In: Accounting
Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made.
Botter uses a periodic inventory system. Instructions Determine ending inventory and cost of goods sold under (a) FIFO, and (b) LIFO.
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As Per FIFO | |||||||||
Date | Cost of Goods Available for sale | Cost of Goods Sold | Ending Inventory | ||||||
Units | Rate | Amount | Units | Rate | Amount | Units | Rate | Amount | |
1-Aug | 200 | $13.00 | $2,600.00 | 200 | 13.00 | $2,600.00 | |||
4-Aug | 250 | $14.00 | $3,500.00 | 200 | 13.00 | $2,600.00 | |||
250 | $14.00 | $3,500.00 | |||||||
7-Aug | 150 | $13.00 | $1,950.00 | 50 | 13.00 | $650.00 | |||
250 | $14.00 | $3,500.00 | |||||||
11-Aug | 50 | 13.00 | $650.00 | ||||||
50 | $14.00 | $700.00 | 200 | $14.00 | $2,800.00 | ||||
15-Aug | 350 | $15.00 | $5,250.00 | 200 | $14.00 | $2,800.00 | |||
350 | $15.00 | $5,250.00 | |||||||
17-Aug | 200 | $14.00 | $2,800.00 | ||||||
100 | $15.00 | $1,500.00 | 250 | $15.00 | $3,750.00 | ||||
24-Aug | 200 | $15.00 | $3,000.00 | 50 | $15.00 | $750.00 | |||
28-Aug | 200 | $16.00 | $3,200.00 | 50 | $15.00 | $750.00 | |||
200 | $16.00 | $3,200.00 | |||||||
750 | 10600 | 250 | $3,950.00 | ||||||
As Per LIFO | |||||||||
Date | Cost of Goods Available for sale | Cost of Goods Sold | Ending Inventory | ||||||
Units | Rate | Amount | Units | Rate | Amount | Units | Rate | Amount | |
1-Aug | 200 | $13.00 | $2,600.00 | 200 | 13.00 | $2,600.00 | |||
4-Aug | 250 | $14.00 | $3,500.00 | 200 | 13.00 | $2,600.00 | |||
250 | $14.00 | $3,500.00 | |||||||
7-Aug | 150 | $14.00 | $2,100.00 | 200 | 13.00 | $2,600.00 | |||
100 | $14.00 | $1,400.00 | |||||||
11-Aug | 100 | 14.00 | $1,400.00 | 200 | $13.00 | $2,600.00 | |||
15-Aug | 350 | $15.00 | $5,250.00 | 200 | $13.00 | $2,600.00 | |||
350 | $15.00 | $5,250.00 | |||||||
17-Aug | 300 | $15.00 | $4,500.00 | 200 | $13.00 | $2,600.00 | |||
50 | $15.00 | $750.00 | |||||||
24-Aug | 150 | $13.00 | $1,950.00 | 50 | $13.00 | $650.00 | |||
50 | $15.00 | $750.00 | |||||||
28-Aug | 200 | $16.00 | $3,200.00 | 50 | $13.00 | $650.00 | |||
200 | $16.00 | $3,200.00 | |||||||
750 | 10700 | 250 | $3,850.00 |