Question
In: Accounting
Swifty Corporation had a beginning inventory of 120 units of Product RST at a cost of...
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 |
Solutions
Expert Solution
| 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 = |
 ekkarill92 answered 2 years agoRelated SolutionsConcord Corporation Inc. had a beginning inventory of 100 units of Product RST at a cost...Concord Corporation Inc. had a beginning inventory of 100 units
of Product RST at a cost of $6 per unit. During the year, purchases
were:
Feb. 20
585 units
at
$7
Aug. 12
405 units
at
$9
May 5
495 units
at
$8
Dec. 8
100 units
at
$10
Concord Corporation uses a periodic inventory system. Sales totaled
1,570 units.
Determine the ending inventory and the cost of goods sold under
each of the assumed cost flow methods (FIFO, LIFO,...
Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of...Marigold Corp. had a beginning inventory of 110 units of Product
RST at a cost of $7 per unit. During the year, purchases were:
Feb. 20 660 units at $8
Aug. 12 430 units at $10
May 5 530 units at $9
Dec. 8 110 units at $11
Marigold uses a periodic inventory system. Sales totaled 1,560
units.
What are the ending inventory and cost of goods sold in FIFO
LIFO AVERAGE-COST.
Whispering Winds Corp. Inc. had a beginning inventory of 95 units of Product RST at a...Whispering Winds Corp. Inc. had a beginning inventory of 95
units of Product RST at a cost of $7 per unit. During the year,
purchases were:
Feb. 20 610 units at $8
Aug. 12 395 units at $10
May 5 480 units at $9
Dec. 8 100 units at $11
Whispering Winds Corp. uses a periodic inventory system. Sales
totaled 1,535 units.
Determine the ending inventory and the cost of goods
sold under each of the assumed cost flow methods...
Problem 6-03A Blue Spruce Corp. had a beginning inventory of 100 units of Product RST at...
Problem 6-03A
Blue Spruce Corp. had a beginning inventory of 100 units of Product
RST at a cost of $9 per unit. During the year, purchases
were:
Feb. 20
650
units at
$10
Aug. 12
460
units at
$12
May 5
590
units at
$11
Dec. 8
100
units at
$13
Blue Spruce uses a periodic inventory system. Sales totaled 1,510
units.
Determine the cost of goods available for sale.
The cost of goods available for sale
$enter the cost...
Groves Company Inc. had a beginning inventory of 300 units of Product MLN at a cost...Groves Company Inc. had a beginning inventory of 300 units of
Product MLN at a cost of $8 per unit. During the year, purchases
were:
Feb. 20 700 units at $9
Aug. 12 600 units at $11
May 5 500 units at $10
Dec. 8 100 units at $12
Groves Company uses a periodic inventory system. Sales totaled
1,800 units.
Instructions:
(a) determine the cost of goods
available for sale.
(b) Determine the ending inventory and
the cost of goods...
The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6...The accounting records of Swifty Corporation show the following
data.
Beginning inventory
4,000 units at
$6
Purchases
8,500 units at
$8
Sales
10,700 units at
$11
1) Average unit cost.
2) FIFO
3)LIFO
4) Average cost
Swifty Inc. had beginning inventory of $11,000 at cost and $19,800 at retail. Net purchases were...Swifty Inc. had beginning inventory of $11,000 at cost and
$19,800 at retail. Net purchases were $122,300 at cost and $184,200
at retail. Net markups were $11,000, net markdowns were $7,000, and
sales revenue was $140,100. Compute ending inventory at cost using
the conventional retail method. (Round ratios for
computational purposes to 0 decimal places, e.g. 78% and final
answer to 0 decimal places, e.g. 28,987.)
Ending inventory using the conventional retail method
Campbell Company had 400 units of product in work in process inventory at the beginning of...Campbell Company had 400 units of product in work in process
inventory at the beginning of the period. It started 1,300 units
during the period and transferred 1,100 units to finished goods
inventory. The ending work in process inventory was estimated to be
60 percent complete. Cost data for the period follow:
Product Costs
Beginning balance
$
37,560
Added during period
58,800
Total
$
96,360
Required
Calculate the number of equivalent units of production.
Calculate the product cost per equivalent...
P6.3 Marlow Bed and Bath had a beginning inventory of 400 units of Product Kimbo at...P6.3
Marlow Bed and Bath had a beginning inventory of 400 units of
Product Kimbo at a cost of £8 per unit. During the year, purchases
were :
Feb.20 200 units at £9
May.6 500 units at £10
Aug.12 600 units at £11
Dec.8. 300 units at £12
Marlow uses a periodic inventory system. Sales totaled 1,500
units.
Instructions
Determine the cost of goods available for sale.
Determine (1) the ending inventory and (2) the cost of goods
sold under the...
Ella Company had 160 units in beginning inventory at a total cost of $320. The company...
Ella Company had 160 units in beginning inventory at a total
cost of $320. The company purchased 400 units at a total cost of
$1,500. At the end of the year, Ella had 120 units in ending
inventory
Beginning 160 units ($2.00) $ 320
Purchases 500 units ($3.00) 1,500
Cost of goods available for sale $1,820
A physical count of ending inventory on June 30 reveals that
there are 100 units on hand.
REQUIREMENTS:
Calculate the cost of ending inventory...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|