Question

Assume that a retailer’s beginning inventory and purchases of a popular item during January included (1) 310 units at $7.10 in beginning inventory on January 1, (2) 460 units at $8.10 purchased on January 8, and (3) 760 units at $9.10 purchased on January 29. The company sold 360 units on January 12 and 560 units on January 30.

Required:

1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation).

Answer 1

FIFO METHDO - PERIODICAL
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan.01	Beginning Inventory	310	$                7.10	$                  2,201	310	$           7.10	$             2,201
Jan.08	Purchases	460	$                8.01	$                  3,685	460	$           8.01	$             3,685
Jan.29	Purchases	760	$                9.10	$                  6,916	150	$           9.10	$             1,365	610	$           9.10	$             5,551
	Total Goods Available For sale	1,530		$               12,802	920		$             7,251	610		$             5,551
FIFO METHDO - PERPETUAL
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan.01	Beginning Inventory							310	$           7.10	$             2,201
Jan.08	Purchases	460	$                8.01	$                  3,685				310	$           7.10	$             2,201
								460	$           8.01	$             3,685
Jan.12	Sales				310	$           7.10	$             2,201
					50	$           8.01	$                 401	410	$           8.01	$             3,284
Jan.29	Purchases	760	$                9.10	$                  6,916				410	$           8.01	$             3,284
								760	$           9.10	$             6,916
Jan.30	Sales				410	$           8.01	$             3,284
					150	$           9.10	$             1,365	610	$           9.10	$             5,551
		1,220		$               10,601	920		$             7,251	610		$             5,551
LIFO METHDO - PERIODICAL
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan.01	Beginning Inventory	310	$                7.10	$                  2,201				310	$           7.10	$             2,201
Jan.08	Purchases	460	$                8.01	$                  3,685	160	$           8.01	$             1,282	300	$           8.01	$             2,403
Jan.29	Purchases	760	$                9.10	$                  6,916	760	$           9.10	$             6,916
	Total Goods Available For sale	1,530		$               12,802	920		$             8,198	610		$             4,604
LIFO METHDO - PERPETUAL
		COST OF GOODS AVAILABLE FOR SALE	COST OF GOODS SOLD	CLOSING STOCK
Date	Particulars	Units	Cost Per unit	Total	Units	Cost Per unit	Cost of Goods Sold	Units	Cost Per unit	Ending inventory
Jan.01	Beginning Inventory							310	$           7.10	$             2,201
Jan.08	Purchases	& ekkarill92 Next > < Previous Related Solutions Assume that a retailer’s beginning inventory and purchases of a popular item during January included (1)... Assume that a retailer’s beginning inventory and purchases of a popular item during January included (1) 500 units at $9.00 in beginning inventory on January 1, (2) 650 units at $10.00 purchased on January 8, and (3) 950 units at $11.00 purchased on January 29. The company sold 550 units on January 12 and 750 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual... Assume that a retailer's beginning inventory and purchases of a popular item during January included (1)... Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 300 units at $7 in beginning inventory on January 1, (2) 450 units at $8 purchased on January 8, and (3) 750 units at $9 purchased on January 29. The company sold 350 units on January 12 and 550 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual... Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January... Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 96 units @ $16 5 Sale 77 units 11 Purchase 107 units @ $20 21 Sale 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 $ b. Inventory on January 31 $ Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods... Beginning inventory, purchases, and sales for an inventory item are as follows: Purchases Cost of Goods Sold Inventory Event Unit Cost Total Cost Unit Cost Total Cost Total Cost QTY Bought Qty sold Qty Unit Cost Beginning Inventory 150 755 First Sale 120 First Purchase 400 785 Second Sale 200 Second Purchase 300 805 Sale 290 The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year A.... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows : Units Cost per unit Begin Inventory 100 12 Jan 5 Sale 50 10 Purchase 70 16 15 Sale 25 25 Sale 35 Required: Prepare a schedule showing cost of goods sold and ending inventory using weighted average. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out. C.           Compute gross profit under for a... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales... During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows : Units Cost per unit Begin Inventory 100 12 Jan 5 Sale 50 10 Purchase 70 16 15 Sale 25 25 Sale 35 Required: Prepare a schedule showing cost of goods sold and ending inventory using weighted average. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out Compute gross profit under for a and b.... Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units... Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $ b. Inventory on September 30 $ Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units... Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units @ $22 9 Sale 34 units 13 Purchase 40 units @ $24 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 Beginning inventory, purchases, and sales... during january, tedesco company sold 183 units of product k. It's beginning inventory and purchases during... during january, tedesco company sold 183 units of product k. It's beginning inventory and purchases during the month were as following: january. 1- beginng inventory 100 units @ $41, january 5 -purchases 100 units @ $43, january 10 -purchases 100 units @ $38, january 15- purchases 100 units @ $50, january 20- purchases 100 units @ $48. Using the periodic inventory system compute the ending inventory and the cost of goods sold using the methods: a) average cost, b) FIFO,... Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July... Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 104 units @ $32 5 Sale 83 units 11 Purchase 115 units @ $35 21 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $ b. Inventory on July 31 $ ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions NPV Your division is considering two investment projects, each of which requires an up-front expenditure of... Please repond with a 200 word limit paragraph no copy or paste your own words!!! What... Participant Reactivity Think about how participants might react to environmental cues in an experimental situation and... Describe scenarios when you would use a Fixed-size virutal disk, a Dynamic virtual disk, and a... A conductive sphere with radius ? = 1 ? has been increased to the potential ?0... Define a char variable. Read a char value from the keyboard into the variable. Print the... If you wanted to store a birthday within code, what class would you use in Java?... ADVERTISEMENT About @ 2020 WizEdu