Sydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory...

 

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Sydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory during the month of April 2024. Compute the number of units on hand at the end of the month. Date April 1 April 7 Inventory on hand Sold Units 3,000 units at cost of 2,400 units for Per unit $6.00 per unit $20.00 each April 10 April 19 Purchase Sold April 25 April 30 Purchase Inventory on hand 1,400 units at a cost of units 1,200 units at a cost of 900 units for $6.30 per unit $20.00 each $7.20 per unit Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Number of Cost per Available for Number of Cost per Cost of units unit Sale units sold unit Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 3,000 $6.00 $18,000 3,000 $6.00 $18,000 $6.00 Purchase of April 10 1,200 $6.30 7,560 300 $6.30 1,890 900 $6.30 $5,670 Purchase of April 25 1,400 $7.20 10,080 $7.20 1,400 $7.20 10,080 Total 5,600 $35,640 3,300 $19,890 2,300 $15,750 A B C D E F Beginning inventory 3,000 $6.00 $18,000 3,000 $6.00 G $18,000 H I J $6.00 Purchase of April 10 1,200 $6.30 7,560 300 Purchase of April 25 1,400 $7.20 Total 5,600 10,080 $35,640 $6.30 $7.20 1,890 900 $6.30 $5,670 1,400 $7.20 10,080 3,300 $19,890 2,300 $15,750 2. Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units in Number of Cost per Available for units unit Sale Number of units sold Cost per unit Cost of Goods Sold ending inventory Cost per Ending unit Inventory Beginning inventory 3,000 $6.00 $18,000 $6.00 $6.00 Purchase of April 10 1,200 $6.30 7,560 $6.30 $6.30 Purchase of April 25 1,400 $7.20 10,080 $7.20 $7.20 Total 5,600 $35,640 3. Determine the cost assigned to ending inventory and to cost of goods sold using the average cost method. Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Average Cost per Unit Cost of Goods Sold Average Cost of Goods Number of units Cost per unit Available for Sale Number of units sold Beginning inventory 3,000 Purchase of April 10 1,200 Purchase of April 25 1,400 $18,000. 7,560 10,080 Total 5,600 # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory Sydney Corporation uses a PERIODIC inventory system, and provides the following information related to its inventory during the month of April 2024. Compute the number of units on hand at the end of the month. Date April 1 April 7 Inventory on hand Sold Units 3,000 units at cost of 2,400 units for Per unit $6.00 per unit $20.00 each April 10 April 19 Purchase Sold April 25 April 30 Purchase Inventory on hand 1,400 units at a cost of units 1,200 units at a cost of 900 units for $6.30 per unit $20.00 each $7.20 per unit Required: 1. Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Number of Cost per Available for Number of Cost per Cost of units unit Sale units sold unit Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 3,000 $6.00 $18,000 3,000 $6.00 $18,000 $6.00 Purchase of April 10 1,200 $6.30 7,560 300 $6.30 1,890 900 $6.30 $5,670 Purchase of April 25 1,400 $7.20 10,080 $7.20 1,400 $7.20 10,080 Total 5,600 $35,640 3,300 $19,890 2,300 $15,750 A B C D E F Beginning inventory 3,000 $6.00 $18,000 3,000 $6.00 G $18,000 H I J $6.00 Purchase of April 10 1,200 $6.30 7,560 300 Purchase of April 25 1,400 $7.20 Total 5,600 10,080 $35,640 $6.30 $7.20 1,890 900 $6.30 $5,670 1,400 $7.20 10,080 3,300 $19,890 2,300 $15,750 2. Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units in Number of Cost per Available for units unit Sale Number of units sold Cost per unit Cost of Goods Sold ending inventory Cost per Ending unit Inventory Beginning inventory 3,000 $6.00 $18,000 $6.00 $6.00 Purchase of April 10 1,200 $6.30 7,560 $6.30 $6.30 Purchase of April 25 1,400 $7.20 10,080 $7.20 $7.20 Total 5,600 $35,640 3. Determine the cost assigned to ending inventory and to cost of goods sold using the average cost method. Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Average Cost per Unit Cost of Goods Sold Average Cost of Goods Number of units Cost per unit Available for Sale Number of units sold Beginning inventory 3,000 Purchase of April 10 1,200 Purchase of April 25 1,400 $18,000. 7,560 10,080 Total 5,600 # of units in ending inventory Ending Inventory Average Cost per unit Ending Inventory