Question

Kyota Distribution markets CDs of the performing artists. Following information is available for the company.

Date	Explanation	Units	Unit cost	Total Cost
1st of March 2012	Beginning inventory	15,00	SR 7	SR 10500
5th March	Purchases	3,000	SR 8	24,000
13th March	Purchases	5,500	SR 9	49,500
21st march	Purchases	4,000	SR10	40,000
March 26	Purchases	2,000	SR 11	22,000
Total		16,000		135,500

Requirement: Ending inventory of the company is 12,500 units. Find the Costs of goods sold for the company through FIFO, LIFO and Average method.

Answer 1

Cost of goods sold:
FIFO	=	26,500
LIFO	=	37,000
Average cost	=	31,938
Workings:
FIFO	Cost of goods available for sale	Cost of goods sold	Ending Inventory
Beginning Inventory	1,500	7.00	10,500.00	1,500	7.00	10,500.00	-	7.00	-
Purchases:
Mar-05	3,000	8.00	24,000.00	2,000	8.00	16,000.00	1,000	8.00	8,000.00
Mar-13	5,500	9.00	49,500.00	-	9.00	-	5,500	9.00	49,500.00
Mar-21	4,000	10.00	40,000.00	-	10.00	-	4,000	10.00	40,000.00
Mar-26	2,000	11.00	22,000.00	-	11.00	-	2,000	11.00	22,000.00
	16,000		1,46,000.00	3,500		26,500.00	12,500		1,19,500.00
LIFO	Cost of goods available for sale	Cost of goods sold	Ending Inventory
Beginning Inventory	1,500	7.00	10,500.00	-	7.00	-	1,500	7.00	10,500.00
Purchases:
Mar-05	3,000	8.00	24,000.00	-	8.00	-	3,000	8.00	24,000.00
Mar-13	5,500	9.00	49,500.00	-	9.00	-	5,500	9.00	49,500.00
Mar-21	4,000	10.00	40,000.00	1,500	10.00	15,000.00	2,500	10.00	25,000.00
Mar-26	2,000	11.00	22,000.00	2,000	11.00	22,000.00	-	11.00	-
	16,000		1,46,000.00	3,500		37,000.00	12,500		1,09,000.00
Average cost	Cost of goods available for sale	Cost of goods sold	Ending Inventory
Beginning Inventory	1,500	7.00	10,500.00
Purchases:
Mar-05	3,000	8.00	24,000.00
Mar-13	5,500	9.00	49,500.00
Mar-21	4,000	10.00	40,000.00
Mar-26	2,000	11.00	22,000.00
	16,000	9.125	ekkarill92 Next > < Previous Related Solutions Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in... Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 4,875 @ $8 March 21 7,850 @ $10 March 13 6,825 @ $9 March 26 5,800 @ $11 During March 21,000 units were sold. Swifty uses a periodic inventory system.Determine (1) the ending inventory and (2) the cost of goods sold under each... Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce... Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 4,200 CDs with a unit cost of $7. During March, Blue Spruce made the following purchases of CDs. March 5 5,250 @ $8 March 21 8,300 @ $10 March 13 7,350 @ $9 March 26 6,400 @ $11 During March 23,000 units were sold. Blue Spruce uses a periodic inventory system. B2. Determine (1) the ending inventory and (2) the... Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in... Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Oriole made the following purchases of CDs. March 5 2,100 @ $9 March 21 5,500 @ $11 March 13 3,700 @ $10 March 26 2,100 @ $12 During March 12,000 units were sold. Oriole uses a periodic inventory system. Determine (1) the ending inventory and (2) the cost of goods sold under... Current Attempt in Progress Oriole Company markets CDs of numerous performing artists. At the beginning of... Current Attempt in Progress Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Oriole made the following purchases of CDs. March 5 2,100 @ $9 March 21 5,500 @ $11 March 13 3,700 @ $10 March 26 2,100 @ $12 During March 12,000 units were sold. Oriole uses a periodic inventory system. Determine the cost of goods available for sale. The... Problem 6-2A (Part Level Submission) Dunbar Distribution markets CDs of numerous performing artists. At the beginning... Problem 6-2A (Part Level Submission) Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 3,613 CDs with a unit cost of $10. During March, Dunbar made the following purchases of CDs. March 5 2,890 @ $12 March 13 5,058 @ $13 March 21 7,225 @ $14 March 26 2,890 @ $16 During March 17,340 units were sold. Dunbar uses a periodic inventory system. Costs of goods available for sale $283, 954... Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had... Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Cheyenne Corp. made the following purchases of CDs. March 5 2,030 @ $8 March 21 5,060 @ $10 March 13 3,260 @ $9 March 26 1,800 @ $11 During March 11,470 units were sold. Cheyenne Corp. uses a periodic inventory system. Determine the cost of goods available for sale (b) Calculate... Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had... Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,800 of Unique’s CDs with a unit cost of $7. During October, Glee made the following purchases of Unique’s CDs. October 3 - 6,000 @ $8 October 9- 8,500 @ $9 October 19-7,000 @ $10 October 25-9500 @ $11 Determine the cost of goods available for sale. Determine (1) the ending inventory and (2) the cost of goods sold under each... Bridgeport Distribution markets CDs of the performing artist Fishe. At the beginning of October, Bridgeport had... Bridgeport Distribution markets CDs of the performing artist Fishe. At the beginning of October, Bridgeport had in beginning inventory 2,400 of Fishe’s CDs with a unit cost of $6. During October, Bridgeport made the following purchases of Fishe’s CDs. Oct. 3 3,000 @ $7 Oct. 19 3,600 @ $9 Oct. 9 4,200 @ $8 Oct. 25 4,800 @ $10 During October, 13,080 units were sold. Bridgeport uses a periodic inventory system. Determine the cost of goods available for sale. Cost... Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had... Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 3,100 of Fishe’s CDs with a unit cost of $7. During October, Express made the following purchases of Fishe’s CDs. Oct. 3 3,875 @ $8 Oct. 19 4,650 @ $10 Oct. 9 5,425 @ $9 Oct. 25 6,200 @ $11 During October, 16,895 units were sold. Express uses a periodic inventory system. Determine the cost of goods available for sale. Cost... Bonita Distribution markets CDs of the performing artist Unique. At the beginning of October, Bonita had... Bonita Distribution markets CDs of the performing artist Unique. At the beginning of October, Bonita had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $7. During October, Bonita made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,950 units were sold. Bonita uses a periodic inventory system. Determine the cost of goods available for sale. Cost... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions 1. Given the following information, determine the beta coefficient for Stock L that is consistent with... Generate the first ten rows of Pascal triangle using MATLAB. Post code in the response Describe “downsizing” and explain the use of “ombudspersons” and “alternative dispute” resolution. Give some incidents and... You are the chairman of the board of directors for an innovative technology company, and you... Describe how common law has influenced the development of health care in the 21st century. Provide... 1. For each of the following lists, perform a bubble sort, and show the list after... Task 3: Research Project (5 marks) You’re investigating a case involving a 2 GB drive that... ADVERTISEMENT About @ 2020 WizEdu