Question

In: Accounting

Following information is available for the company. Date Explanation Units Unit cost Total Cost 1st of...

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: Total units the company sold are 1200. Find the Costs of goods sold for the company through FIFO, LIFO and Average method.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Humphries Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Humphries Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 200 $5 $1 000 12 Purchase 300 6 1 800 23 Purchase 500 7 3 500 30 Inventory 160 Instructions Assume a sale of 400 units occurred on 15 June for a selling price of $8 and a sale of 440 units on 27 June for $9. Assume that a perpetual inventory system is used. Using FIFO, calculate: (a) the...
Plato Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Plato Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 375 6 2,250 23 Purchase 500 7 3,500 30 Inventory 180 A) Compute the cost of the ending inventory and the cost of good sold under (1) FIFO, (2) LIFO, (3) average cost B) Which costing method gives the highest ending inventory? the highset cost of goods sold? why? C) How do the average cost...
Plato Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Plato Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June   1 Inventory 225 $5 $1,125         12 Purchase 525 6 3,150         23 Purchase 750 7 5,250         30 Inventory 330 Instructions (a)    Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption [LIFO,FIFO], using a perpetual inventory system. Assume a sale of 570 units occurred on June 15 for a selling price of...
Johnson Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Johnson Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 23 Purchase 750 7 5,250 30 Inventory 280 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending...
Eastland Company reports the following for the month of June. Date Explanation Units Unit cost Total...
Eastland Company reports the following for the month of June. Date Explanation Units Unit cost Total cost Jun-01 Inventory 252 4 1,008 12 Purchase 378 9 3,402 23 Purchase 630 12 7,560 30 Inventory 202 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Do not copy from Chegg, otherwise, I have to report the answer.
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 332 $7 $2,324 12 Purchase 664 8 5,312 23 Purchase 498 9 4,482 30 Inventory 166 Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11. Calculate cost of goods available for sale.   The cost of goods available for sale $12,118 Calculate Moving-Average...
Swifty Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Swifty Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 315 $7 $2,205 12 Purchase 735 8 5,880 23 Purchase 1,050 9 9,450 30 Inventory 392 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending...
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 332 $7 $2,324 12 Purchase 664 8 5,312 23 Purchase 498 9 4,482 30 Inventory 166 Assume a sale of 730 units occurred on June 15 for a selling price of $10 and a sale of 598 units on June 27 for $11. Calculate cost of goods available for sale.   The cost of goods available for sale $12,118 Calculate Moving-Average...
Graham Company reports the following for the month of July. Date Explanation Units Unit Cost Total...
Graham Company reports the following for the month of July. Date Explanation Units Unit Cost Total Cost July 1 Inventory 440 $5 $2,200 12 Purchase 740 6 4,440 23 Purchase 940 7 6,580 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption (FIFO, LIFO, and Moving Average), using a perpetual inventory system. Assume a sale of 810 units occurred on July 15 for a selling price of $8 and a sale...
Jennifer Company reports the following for the month of June. Date Explanation Units Unit Cost Total...
Jennifer Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 500 $5 $2,500 12 Purchase 800 6 4,800 23 Purchase 1,000 7 7,000 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 870 units occurred on June 15 for a selling price of $8 and a sale of 900 units on June...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT