Average Cost: 50 Extended Cost Price per unit Units Description 51 52 53 54 Average Cost COGS 55 56 Average Cost EI 57 58 59

Answer 1

1.

	Units	Extended cost
	9	522
	6	432
	8	640
	9	774
	8	768
Cost of goods available for sale	40	3136

2.

FIFO
Description	Units	Price per unit	Extended cost
Beginning Inventory	9	58	522
Purchase 1,Feb 15	6	72	432
Purchase 2,March 22	8	80	640
Purchase 3,May 29	9	86	774
Purchase 4,September 10	5	96	480
Total COGS	37		2848

FIFO EI
Description	Units	Price per unit	Extended cost
Purchase 4,September 10	3	96	288
Total EI	3		288

3.

LIFO
Description	Units	Price per unit	Extended cost
Beginning Inventory	6	58	348
Purchase 1,Feb 15	6	72	432
Purchase 2,March 22	8	80	640
Purchase 3,May 29	9	86	774
Purchase 4,September 10	8	96	768
Total COGS	37		2962

LIFO EI
Description	Units	Price per unit	Extended cost
Purchase 4,September 10	3	58	174
Total EI	3		174

4.

Average Cost
Description	Units	Price per unit	Extended cost
Cost of goods available for sale	40	78.4	3136
Goods sold	37	78.4	2900.8
	Average Cost COGS		2900.8
	3	78.4	235.2
	Average Cost EI		235.2

Answer 2

acct2113-m4-assignment-template.xlsx