SPK Industries uses the LIFO inventory costing system, use the following information to calculate the COGS...

SPK Industries uses the LIFO inventory costing system, use the following information to calculate the COGS if they sold 50 units in July.

Date	Purchases	Price per Unit
6/15	30 units	$120
6/30	40 units	$130
7/15	20 units	$150

Solutions

Expert Solution

LIFO inventory costing system -

Last in-First out as the name suggest in this inventory costing method product last purchased issued first for sale.

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Figure out how to calculate ending inventory (costs assigned to ending inventory and COGS) Also COGS (gross profit) using LIFO periodic inventory system.

Figure out how to calculate ending inventory (costs assigned to ending inventory and COGS) Also COGS (gross profit) using LIFO periodic inventory system. Jan1/ Beginning inventory 160 @2= 320 Jan3 sales 110 units @$8 Feb14 purchase 246 units @ $3 = 738 Feb15 Sales 180 units @ $8 Jun30 purchase 210 units @ $4 = $840 Nov6 Sales 158 units @ 8 Nov19 Purchase 68units @ $5 = $340 total 684 units $2,238 448 units

Kayla Company uses the perpetual inventory system and the LIFO method. The following information is available...

Kayla Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of June: June 1 Beginning inventory 200 units @ $5 12 Purchase on account 400 units @ $6 15 Sales on account 440 units 23 Purchase on account 300 units @ $7 27 Sales on account 360 units The selling price (price the company charged the customers) was $10 per unit. a) Show the calculation of cost of goods sold and...

Question 1: Kayla Company uses the perpetual inventory system and the LIFO method. The following information...

Question 1: Kayla Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of June: June 1 Beginning inventory 200 units @ $5 12 Purchase on account 400 units @ $6 15 Sales on account 440 units 23 Purchase on account 300 units @ $7 27 Sales on account 360 units The selling price (price the company charged the customers) was $10 per unit. a) Show the calculation of cost of goods...

COGS and Inventory Valuation Kane Sporting Goods Company uses the periodic inventory system, and the following...

COGS and Inventory Valuation Kane Sporting Goods Company uses the periodic inventory system, and the following information about the Company’s football inventory is available: Date Transaction Units Cost per Unit Total Cost 1/1 Beginning Inventory 1,000 $12.00 $12,000 4/22 Purchase 4,000 $14.00 $56,000 8/25 Purchase 5,000 $16.40 $82,000 10,000 $150,000 During the year, 7,200 footballs were sold at $30 each. Compute the following (PLEASE SHOW YOUR WORK!): A. Dollar value of ending inventory using First-in, first-out (FIFO B. Cost of...

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed...

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. Year 2 Year 1 LIFO inventory $ 180 $ 130 LIFO cost of goods sold 760 700 FIFO inventory 250 155 FIFO cost of goods sold 715 — Current assets (using LIFO) 240 210 Current assets (using FIFO) 310 235 Current liabilities 175 155 1. Compute its current ratio, inventory turnover, and days'...

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed...

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. 2017 2016 LIFO inventory $ 190 $ 140 LIFO cost of goods sold 770 710 FIFO inventory 260 165 FIFO cost of goods sold 725 — Current assets (using LIFO) 250 220 Current liabilities 170 150 1. Compute its current ratio, inventory turnover, and days' sales in inventory for 2017 using (a) LIFO...

CA8.11 (LO 3, 4 ) (LIFO Choices) Wilkens Company uses the LIFO method for inventory costing....

CA8.11 (LO 3, 4 ) (LIFO Choices) Wilkens Company uses the LIFO method for inventory costing. In an effort to lower net income, company president Mike Wilkens tells the plant accountant to take the unusual step of recommending to the purchasing department a large purchase of inventory at year-end. The price of the item to be purchased has nearly doubled during the year, and the item represents a major portion of inventory value. Also answer the following: -what ratios are...

The following information is available for Wallace Company for 2017. Wallace uses the LIFO inventory method....

The following information is available for Wallace Company for 2017. Wallace uses the LIFO inventory method. Beginning inventory $600,000 Ending inventory 700,000 Beginning LIFO reserve 200,000 Ending LIFO reserve 300,000 Cost of goods sold 5,980,000 Sales 8,000,000 Calculate the inventory turnover and days in inventory for Wallace Company based on LIFO. (Round answers to 1 decimal places, e.g. 15.2.) Inventory turnover ____ times Days in inventory ____ days. Calculate the inventory turnover and days in inventory after adjusting for the...

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 5,600 units of its only product. The beginning inventory balance of $75,600 consisted of the following layers: 2,100 units at $11 per unit = $ 23,100 3,500 units at $15 per unit = 52,500 Beginning inventory $ 75,600 During the three years 2018–2020, the cost of inventory remained constant at $17 per unit. Unit purchases and...

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 6,100 units of its only product. The beginning inventory balance of $87,200 consisted of the following layers: 2,600 units at $12 per unit = $ 31,200 3,500 units at $16 per unit = 56,000 Beginning inventory $ 87,200 During the three years 2018–2020, the cost of inventory remained constant at $18 per unit. Unit purchases and sales during...

Subjects