Tyler Company has the following information related to purchases and sales of one of its inventory items.

Inventory Costing Methods

Date	Description	Units Purchased at Cost	Units Sold at Retail
Sept. 1	Beginning inventory	400 units @ $16
Sept. 10	Purchase	600 units @ $18
Sept. 20	Sales		690 units @ $31
Sept. 25	Purchase	800 units at $19

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	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3
Ending inventory	$fill in the blank 4	$fill in the blank 5	$fill in the blank 6

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

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 FIFO, LIFO,...

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,...

Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...

Brief Exercise 6-35 (Algorithmic) 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 @ $13 Sept. 10 Purchase 600 units @ $14 Sept. 20 Sales 680 units @ $24 Sept. 25 Purchase 600 units at $16 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold...

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related to...

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) 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...

Sam's Corner Store has the following purchase and sales information for one of their inventory items:...

Sam's Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit. Total Feb 1 Opening inventory 10 $8 $80 Feb 9 Purchase 25 $9 $225 Feb 15 Sale 15 $15 $225 Feb 17 Purchase 20 $11 $220 Feb 25 Sale 10 $16 $160 Required: For (a) and (b) assume the company uses the periodic inventory system. (a) Calculate the gross profit if the company uses first-in, first-out (FIFO) (b) Calculate the value...

Sam's Corner Store has the following purchase and sales information for one of their inventory items:...

Sam's Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit Total Feb 1 Opening inventory 10 $8 $80 Feb 9 Purchase 25 $9 $225 Feb 15 Sale 15 $15 $225 Feb 17 Purchase 20 $11 $220 Feb 25 Sale 10 $16 $160 Required: For (a) and (b) assume the company uses the periodic inventory system. (a) Calculate the gross profit if the company uses first-in, first-out (FIFO) (b) Calculate the value...

Sheffield Inc. has provided you with the following information. This company purchases its inventory from a...

Sheffield Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Sheffield uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Date Explanation Units Unit Cost Unit Price Apr. 1 Beginning inventory 50 $78 6 Purchases 110 89 8 Sales (130 ) $120 15 Purchases 120 68 20 Sales (120 ) 102 27 Purchases 20 59...

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.DateDescriptionUnits Purchased at CostUnits Sold at RetailSept. 1Beginning inventory400 units @ $12Sept. 10Purchase600 units @ $13Sept. 20Sales700 units @ $22Sept. 25Purchase800 units at $15Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold???Ending inventory???

Contigo Company provided the following information related to its inventory sales. Actual – December: 80,000 Budgeted-January:...

Contigo Company provided the following information related to its inventory sales. Actual – December: 80,000 Budgeted-January: 140,000 Budgeted-February: 180,000 Budgeted-March: 120,000 Contigo desired ending inventory levels are 20% of the following months projected COGS. Budgeted purchases of inventory in February 2017 would have been:

Given the following information: Beginning Inventory $ 52,000 Ending Inventory 20,800 Sales 214,400 Purchases 69,600 Sales...

Given the following information: Beginning Inventory $ 52,000 Ending Inventory 20,800 Sales 214,400 Purchases 69,600 Sales Returns and Allowances 3,600 Purchase Discounts 2,400 Transportation-In 4,400 Purchase Returns and Allowances 3,600 Sales Discounts 1,920 Required: a. Determine net sales b. Determine net cost of purchases c. Determine gross margin d. Determine cost of goods available for sale e. Determine cost of goods sold (Show your work for each calculation labeling each amount included.)

Subjects