Question
In: Accounting
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost flow assumption. Units x Cost per Unit = Total Cost Units from beginning inventory x = Units from purchase x = Cost of Goods Sold - LIFO method Calculate the cost of the ending inventory using the LIFO periodic cost flow assumption. ?(Enter 0's for any layers where there were no units? sold.) Units x Cost per Unit = Total Cost Units from beginning inventory x = Units from purchase x = Ending Inventory - LIFO method
Solutions
Expert Solution
cost of goods sold using LIFO periodic cost flow
units sold = 97 units.
under LIFO the goods which are purchased latest will be sold off.
so out of 97 units sold, 58 units will be from purchases @$10
remaining (97 - 58) units =>39 units will be from beginning inventory @$6.
cost of goods sold under LIFO = [58*$10] +[39*$6] =>$814.
now,
cost of ending inventory
units in ending inventory= beginning inventory + purchases - sales =>88 + 58 - 97 =>49 units.
under LIFO this 49 units from earliest purchases (i.e beginning inventory)
=> 49 units *$6
=>$294.
ekkarill92 answered 2 years agoRelated Solutions
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On December 1, 2017, Ivanhoe Company had the account balances
shown below.
Debits
Credits
Cash
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Accumulated Depreciation—Equipment
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Accounts Receivable
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Accounts Payable
2,710
Inventory (2,900 x $0.60)
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Date
Units purchased
Cost
per unit
Total cost
January 1
41
$
7.80
$
319.80
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36
7.05
253.80
June 1
51
6.80
346.80
September 1
46
7.30
335.80
Total
174
$
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