Question: Arthur Lloyd Associates provided the following information regarding its inventory for the current year, its second year of operations. Required Compute Arthur Lloyds ending inventory

Arthur Lloyd Associates provided the following information regarding its inventory for the current year, its second year of operations.

Arthur Lloyd Associates provided the following information regarding its inventory

Required
Compute Arthur Lloyd€™s ending inventory and cost of goods sold under each of the following cost- flow methods assuming the company uses a perpetual inventory system (round your answer for cost per unit to two decimal places):
a. Moving Average
b. FIFO
c. LIFO

Transaction Beginning inventory 1/1 Purchases February 8 March 15 Units Sales in Units Unit Cost Total Cost 10.000 $18 S 180,000 23,000 18,600 51,600 460,000 409.200 $1.049,200 20 Subtotal Units Sold-Apri 2 at $41 49,500 April 30 July 15 37000 12,400 101,000 28 1,036,000 384,400 $2.469,600 31 Subtotal Units Sold September 1 at $47 November 9 Total available for sale Total units sold 26,000 34,500 135,500 75,500) 60,000 29 1,000,500 $3,470,100 Ending inventory

Step by Step Solution

3.45 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a Moving Average UNITS PURCHASEDSOLD UNIT COST CUMULATIVE UNITS COST CUMULATIVE COST AVERAGE COST PE... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

578-B-A-D-I-D (620).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!