Question

During the month of September 2015, Emily Company had the following information regarding the buying and selling of its inventory.

Sept.	1		Beginning inventory of 340 units @ $130 per unit.
	8		Purchased 435 units @ $140 per unit.
	12		Sold 260 units.
	17		Sold 130 units.
	23		Purchased 110 units @ $160 per unit.
	25		Purchased 160 units @ $170 per unit.
	30		Sold 110 units.

Compute the value of the ending inventory at the end of September under the LIFO periodic cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Number of Units Cost/Unit Total Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 $ $ Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 $ Compute the value of the cost of goods sold at the end of September under the LIFO periodic cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Cost of Goods Sold = Beginning InventoryGoods Available for SaleEnding Inventory divide byplustimesminus Goods Available for SaleEnding InventoryBeginning Inventory = $ +/-x $ = $

Compute the value of the cost of goods sold at the end of September under the FIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Number of Units Cost/Unit Total Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 $ $ Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Cost of Goods Sold $ Compute the value of the ending inventory at the end of September under the FIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Number of Units Cost/Unit Total Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 $ $ Ending Inventory $

Compute the value of the cost of goods sold at the end of September under the LIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Date Number of Units Cost/Unit Total Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 $ $ Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30 Cost of Goods Sold $

Answer 1

Ending Inventory Units = 340+435-260-130+110+160-110 = 545 units

LIFO Periodic
Ending Inventory

Date	Activity	Units	Unit Price	Amount
Sep-01	Beginning Inventory	340	$          130.00	$         44,200
Sep-08	Purchases	205	$          140.00	$         28,700
	Total	545		$        72,900

Schedule of Cost of Goods Sold
Finished Goods Inventory, Beginning	$           44,200
Add: Cost of Goods Manufactured	$        1,05,700
Cost of Goods Available for sale	$        1,49,900
Deduct : Finished Goods Inventory, Ending	$           72,900
Cost of goods sold	$           77,000

FIFO Perpetual
Sales units = 260+130+110 = 500 units
Cost of Goods Sold

Date	Activity	Units	Unit Price	Amount
Sep-01	Beginning Inventory	340	$          130.00	$         44,200
Sep-08	Purchases	160	$          140.00	$         22,400
	Total	500		$        66,600

Ending Inventory

Date	Activity	Units	Unit Price	Amount
Sep-08	Purchases	275	$          140.00	$         38,500
Sep-23	Purchases	110	$          160.00	$         17,600
Sep-25	Purchases	160	$          170.00	$         27,200
	Total	545		$        83,300

LIFO Perpetual
Cost of Goods Sold

Date	Activity	Units	Unit Price	Amount
Sep-08	Purchases	390	$          140.00	$         54,600
Sep-25	Purchases	110	$          170.00	$         18,700
	Total	500		$        73,300