a. | Weighted Average | |
Ending inventory | $ 20,533 | |
Cost of goods sold | $ 41,067 | |
b. | First-in, First-out | |
Ending inventory | $ 21,400 | |
Cost of goods sold | $ 40,200 | |
c. | Last-in, First-out | |
Ending inventory | $ 20,100 | |
Cost of goods sold | $ 41,500 |
Working:
FIFO | |||||||||
Purchases+Beginning Inv. | Cost of Goods Sold | Balance in Inventory | |||||||
Date | Units | Unit cost | Total $ | Units | Unit cost | Total $ | Units | Unit cost | Total $ |
Apr. 1 | 120 | 335 | 40200 | 120 | 335 | 40200 | |||
Apr. 9 | 40 | 355 | 14200 | 40 | 355 | 14200 | |||
Apr. 23 | 20 | 360 | 7200 | 20 | 360 | 7200 | |||
Total | 180 | 61600 | 120 | 40200 | 60 | 21400 | |||
LIFO | |||||||||
Purchases+Beginning Inv. | Cost of Goods Sold | Balance in Inventory | |||||||
Date | Units | Unit cost | Total $ | Units | Unit cost | Total $ | Units | Unit cost | Total $ |
Apr. 1 | 120 | 335 | 40200 | 60 | 335 | 20100 | 60 | 335 | 20100 |
Apr. 9 | 40 | 355 | 14200 | 40 | 355 | 14200 | |||
Apr. 23 | 20 | 360 | 7200 | 20 | 360 | 7200 | |||
Total | 180 | 61600 | 120 | 41500 | 60 | 20100 |
Weighted-average:
Ending inventory = $61600 x 60/180 = $20533
Cost of goods sold = $61600 x 120/180 = $41067
Inventory Costing Methods . Periodic Method Fortune Stores uses the periodic inventory system for its merchandise...
periodic inventory system merchandise inven LO2 • P6-2A. Inventory Costing Methods-Periodic Method Tally Stores uses the periodic inventory for its merchandise inventory. The April 1 inventory for one of the items in the merchandise tory consisted of 120 units with a unit cost of $330. Transactions for this item during April follows: April 9 Purchased 40 units @ $345 per unit. 14 Sold 80 units @ $550 per unit. 23 Purchased 20 units @ $360 per unit. 29 Sold 40...
Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $60. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $70 per unit 13 Sold 50 units @ 110 per unit 25 Purchased 30 units @ 72 per unit 29 Sold 20 units Required a. Calculate the...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
__________
____________
__________
______________
Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system. March 1 Beginning inventory 100 units of Product Me $2.790 total cost 6 Purchased 200 units of Product Me $4,800 total cost 10 Purchased 150 units of Product M@ $4.200 total cost 15 Sold 180 units of Product M Calculate the March cost of goods sold and the ending inventory at March 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average...
LO2E6-2A. Inventory Costing Methods--Periodic Method The Lippert Company uses the periodic inven- tory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory, 30 units @ $9 per unit. 10 Purchased 50 units @ $10 per unit. 15 Sold 60 units. 26 Purchased 25 units Sil per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-our, (b) last-in, first-out, and (c) the weighted average...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 $13 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 17 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost method. Hint: For weighted-average cost,...
Inventory Costing Methods—Perpetual Method The Luann Company uses the perpetual inventory system. The following July data are for an item in Luann’s inventory: July 1 Beginning inventory 30 Units@ $9 per unit 10 Purchased 50 Units@ $11 per unit 15 sold 60 Units 26 Purchased 25 Units@ $13 per unit Calculate the cost of goods sold for the July 15 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the...
Inventory Costing Methods–Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $8 Purchases: February 11 1,500 May 18 1,400 10 October 23 1,100 14 March 1 Sales: 1,400 July 1 1,400 October 29 1,200 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first- out, and (c) weighted-average cost method. Round the...