BG Computer Supply (BGCS) has a December 31 fiscal year-end. The company tracks inventory on a...
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BG Computer Supply (BGCS) has a December 31" fiscal year-end. The company tracks inventory on a FIFO basis and reports inventory on a LIFO basis. As of December 31, 2012, BGCS had 300 units in inventory. The 2012 BGCS annual report had the following inventory disclosure: Inventory at FIFO Less: LIFO Reserve $24,000 ($ 6.000) $ 18,000 Inventory at LIFO During 2013, BGCS had the following purchases: Total $31,500 $90,000 $126,000 $49,500 Value/Unit $90.00 Purchases Table Units 350 Purchase 1-2/1/13 900 Purchase 2 Purchase 3 -9/12/13 Purchase 4-12/14/13 6/11/13 $100.00 1,200 $105.00 450 $110.00 A physical count on December 31, 2013 indicated that BGCS had 500 units in ending inventory. Based on this information, calculate the following amounts for fiscal year 2013: Fiscal Year 2013 Sales (in units): Goods Available for Sale (units) Goods Available for Sale ($): FIFO Ending Inventory ($). FIFO Cost of Goods Sold ($): LIFO Amounts Fiscal Year 2013 Sales (in units) Goods Available for Sale (units): Goods Available for Sale ($): LIFO Ending Inventory (S): LIFO Cost of Goods Sold (5) LIFO Reserve at 12/31/13: Inventory Profit at 12/31/13: BG Computer Supply (BGCS) has a December 31" fiscal year-end. The company tracks inventory on a FIFO basis and reports inventory on a LIFO basis. As of December 31, 2012, BGCS had 300 units in inventory. The 2012 BGCS annual report had the following inventory disclosure: Inventory at FIFO Less: LIFO Reserve $24,000 ($ 6.000) $ 18,000 Inventory at LIFO During 2013, BGCS had the following purchases: Total $31,500 $90,000 $126,000 $49,500 Value/Unit $90.00 Purchases Table Units 350 Purchase 1-2/1/13 900 Purchase 2 Purchase 3 -9/12/13 Purchase 4-12/14/13 6/11/13 $100.00 1,200 $105.00 450 $110.00 A physical count on December 31, 2013 indicated that BGCS had 500 units in ending inventory. Based on this information, calculate the following amounts for fiscal year 2013: Fiscal Year 2013 Sales (in units): Goods Available for Sale (units) Goods Available for Sale ($): FIFO Ending Inventory ($). FIFO Cost of Goods Sold ($): LIFO Amounts Fiscal Year 2013 Sales (in units) Goods Available for Sale (units): Goods Available for Sale ($): LIFO Ending Inventory (S): LIFO Cost of Goods Sold (5) LIFO Reserve at 12/31/13: Inventory Profit at 12/31/13:
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FIFO Amounts Fiscal Year 2013 Sales in units Beginning inventory Purchases Ending inventory ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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