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
ekkarill92 answered 2 years agoRelated 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
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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...
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