Question: Calculate Inventory amounts when costs are declining using FIFO, LIFO, and weighted average cost? They all use the same data. thank you. Required information Exercise



Required information Exercise 6-5B Calculate inventory amounts when costs are declining (L06-3) [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions of Unito Total Cost Number 15 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 20 25 25 85 Unit Cost $ 17 16 15 13 $ 255 320 375 325 $1,275 For the entire year, the company sells 65 units of inventory for $25 each. Exercise 6-5B Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Part 1 of 4 #of Cost Cost of Goods per units unit Available for Sale 15$ 17$ 255 #of units Cost per unit Cost of Goods Sold #of units Cost per unit Ending Inventory 1 points 15 S 17 $ 255 15 % $ 17 $ 255 Beginning Inventory Purchases Mar 04 Jun 09 Nov 11 Total 16 15 20$ 25s 25$ 85 320 375 325 1,275 20 $ 16 25 $ 15 5 $ 13 65 320 375 65 320 375 13 20 $ 16 25 $ 15 5 X S13 65 x 65 + Answer is complete and correct. Sales revenue Gross profit $ $ 1.625 610 Required information 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost of Goods Available for Sale $ 0 Cost per of units unit unit Cost of Goods Sold Cost Ending # of units per unit Inventory Beginning Inventory Purchases Mar 04 Jun 09 0 5 0 Nov 11 Total 0 0 $ 0 Sales revenue Gross profit Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Sold - Weighted Ending Inventory . Weighted Average Average Cost Cost of units Average Cost of # of units Average Ending Cost per Sold Cost per In Ending Goods Sold Inventory Inventory Average Cost of Goods # of units Cost per Available for unit Sale Unit unit d 15 $ 255 Beginning Inventory Purchases: Mar 4 Jun.9 Nov. 11 Total ces 20 25 25 85 320 375 325 1,275 $ Sales revenue Gross profit
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