A company uses the periodic inventory system and reports the following information. Date June 1 June...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company uses the periodic inventory system and reports the following information. Date June 1 June 6 June 11 June 12 June 16 June 20 Determine the cost of ending inventory and the cost of goods sold for June using the LIFO method. Periodic LIFO June 1 Purchases: June 6 June 11 June 16 Activities Total Beginning inventory Purchase Purchase Sales Purchase Sales Cost of Goods Available for Sale Cost of Goods Number Cost per Available for of units Sale unit 90 100 105 80 375 3.00 4.00 5.00 6.00 Units Acquired at Cost $ $ 90 units @ $3 = $ 270 100 units @ $4 = $400 105 units @ $5 = $525 270 400 525 480 1,675 80 units @ $6 = $480 Cost of Goods Sold Number of units sold 0 0 Cost per unit Units sold at Retail Cost of Goods Sold $ 0 160 units sold 120 units sold Ending Inventory Number of units in ending inventory Cost Ending per unit Inventory 90 $3.00 $ 90 $ 270 270 A company uses the periodic inventory system and reports the following information. Date June 1 June 6 June 11 June 12 June 16 June 20 Determine the cost of ending inventory and the cost of goods sold for June using the LIFO method. Periodic LIFO June 1 Purchases: June 6 June 11 June 16 Activities Total Beginning inventory Purchase Purchase Sales Purchase Sales Cost of Goods Available for Sale Cost of Goods Number Cost per Available for of units Sale unit 90 100 105 80 375 3.00 4.00 5.00 6.00 Units Acquired at Cost $ $ 90 units @ $3 = $ 270 100 units @ $4 = $400 105 units @ $5 = $525 270 400 525 480 1,675 80 units @ $6 = $480 Cost of Goods Sold Number of units sold 0 0 Cost per unit Units sold at Retail Cost of Goods Sold $ 0 160 units sold 120 units sold Ending Inventory Number of units in ending inventory Cost Ending per unit Inventory 90 $3.00 $ 90 $ 270 270
Expert Answer:
Answer rating: 100% (QA)
To calculate the cost of ending inventory and the cost of goods sold for June using the LIFO method ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The original cost of a duplicating machine sold by Lexmark is P150, 000 has economic life of 8 years with a salvage value of P 9,000 at that time, if the depreciation of the first year is equal to P...
-
Kaleta Company uses the periodic inventory system and reports the below for the month of June. Units Unit Cost Total Cost Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000 June 12 Purchase...
-
Refer to the information in Problem 6-3B and assume the periodic inventory system is used. Data From Problem 6-3B Aloha Company uses a perpetual inventory system. It entered into the following...
-
The name of each data Table in an Oracle Server database must be prefixed by the keyword or (True/False)
-
1. Show that when an intrinsic semiconductor carries a current in a transverse magnetic field no Hall voltage is developed across the sample. 2. Explain why the moment of inertia of a diatomic...
-
An interview is an integral part of any hiring process. Explain the nature of asymmetric information in this setting. Use the concepts of adverse selection and moral hazard to explain why an...
-
Panther Racing, LLC, is involved in competitive racing, including the development, maintenance, and operation of a racing team in the IndyCar series. Beginning in 2008, the National Guard annually...
-
Management at the Kerby Corporation has determined the following aggregated demand schedule (in units): An employee can produce an average of 10 units per month. Each worker on the payroll costs...
-
2. Draw one (1) accurate graph to show the production possibilities frontier for the head of household's own child PPFo given a budget of T=20Eo+20Co when E is units of education and C is units of...
-
Using the accompanying Retirement Calculator spreadsheet model, Claire wants to use Scenario Manager to compare the following retirement saving scenarios: Click here for the Excel Data File Scenario...
-
A box is kept on a rough horizontal surface. A horizontal force just strong enough to move the box is applied. This force is maintained for 2 seconds, and is then removed. The total distance moved by...
-
Need ads for any country and analysis for hofested culture of this country Through this ads. Provide a detailed answer.
-
Facts LOB A was awarded a FFP contract for a total price of $20M Estimate at Completion (EAC) costs are $16M. Costs incurred are as follows November ITD December ITD $1M $3M During December, a...
-
there are five methods for resolving conflict described in your text. Consider a time you recently had to manage conflict Did you use any of the conflict management strategies? if so, how? If not,...
-
Conflict can arise inside an organisation due to change. Each of us has encountered a shift in a work setting that led to conflict. Think back on this encounter. How would you handle the conflict as...
-
Question 1 (5 points) Willie's Hot Dogs had sales last year of $250,300 and a guest count of 76,079. Sales this year were $280,750 with a guest count of 83,556. What was Willie's guest count...
-
Melati Bhd has been operating for 10 years providing finance consultation and recently listed as public listed company. According to the MACC, the company should have an audit department. Melati...
-
You've been asked to take over leadership of a group of paralegals that once had a reputation for being a tight-knit, supportive team, but you quickly figure out that this team is in danger of...
-
Charlie's Green Lawn Care is a cash basis taxpayer. Charlie Adame, the sole proprietor, is considering delaying some of his December 2012 customer billings for lawn care into the next year. In...
-
Mary paid $2,000 of state income taxes in 2012. The total sales tax she paid during 2012 was $5,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2012...
-
Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 21,732 miles during 2012, of which 95 percent was business mileage. The actual cost of...
-
Explain two ways a fixed-for-fixed currency swap can be valued.
-
Explain the difference between the credit risk and the market risk in a swap.
-
The time-series graph in Figure 24 depicts the number of residents in the United States living in poverty. Why might this graph be considered misrepresentative? Approach Look for any characteristics...
Study smarter with the SolutionInn App