Sales during the year were 1,020 units. Beginning inventory was 330 units at a cost of...

Transcribed Image Text:

Sales during the year were 1,020 units. Beginning inventory was 330 units at a cost of $5 per unit. Purchase 1 was 510 units at $6 per unit. Purchase 2 was 790 units at $7 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of Cost per units unit > 0 # of units $ 0 $ Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale 0 $ 0 0 0 $ b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 0 # of units sold Cost of Goods Sold $ Cost of Goods Sold Cost per unit 0 0 Cost of Goods Sold $ Inventory Balance Cost per unit 0 # of units in ending inventory Ending Inventory $ # of units in ending inventory Inventory Balance Cost per unit Ending Inventory 0 $ 0 Sales during the year were 1,020 units. Beginning inventory was 330 units at a cost of $5 per unit. Purchase 1 was 510 units at $6 per unit. Purchase 2 was 790 units at $7 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of Cost per units unit > 0 # of units $ 0 $ Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale 0 $ 0 0 0 $ b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 0 # of units sold Cost of Goods Sold $ Cost of Goods Sold Cost per unit 0 0 Cost of Goods Sold $ Inventory Balance Cost per unit 0 # of units in ending inventory Ending Inventory $ # of units in ending inventory Inventory Balance Cost per unit Ending Inventory 0 $ 0 Sales during the year were 1,020 units. Beginning inventory was 330 units at a cost of $5 per unit. Purchase 1 was 510 units at $6 per unit. Purchase 2 was 790 units at $7 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of Cost per units unit > 0 # of units $ 0 $ Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale 0 $ 0 0 0 $ b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 0 # of units sold Cost of Goods Sold $ Cost of Goods Sold Cost per unit 0 0 Cost of Goods Sold $ Inventory Balance Cost per unit 0 # of units in ending inventory Ending Inventory $ # of units in ending inventory Inventory Balance Cost per unit Ending Inventory 0 $ 0 Sales during the year were 1,020 units. Beginning inventory was 330 units at a cost of $5 per unit. Purchase 1 was 510 units at $6 per unit. Purchase 2 was 790 units at $7 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of Cost per units unit > 0 # of units $ 0 $ Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale 0 $ 0 0 0 $ b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 0 # of units sold Cost of Goods Sold $ Cost of Goods Sold Cost per unit 0 0 Cost of Goods Sold $ Inventory Balance Cost per unit 0 # of units in ending inventory Ending Inventory $ # of units in ending inventory Inventory Balance Cost per unit Ending Inventory 0 $ 0

Answer rating: 100% (QA)

a FIFO Method Calculation of Cost of Goods Sold COGS Beginning Inventory Units 330 Cost per unit 5 T... View the full answer