Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units
Question:
Assume the following events for a month for Company X:
Beginning Balance of Inventory is 400 Units and the cost is $200 per Unit.
October 5 Company X purchases 400 Units at a cost of $220 per Unit.
October 9 Company X sells 600 units for $500 per Unit.
October 17 Company X purchases 200 Units at a cost of $230 per Unit.
October 27 Company X sells 300 units for $500 per Unit.
October 29 Company X purchases 200 units for $250 per Unit.
Use this above data to answer all following questions.
1. Using FIFO Perpetual, what is the COGS for Company X for the month of October?
2. Using FIFO Periodic, what is the ending inventory balance in October (in dollars)?
3. Using LIFO Perpetual, what is the COGS for October?
4. Using LIFO Periodic, what is the COGS for October?
5. Using LIFO Periodic, what is the ending inventory balance in October (in dollars)?
6. Using the Perpetual Moving Average, what is the COGS for October?
7. Using Perpetual Moving Average, what is the Ending Inventory Balance in October (in dollars)?
8. Using Period Weighted Average, what is the COGS for October?
9. What is the TOTAL value of ALL the inventory that COULD have been sold during October?
10. Using FIFO Periodic, what is the Gross Profit for October?