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Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and...

Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 36 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.)

Date Units purchased Cost per unit Total cost

January 1 43 $ 7.10 $ 305.30

April 1 38 6.35 241.30

June 1 53 6.10 323.30

September 1 48 6.60 316.80

Total 182 $ 1,186.70

Cost of goods sold Ending inventory

FIFO   

LIFO

Average cost $

Solutions

Expert Solution

  • All working forms part of the answer
  • As asked, intermediate calculations have not been round off.
  • Answers are given after following WORKINGS.
  • Workings

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

43

$                   7.10

$                            305.30

43

$           7.10

$              305.30

0

$           7.10

$                         -  

Purchases:

01-Apr

38

$                   6.35

$                            241.30

38

$           6.35

$              241.30

0

$           6.35

$                         -  

01-Jun

53

$                   6.10

$                            323.30

53

$           6.10

$              323.30

0

$           6.10

$                         -  

01-Sep

48

$                   6.60

$                            316.80

12

$           6.60

$                 79.20

36

$           6.60

$                237.60

TOTAL

182

$                        1,186.70

146

$              949.10

36

$                237.60

LIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

43

$                   7.10

$                            305.30

7

$           7.10

$                 49.70

36

$           7.10

$                255.60

Purchases:

0

$                       -  

$                                     -  

01-Apr

38

$                   6.35

$                            241.30

38

$           6.35

$              241.30

0

$           6.35

$                         -  

01-Jun

53

$                   6.10

$                            323.30

53

$           6.10

$              323.30

0

$           6.10

$                         -  

01-Sep

48

$                   6.60

$                            316.80

48

$           6.60

$              316.80

0

$           6.60

$                         -  

TOTAL

182

$                        1,186.70

146

$              931.10

36

$                255.60

Average Method

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

43

$                   7.10

$                            305.30

Purchases:

0

$                       -  

$                                     -  

01-Apr

38

$                   6.35

$                            241.30

01-Jun

53

$                   6.10

$                            323.30

01-Sep

48

$                   6.60

$                            316.80

TOTAL

182

$              6.52032967032

$                        1,186.70

146

$              6.52032967032

$                 951.97

36

$              6.52032967032

$                234.73

  • ANSWERS

Cost of Goods Sold

Ending Inventory

FIFO

$                949.10

$                237.60

LIFO

$                931.10

$                255.60

Average Cost

$                951.97

$                234.73

ekkarill92 answered 2 years ago
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