Question
In: Accounting
During the month of September 2015, Emily Company had the following information regarding the buying and...
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 350 units @ $120 per unit. | |
| 8 | Purchased 425 units @ $130 per unit. | ||
| 12 | Sold 260 units. | ||
| 17 | Sold 140 units. | ||
| 23 | Purchased 100 units @ $150 per unit. | ||
| 25 | Purchased 150 units @ $160 per unit. | ||
| 30 | Sold 100 units. |
Compute the value of the ending inventory at the end of September
under the FIFO perpetual cost flow assumption. (Do not
use dollar signs ($) 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 | $ |
Solutions
Expert Solution
The value of the ending inventory at the end of September under the FIFO perpetual cost is calculated below:
| Date | Purchase | Sale | Ending Inventory | |
|---|---|---|---|---|
| 2015 | 350 Units* $120 = $42,000 | |||
| Sept.1 | ||||
| Sept. 8 | Purchase | 425 Units*$130 = $55,250 | 350 Units* $120 = $42,000 | |
| 425 Units*$130 = $55,250 | ||||
| Sept.12 | Sale | 260 Units* $120 = $31,200 | 90 Units* $120 = $10,800 | |
| 425 Units*$130 = $55,250 | ||||
| Sept.14 | Sale | 90 Units* $120 = $10,800 | 375 Units*$130 =$ 48,750 | |
| 50 Units*$130 = $6,500 | ||||
| Sept.23 | Purchase | 100 Units* $150= $15,000 | 375 Units*$130 =$ 48,750 | |
| 100 Units* $150= $15,000 | ||||
| Sept.25 | Purchase | 150 Units* $160= $24,000 | 375 Units*$130 =$ 48,750 | |
| 100 Units* $150= $15,000 | ||||
| 150 Units* $160= $24,000 | ||||
| Sept. 30 | Sale | 100 Units* $130 = $13,000 | 275 Units*$130 =$ 35,750 | |
| 100 Units* $150= $15,000 | ||||
| 150 Units* $160= $24,000 | ||||
| Ending Inventory | 525 units = $74,750 |
Ending Inventory = $74,750
The value of the ending inventory at the end of September under the FIFO perpetual cost is $74,750.
ekkarill92 answered 2 years agoRelated Solutions
During the month of September 2015, Emily Company had the following information regarding the buying and...
During the month of September 2015, Emily Company had the
following information regarding the buying and selling of its
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Sept.
1
Beginning inventory of 350 units @ $120 per unit.
8
Purchased 425 units @ $130 per unit.
12
Sold 260 units.
17
Sold 140 units.
23
Purchased 100 units @ $150 per unit.
25
Purchased 150 units @ $160 per unit.
30
Sold 100 units.
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