In: Accounting
Swifty Corporation had a beginning inventory of 120 units of
Product RST at a cost of $7 per unit. During the year, purchases
were:
Feb. 20 |
630 | units at | $8 |
Aug. 12 |
445 | units at | $10 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 5 |
535 | units at | $9 |
Dec. 8 |
120 | units at | $11 |
Swifty uses a periodic inventory system. Sales totaled 1,500
units.
The cost of goods available for sale 16465
Average Cost 8.9
Determine the ending inventory and the cost of goods sold under
each of the assumed cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to 0 decimal places, e.g.
150.)
FIFO |
LIFO |
AVERAGE-COST |
||||
---|---|---|---|---|---|---|
The ending inventory |
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
The cost of goods sold |
$enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
FIFO METHDO | ||||||||||
COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
Date | Particulars | Units | Cost Per unit | Total | Units | Cost Per unit | Cost of Goods Sold | Units | Cost Per unit | Ending inventory |
Jan,01 | Beginning Balance | 120 | $ 7.00 | $ 840 | 120 | $ 7.00 | $ 840 | |||
Feb, 20 | Purchases | 630 | $ 8.00 | $ 5,040 | 630 | $ 8.00 | $ 5,040 | |||
May, 05 | Purchases | 535 | $ 9.00 | $ 4,815 | 535 | $ 9.00 | $ 4,815 | |||
Aug, 12 | Purchases | 445 | $ 10.00 | $ 4,450 | 215 | $ 10.00 | $ 2,150 | 230 | $ 10.00 | $ 2,300 |
Dec, 08 | Purchases | 120 | $ 11.00 | $ 1,320 | 120 | $ 11.00 | $ 1,320 | |||
Total Goods Available For sale | 1,850 | $ 16,465 | 1,500 | $ 12,845 | 350 | $ 3,620 | ||||
LIFO METHDO | ||||||||||
COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
Date | Particulars | Units | Cost Per unit | Total | Units | Cost Per unit | Cost of Goods Sold | Units | Cost Per unit | Ending inventory |
Jan,01 | Beginning Balance | 120 | $ 7.00 | $ 840 | 120 | $ 7.00 | $ 840 | |||
Feb, 20 | Purchases | 630 | $ 8.00 | $ 5,040 | 400 | $ 8.00 | $ 3,200 | 230 | $ 8.00 | $ 1,840 |
May, 05 | Purchases | 535 | $ 9.00 | $ 4,815 | 535 | $ 9.00 | $ 4,815 | |||
Aug, 12 | Purchases | 445 | $ 10.00 | $ 4,450 | 445 | $ 10.00 | $ 4,450 | |||
Dec, 08 | Purchases | 120 | $ 11.00 | $ 1,320 | 120 | $ 11.00 | $ 1,320 | |||
Total Goods Available For sale | 1,850 | $ 16,465 | 1,500 | $ 13,785 | 350 | $ 2,680 | ||||
WEIGHTED AVERAGE METHOD | ||||||||||
COST OF GOODS AVAILABLE FOR SALE | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
Date | Particulars | Units | Cost Per unit | Total | No. of Kg | Cost Per unit | Cost of Goods Sold | No. of Kg | Cost Per unit | Ending inventory |
Jan,01 | Beginning Balance | 120 | $ 7.00 | $ 840 | 120 | $ 7.00 | $ 840 | |||
Feb, 20 | Purchases | 630 | $ 8.00 | $ 5,040 | 230 | $ 8.00 | $ 1,840 | |||
May, 05 | Purchases | 535 | $ 9.00 | $ 4,815 | ||||||
Aug, 12 | Purchases | 445 | $ 10.00 | $ 4,450 | ||||||
Dec, 08 | Purchases | 120 | $ 11.00 | $ 1,320 | ||||||
Total Goods Available For sale / Avg. Price | 1,850 | 8.90 | $ 16,465 | 1,500 | 8.90 | 13,350 | 350 | 8.90 | 3,115 | |
Answer = |
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