FIFO, LIFO, AC Methods 1 4 At the beginning of the current period, Q Corp carried 1,000 units of its product with a unit cost of $32 A summary of inventory purchases during the current period follows Units Unit Cost Costs Beginning Inventory 1,000 $30 $30,000 Purchases 1 1,800 $35 $63,000 2 1,000 $40 $40,000 3 1,200 $45 $54,000 Cost of goods available for sale 5,000 $187,000 During the current period, the Q Corp sells 3,000 units at $50 Assume that the Q Corp uses the first in, first out (FIFO) method for this product Compute the products COGS for the current period and the ending inventory balance Assume that the Q Corp uses the last in, first out (LIFO) method for this product Compute the products COGS for the current period and the ending inventory balance Assume that the Q Corp uses the average cost (AC) method for this product Compute the products COGS for the current period and the ending inventory balance Compute the LIFO Reserve

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Question: [FIFO, LIFO, AC Methods: #1 - #4] At the beginning of the current period, Q Corp carried 1,000 units of its product with a unit

[FIFO, LIFO, AC Methods: #1 - #4]

At the beginning of the current period, Q Corp carried 1,000 units of its product with a unit cost of $32. A summary of inventory purchases during the current period follows.

Units Unit Cost Costs

Beginning Inventory . . . . . . . . . . . . . 1,000 $30 $30,000

Purchases: #1 . . . . . . . . . . . . . . . 1,800 $35 $63,000

#2 . . . . . . . . . . . . . . . 1,000 $40 $40,000

#3 . . . . . . . . . . . . . . . 1,200 $45 $54,000

Cost of goods available for sale . . . . 5,000 $187,000

During the current period, the Q Corp sells 3,000 units at $50.

Assume that the Q Corp uses the first-in, first-out (FIFO) method for this product. Compute the products COGS for the current period and the ending inventory balance.

Assume that the Q Corp uses the last-in, first-out (LIFO) method for this product. Compute the products COGS for the current period and the ending inventory balance.

Assume that the Q Corp uses the average cost (AC) method for this product. Compute the products COGS for the current period and the ending inventory balance.

Compute the LIFO Reserve.

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