Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted...

Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods.

Description # of units Cost per unit

Beginning inventory: 20 20

Jan.15 Purchase: 22 27

Jan. 20 Sale 10 blank

Jan.25 Purchase 18 25

Jan.28 Sale 15 blank

Expert Solution

ekkarill92 answered 2 years ago

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)Tyler Company has the following information related to purchases and sales of one of its inventory items.DateDescriptionUnits Purchased at CostUnits Sold at RetailSept. 1Beginning inventory20 units @ $510Purchase30 units @ $820Sales40 units @ $1525Purchase25 units at $10Assume that the company uses the periodic inventory system.Required:Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and...

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...

How can i calculate Cost of goods sold and ending inventory using FIFO, LIFO and the...

How can i calculate Cost of goods sold and ending inventory using FIFO, LIFO and the periodic system given the information below? On December 1, 2017, Ivanhoe Company had the account balances shown below. Debits Credits Cash $5,180 Accumulated Depreciation—Equipment $1,460 Accounts Receivable 4,230 Accounts Payable 2,710 Inventory (2,900 x $0.60) 1,740 Common Stock 10,200 Equipment 21,400 Retained Earnings 18,180 $32,550 $32,550 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost...

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 38 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 54 $ 7.50 $ 405.00 April 1 49 6.75 330.75 June 1 64 6.50 416.00 September 1 59 7.00 413.00 Total 226 $ 1,564.75. FIFO $...

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 33 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 41 $ 7.80 $ 319.80 April 1 36 7.05 253.80 June 1 51 6.80 346.80 September 1 46 7.30 335.80 Total 174 $ 1,256.20 Cost of...

Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...

Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption. Sales 97 units at $ 18 per unit Beginning inventory 88 units at $ 6 per unit Purchases 58 units at $ 10 per unit Calculate the cost of goods sold using the LIFO periodic cost flow assumption. Units x Cost per Unit = Total Cost Units from beginning inventory x = Units from purchase x = Cost of Goods...

how do you calculate ending inventory or cost of goods sold under LIFO and FIFO ...

how do you calculate ending inventory or cost of goods sold under LIFO and FIFO how do you use the Gross Profit Method to estimate a loss of inventory how do you use the relative sales value method of allocating cost to items purchased What are the common disclosures required for inventory?

Using the inventory flow assumptions of weighted average, LIFO and FIFO calculate the inventory and cost of goods sold for an organisation with the following transactions

Part 1Using the inventory flow assumptions of weighted average, LIFO and FIFO calculate the inventory and cost of goods sold for an organisation with the following transactions and records and use the information to develop an inventory report/ comparison report. Present your calculations and any relevant assumptions in a report format suited to the financial services industry.The organisation’s records show the inventory and the purchases to be:Opening inventory350 units @ $25PurchasesDecember 1300 units @ $30February 17500 units @ $28April 21250...

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,250.) Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Units Total Cost WA Cost Per unit Apr-01 Beginning Inventory 26 $11 $286 26 $11 $286 Apr-15 52 $13 $676 $ $ 26 $286 52 $676 $ $ Apr-20 29...

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average assuming a perpetual inventory system is in place. Beginning Balance - 90 units at $11 March 3 - Purchase 300 units for $15 April 4 - Sell 240 units for $28 June 30 - Purchase 250 units for $18 August 16 - Sell 180 units for $30

Question

Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted...

Solutions

Expert Solution

Related Solutions

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.

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

How can i calculate Cost of goods sold and ending inventory using FIFO, LIFO and the...

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...

Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...

how do you calculate ending inventory or cost of goods sold under LIFO and FIFO ...

Using the inventory flow assumptions of weighted average, LIFO and FIFO calculate the inventory and cost of goods sold for an organisation with the following transactions

Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...