Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Unit Cost...

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Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Unit Cost Total Cost Units 35,000 152,000 a b с 1-Jan Beginning Inventory Purchases Operating Expenses Ending Inventory Sales price per unit Tax Rate How many units did we sell? Which ones did we sell? How many units remain? How many units did we sell? Which ones did we sell? How many units remain? 1,000 4,000 91,500 Average Cost How many units did we sell? COGS How many units remain? Ending Inventory What is the average cost of one unit? Units 35 38 900 units 75 30% Unit Cost Income Statement: FIFO LIFO WA Between FIFO and LIFO, which method is preferable in terms of maximizing income? Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes? 2 Given: 3 4 5 1-Jan Beg Inventory 2-Mar Purchased 1-Apr Sold 6 30-Jun Purchased 7 1-Aug Sold 8 FIFO: 9 10 11 12 13 14 15 26 27 28 29 30 31 32 Date 16 17 18 19 20 21 22 Totals 23 24 25 Given: 1-Jan 38 39 40 41 2-Mar 1-Apr 30-Jun 1-Aug 33 LIFO: 34 35 36 37 1-Jan Beg Inventory 2-Mar Purchased 1-Apr Sold 30-Jun Purchased 1-Aug Sold Date 1-Jan 2-Marl 1-Apr 42 43 44 45 46 47 Totals 19 Units 30-Jun 1-Aug Units Units 200 300 350 250 50 Sales Price per Unit Units 200 300 350 250 50 Sales Unit Cost Selling Price 30 32 Price per Unit Total LIFO Perpetual 36 36 Total Units Unit Cost Selling Price 30 32 46 Units 46 Purchases Cost per Unit 46 46 Purchases Cost per Unit Total Total Units Units Cost of Goods Sold Cost per Unit Cost of Goods Sold Cost per Unit Total Total Units Units Inventory Cost per Unit Inventory Cost per Unit Total Total Calculate ending inventory and COGS using (a) FIFO, (b) LIFO & (c) weighted average. Unit Cost Total Cost Units 35,000 152,000 a b с 1-Jan Beginning Inventory Purchases Operating Expenses Ending Inventory Sales price per unit Tax Rate How many units did we sell? Which ones did we sell? How many units remain? How many units did we sell? Which ones did we sell? How many units remain? 1,000 4,000 91,500 Average Cost How many units did we sell? COGS How many units remain? Ending Inventory What is the average cost of one unit? Units 35 38 900 units 75 30% Unit Cost Income Statement: FIFO LIFO WA Between FIFO and LIFO, which method is preferable in terms of maximizing income? Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes? 2 Given: 3 4 5 1-Jan Beg Inventory 2-Mar Purchased 1-Apr Sold 6 30-Jun Purchased 7 1-Aug Sold 8 FIFO: 9 10 11 12 13 14 15 26 27 28 29 30 31 32 Date 16 17 18 19 20 21 22 Totals 23 24 25 Given: 1-Jan 38 39 40 41 2-Mar 1-Apr 30-Jun 1-Aug 33 LIFO: 34 35 36 37 1-Jan Beg Inventory 2-Mar Purchased 1-Apr Sold 30-Jun Purchased 1-Aug Sold Date 1-Jan 2-Marl 1-Apr 42 43 44 45 46 47 Totals 19 Units 30-Jun 1-Aug Units Units 200 300 350 250 50 Sales Price per Unit Units 200 300 350 250 50 Sales Unit Cost Selling Price 30 32 Price per Unit Total LIFO Perpetual 36 36 Total Units Unit Cost Selling Price 30 32 46 Units 46 Purchases Cost per Unit 46 46 Purchases Cost per Unit Total Total Units Units Cost of Goods Sold Cost per Unit Cost of Goods Sold Cost per Unit Total Total Units Units Inventory Cost per Unit Inventory Cost per Unit Total Total

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To calculate the ending inventory and cost of goods sold COGS using different inventory costing methods lets analyze the given information a FIFO FirstIn FirstOut Under the FIFO method it is assumed t... View the full answer