Question

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The Cog Company sells many products. Tog is one of its popular items. Below is an...

The Cog Company sells many products. Tog is one of its popular items. Below is an analysis of the inventory purchases and sales of Tog for the month of March:

3/1   Beginning inventory 80 units at $10

3/5    Sold 40 units at $15

3/10 Purchased 120 units at $11

3/15 Sold 90 units at $15

3/20 Purchased 100 units at $12

3/25 Sold 80 units at $15

Part 1 - Provide the following assuming Cog Company uses a perpetual inventory system.

FIFO – perpetual

1) Ending Inventory $

2) Cost of Goods Sold $   

3) Gross Profit $

LIFO – perpetual

4) Ending Inventory  $

5) Cost of Goods Sold $  

6) Gross Profit $

Moving Average – perpetual

7) Ending Inventory $

8) Cost of Goods Sold $

9) Gross Profit $

Part 2 - Now, provide the following assuming Cog Company uses a periodic inventory system.

FIFO - periodic – 10) Ending Inventory $

LIFO – periodic 11) Ending Inventory $  

Weighted Average - periodic 12) Ending Inventory $  

Solutions

Expert Solution

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Due to character limit I am attaching the images for solution of Perpetual FIFO, LIFO and weighted average.

Part 1 FIFO LIFO Weighted
Sales        3,150.00              3,150.00        3,150.00
Cost of Goods sold        2,240.00              2,350.00        2,286.32
Gross Profit            910.00                 800.00           863.68
Ending Inventory        1,080.00                 970.00        1,033.68
Periodic FIFO No. of Units Cost per unit Total
Beginning Inventory              80.00                   10.00           800.00
Purchased on Mar 10            120.00                   11.00        1,320.00
Purchased on Mar 20            100.00                   12.00        1,200.00
Goods available for sale            300.00        3,320.00
Cost of Goods sold
From Beginning Inventory              80.00                   10.00           800.00
From Purchases on Mar 3            120.00                   11.00        1,320.00
From Purchases on Mar 20              10.00                   12.00           120.00
Total Cost of Goods sold            210.00        2,240.00
Ending Inventory              90.00        1,080.00
Periodic LIFO No. of Units Cost per unit Total
Beginning Inventory              80.00                   10.00           800.00
Purchased on Mar 10            120.00                   11.00        1,320.00
Purchased on Mar 20            100.00                   12.00        1,200.00
Goods available for sale            300.00        3,320.00
Cost of Goods sold
From units Purchased on Mar 20            100.00                   12.00        1,200.00
From units Purchased on Mar 3            110.00                   11.00        1,210.00
Total Cost of Goods sold            210.00        2,410.00
Ending Inventory              90.00           910.00
Periodic Weighted No. of Units Cost per unit Total
Beginning Inventory              80.00                   10.00           800.00
Purchased on Mar 10            120.00                   11.00        1,320.00
Purchased on Mar 20            100.00                   12.00        1,200.00
Goods available for sale            300.00                   11.07        3,320.00
Cost of Goods sold            210.00        2,324.00
Ending Inventory              90.00           996.00
Part 2 FIFO LIFO Weighted
Sales        3,150.00              3,150.00        3,150.00
Cost of Goods sold        2,240.00              2,410.00        2,324.00
Gross Profit            910.00                 740.00           826.00
Ending Inventory        1,080.00                 910.00           996.00

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