Question
In: Accounting
Urgent XX Company had a beginning inventory on January 1 of 160 units of Product 4-18-15...
Urgent
XX Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
|
Date |
Units |
Price |
|
Mar. 15 |
450 units |
$22 |
|
July 20 |
200 units |
$23 |
|
Sept. 4 |
330 units |
$25 |
|
Dec. 2 |
110 units |
$30 |
1,000 units were sold. XX Company uses a periodic inventory system.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the
assumed cost flow methods (FIFO, LIFO, and average-cost).
(c) Which cost flow method results in (1) the highest inventory amount for the balance
sheet, and (2) the highest cost of goods sold for the income statement?
Solutions
Expert Solution
Highest cost of goods sold is for weighted average
Highest ending inventory is for FIFO
ekkarill92 answered 2 years agoRelated Solutions
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at
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Sept. 4
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230 units
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Ziad Company had a beginning inventory on January 1 of 143 units
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380 units
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Sept. 4
333 units
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Ziad Company had a beginning inventory on January 1 of 285 units of Product 4-18-15 at...
Ziad Company had a beginning inventory on January 1 of 285 units
of Product 4-18-15 at a cost of $19 per unit. During the year, the
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Mar. 15
760 units
at
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Sept. 4
665 units
at
$25
July 20
475 units
at
$23
Dec. 2
190 units
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A: Determine the cost of good available for
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360 units
at
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Sept. 4
315 units
at
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July 20
225 units
at
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Dec. 2
90 units
at
$30
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system.
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Compute the cost of the ending inventory and the cost of goods
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Cheyenne Corp. uses the periodic inventory system and had 160 units in beginning inventory at a...
Cheyenne Corp. uses the periodic inventory system and had 160
units in beginning inventory at a total cost of $20,000. The
company purchased 320 units at a total cost of $49,600. At the end
of the year, Cheyenne had 85 units in ending inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
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FIFO
LIFO
Average-cost
The...
Company Z had the beginning inventory of 500 units at $15 each. On February 1, they...
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purchased another 600 units at $20 each. Lastly, on August 15, they
sold another 500 units at $55 each. Calculate the company’s cost of
goods sold using average cost. Assume the company
uses the periodic method
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