Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $...
Given the following:
| Number purchased |
Cost per unit |
Total | ||||
| January 1 inventory | 39 | $ | 5 | $ | 195 | |
| April 1 | 59 | 8 | 472 | |||
| June 1 | 49 | 9 | 441 | |||
| November 1 | 54 | 10 | 540 | |||
| 201 | $ | 1,648 | ||||
a. Calculate the cost of ending inventory using
the LIFO (ending inventory shows 60 units).
Cost of ending inventory
$
b. Calculate the cost of goods sold using the LIFO
(ending inventory shows 60 units).
Cost of goods sold
$
Homework Answers
LIFO Method.
a) Cost of Ending Inventory = ( 39 * $ 5 ) + ( 21 * $ 8 ) = $ 363.
b) Cost of Goods sold = $ 1648 - $ 363 = $ 1285.
Add Answer to:
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
39
$
5
$...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold $
6.66 points Given the following Number purchasedper unitTotal Cost January 1 inventory April 1 June 1...
6.66 points Given the following Number purchasedper unitTotal Cost January 1 inventory April 1 June 1 November 1 $3$ 105 330 315 400 $ 1.150 35 45 50 185 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 58 units) Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 58 units) Cost of goods sold References eBook & Resources Worksheet Difficulity 1 Easy 18-01 (2) Calculat ending inventony...
units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January...
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Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
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Please put in excel spreadsheet and please show formula and answers. Thank you. unit cost to...
Please put in excel spreadsheet and please show formula and
answers. Thank you.
unit cost to the nearess cent) and (b) cost of goods From the following, calculate the (a) cost of sold using the weighted-average method, FIFO, and LIFO (ending inventory shows 61 units). LU 18-1(2) m the following, calculate the (a) cost of ending inventory (round the average Cost per Number purchased Total unit $160 420 400 495 January 1 inventory40 April l June 1 50 November 1...
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Can you Show the work
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The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
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Please put in excel spreadsheet and please show formula and
answers. Thank you.
unit cost to the nearess cent) and (b) cost of goods From the following, calculate the (a) cost of sold using the weighted-average method, FIFO, and LIFO (ending inventory shows 61 units). LU 18-1(2) m the following, calculate the (a) cost of ending inventory (round the average Cost per Number purchased Total unit $160 420 400 495 January 1 inventory40 April l June 1 50 November 1...
Can you Show the work
please?
Karen Company reports the following for the month of June. Unit Units Total Cost Date Explanation Cost $4 $2,160 June 1 Inventory 540 12 Purchase 840 5,040 6 23 Purchase 8,320 1,040 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 910 units occurred on June 15 for a selling price of $8 and a sale...
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