Question

In: Accounting

From the following, calculate the cost of ending inventory and cost of goods sold for the...

From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 54 units. (Round your answers to the nearest cent.)

Beginning inventory
and purchases		 Units Unit cost
January 1 6 $ 1.00
April 10 9 1.50
May 15 13 2.00
July 22 14 2.25
August 19 19 3.00
September 30 19 3.20
November 10 33 3.40
December 15 15 3.80
Cost of ending inventory $
Cost of goods sold $

Solutions

Expert Solution

Number of units sold = Beginning inventory + purchases - ending inventory

= 6 + (9 + 13 + 14 + 19 + 19 + 33 + 15) - 54

= 74 units

According to the LIFO method, goods purchased last are assumed to be sold first in order to calculate cost of goods sold and cost of ending inventory.

Therefore,

(a) Cost of goods sold = (15 x $3.80) + (33 x $3.40) + (19 x $3.20) + (7 x $3)

= $57 + $112.2 + $60.8 + $21

= $251

(b) cost of ending inventory = (12 x $3) + (14 x $2.25) + (13 x $2) + (9 x $1.50) + (6 x $1)

= $36 + $31.5 + $26 + $13.5 + $6

= $113

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 56 units. (Round your intermediate calculations and final answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 6 $ 2.70 April 10 9 3.20 May 15 13 3.70 July 22 14 3.95 August 19 19 4.70 September 30 19 4.90 November 10 33 5.10 December 15 15 5.50 cost of ending inventory? Cost of...
From the following? information, calculate the cost of ending inventory and cost of goods sold using...
From the following? information, calculate the cost of ending inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO, and? (c) weighted-average methods. Units Cost January 1 Beginning Inventory 4 $7 March 6 Purchased 6 2 August 9 Purchased 4 9 December 10 Purchased 5 1 The ending inventory reveals eighteight items unsold
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...
Use the following information to complete the charts and calculate cost of goods sold, ending inventory,...
Use the following information to complete the charts and calculate cost of goods sold, ending inventory, and gross profit under the FIFO, LIFO, and Weighted Average methods. Units Cost Units Retail Oct. 1 Beginning Inventory 120 $39 Oct. 3 Sales 90 $100 Oct. 5 Purchase 140 $40 Oct. 12 Sales 110 $100 Oct. 18 Sales 45 $100 Oct. 26 Purchase 160 $43
Calculate cost of goods sold and ending inventory under each of the following methods given the...
Calculate cost of goods sold and ending inventory under each of the following methods given the following information about purchases and sales during the year. Jan. 1           Beginning Inventory       300 units @ $3 Jan. 5           Sales                                      100 units Jan. 15        Purchases                           400 units @ $4 Jan. 20        Sales                                      200 units a. FIFO. b. LIFO.
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average assuming a perpetual inventory system is in place. Beginning Balance - 90 units at $11 March 3 - Purchase 300 units for $15 April 4 - Sell 240 units for $28 June 30 - Purchase 250 units for $18 August 16 - Sell 180 units for $30
Inventory data are presented below. Please calculate the ending inventory and the cost of goods sold...
Inventory data are presented below. Please calculate the ending inventory and the cost of goods sold (at 1/31) using the methods listed below. 1/1 - Beginning inventory 6 units at $5 1/10 - Purchase                           11 units at $6 1/15 - Sale 13 units 1/20 - Purchase                           15 units at $7 1/25 - Sale                                   11 units Inventory                 Cost of Goods Sold Periodic FIFO a) $__________ b) $__________ Periodic LIFO c) $__________ d) $__________ Periodic Weighted Average e) $__________...
Cost of Goods Sold and Ending Inventory for each of the following methods:
Calculate the following:Cost of Goods Sold and Ending Inventory for each of the following methods:a.    FIFOb.    LIFOc.     Weighted Average  Units                    Unit Cost7/1      Beginning Inventory 100 107/5      Purchases                                                     500 157/15    Sales                                                              400                             7/20    Purchases                                                     200 20
Cost layers for perpetual system is given, how to calculate cost of goods sold, ending inventory...
Cost layers for perpetual system is given, how to calculate cost of goods sold, ending inventory under LIFO, FIFO, and Average cost
Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted...
Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods. Description # of units Cost per unit Beginning inventory: 20 20 Jan.15 Purchase: 22 27 Jan. 20 Sale 10 blank Jan.25 Purchase 18 25 Jan.28 Sale   15 blank
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT