Sales during the year were 540 units. Beginning inventory was 210 units at a cost of...
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Sales during the year were 540 units. Beginning inventory was 210 units at a cost of $4 per unit. Purchase 1 was 270 units at $5 per unit. Purchase 2 was 430 units at $6 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 units 210 $ 270 430 910 Cost per unit # of units 0 4 $ 5 6 Cost per unit $ 840 Cost of Goods Available for Sale Cost of Goods Available for Sale 1,350 2,580 4,770 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 270 270 5 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.) Cost of Goods Sold #of units sold $ Cost of Goods Sold Cost per unit 1,350 1,350 $ Cost of Goods Sold 0 19 Inventory Balance Cost per unit # of units in ending inventory 0 # of units in ending. inventory Inventory Balance Cost per unit $ 0 Ending Inventory Ending Inventory $ 0 0 Sales during the year were 540 units. Beginning inventory was 210 units at a cost of $4 per unit. Purchase 1 was 270 units at $5 per unit. Purchase 2 was 430 units at $6 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 units 210 $ 270 430 910 Cost per unit # of units 0 4 $ 5 6 Cost per unit $ 840 Cost of Goods Available for Sale Cost of Goods Available for Sale 1,350 2,580 4,770 0 Cost of Goods Sold Cost per unit 0 0 0 # of units sold 270 270 5 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.) Cost of Goods Sold #of units sold $ Cost of Goods Sold Cost per unit 1,350 1,350 $ Cost of Goods Sold 0 19 Inventory Balance Cost per unit # of units in ending inventory 0 # of units in ending. inventory Inventory Balance Cost per unit $ 0 Ending Inventory Ending Inventory $ 0 0
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FIFO Beginning Inventory Purchases Purchase 1 Purchase 2 Total LIFO Beginnin... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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