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In: Accounting
Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic)
Inventory Costing MethodsTyler Company has the following information related to purchases and sales of one of its inventory items.
Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $12 Sept. 10 Purchase 600 units @ $13 Sept. 20 Sales 700 units @ $22 Sept. 25 Purchase 800 units at $15 Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
FIFO LIFO Avg Cost Cost of goods sold ? ? ? Ending inventory ? ? ?
Solutions
Expert Solution
| FIFO | LIFO | AVERAGE COST | |
| Cost of Goods Sold |
(400*12)+(300*13) = 8700 |
(600*13)+(100*12) = 9000 |
(700*12.60) = 8820 |
| Ending inventory |
(300*13)+(800*15) = 15,900 |
(300*12)+(800*15) = 15,600 |
(14.35*1100) = 15,780 |
Average cost per unit
= [(400*12)+(600*13)]/(400+600) = 12.60
= [(300*12.60)+(800*15)]/(300+800) = 14.35
ekkarill92 answered 2 years agoRelated Solutions
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...
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Tyler Company has the following information related to purchases
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400 units @ $13 Sept. 10 Purchase 600 units @ $14 Sept. 20 Sales
680 units @ $24 Sept. 25 Purchase 600 units at $16 Assume the
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Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at Cost
Units Sold at Retail
Sept. 1
Beginning inventory
400 units @ $17
Sept. 10
Purchase
600 units @ $18
Sept. 20
Sales
700 units @ $31
Sept. 25
Purchase
700 units at $20
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the
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Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods
Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
Sept. 1
Beginning inventory
400 units @ $18
Sept. 10
Purchase
600 units @ $19
Sept. 20
Sales
630 units @ $32
Sept. 25
Purchase
800 units at $21
Assume the company uses a perpetual inventory system.
Required:
Calculate ending inventory and cost of goods sold using the
FIFO, LIFO,...
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Effects of Inventory Costing Methods
Filimonov Inc. has the following information related to
purchases and sales of one of its inventory items:
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
June 1
Beginning Inventory
200 units @ $10 = $2,000
9
Purchase 1
300 units @ $12 = $3,600
14
Sale 1
400 units @ $25
22
Purchase 2
250 units @ $14 = $3,500
29
Sale 2
225 units @ $25
Required:
1. In...
Tyler Company has the following information related to purchases and sales of one of its inventory items.
Inventory Costing MethodsTyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory400 units @ $16Sept. 10Purchase600 units @ $18Sept. 20Sales690 units @ $31Sept. 25Purchase800 units at $19Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the
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Tyler Company has the following information related to purchases
and sales of one of its inventory items.
Date
Description
Units Purchased at
Cost
Units Sold at
Retail
Sept. 1
Beginning inventory
20 units @ $5
10
Purchase
30 units @ $8
20
Sales
40 units @ $15
25
Purchase
25 units at $10
Assume that the company uses the periodic inventory system.
Required:
Calculate the cost of goods sold and the cost...
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Anderson's Department Store has the following data for
inventory, purchases, and sales of merchandise for December for one
of the items the company sells:
Activity
Units
Purchase Price (per unit)
Sale Price (per unit)
Beginning inventory
10
$6.00
Purchase 1, Dec. 2
22
6.80
Purchase 2, Dec. 5
26
7.50
Sale 1, Dec. 7
19
$12.00
Sale 2, Dec. 10
25
12.00
Purchase 3, Dec. 12
12
8.00
Sale 3, Dec. 14
20
12.00
Anderson's...
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Laker Company reported the following January purchases and sales
data for its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
205
units
@
$
13.00
=
$
2,665
Jan.
10
Sales
165
units
@
$
22.00
Jan.
20
Purchase
140
units
@
$
12.00
=
1,680
Jan.
25
Sales
145
units
@
$
22.00
Jan.
30
Purchase
310
units
@
$
11.50
=
3,565...
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A company reports the following beginning inventory and two
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Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
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Assume the perpetual inventory system is used and then determine
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Units
Amount per
Unit
June 1
Beginning inventory
150
$30
4
Purchase
400
33
12
Purchase
800
36
16
Sale
1,300
60
24
Purchase
300
39
Using the periodic inventory system, compute the cost of ending
inventory, cost of goods sold, and gross margin. Use the
average-cost, FIFO, and LIFO inventory costing methods....
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