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Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and...

Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 33 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.)

Date Units purchased Cost
per unit		 Total cost
January 1 41 $ 7.80 $ 319.80
April 1 36 7.05 253.80
June 1 51 6.80 346.80
September 1 46 7.30 335.80
Total 174 $ 1,256.20
Cost of goods sold Ending inventory
FIFO
LIFO
Average cost

Solutions

Expert Solution

Cost of Goods Sold

Ending Inventory

FIFO Method

$             1,015.30

$                240.90

LIFO Method

$                998.80

$                257.40

Average Cost Method

$             1,017.96

$                238.24

--Workings

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

41

$                   7.80

$                            319.80

41

$                 7.80

$                     319.80

0

$                   7.80

$                         -  

Purchases:

01-Apr

36

$                   7.05

$                            253.80

36

$                7.05

$                     253.80

0

$                   7.05

$                         -  

01-Jun

51

$                   6.80

$                            346.80

51

$                 6.80

$                     346.80

0

$                  6.80

$                         -  

01-Sep

46

$                   7.30

$                            335.80

13

$                 7.30

$                       94.90

33

$                   7.30

$                240.90

TOTAL

174

$                        1,256.20

141

$                 1,015.30

33

$                240.90

LIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

41

$                   7.80

$                            319.80

8

$                 7.80

$                       62.40

33

$                   7.80

$                257.40

Purchases:

0

$                       -  

$                                     -  

01-Apr

36

$                   7.05

$                            253.80

36

$                 7.05

$                     253.80

0

$                   7.05

$                         -  

01-Jun

51

$                   6.80

$                            346.80

51

$                 6.80

$                     346.80

0

$                   6.80

$                         -  

01-Sep

46

$                   7.30

$                            335.80

46

$                 7.30

$                     335.80

0

$                   7.30

$                         -  

TOTAL

174

$                        1,256.20

141

$                     998.80

33

$                257.40

Average Method

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

41

$                   7.80

$                            319.80

Purchases:

01-Apr

36

$                   7.05

$                            253.80

01-Jun

51

$                   6.80

$                            346.80

01-Sep

46

$                   7.30

$                            335.80

05-Sep

0

$                63.00

$                                     -  

TOTAL

174

$                7.220

$                        1,256.20

141

$             7.2195

$                 1,017.96

33

$              7.2195

$                238.24

ekkarill92 answered 2 years ago
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