Question

In: Accounting

Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise...

Inventory Costing Methods - Periodic Method Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $355. Transactions for this item during April were as follows:

Required a. Calculate the cost of goods sold and the ending inventory cost for the month of April using the weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. b. Calculate the cost of goods sold and the ending inventory cost for the month of April using the first-in, first-out method. c. Calculate the cost of goods sold and the ending inventory cost for the month of April using the last-in, first-out method.

April 9 Purchased 40 units @ $375 per unit

14 Sold 80 units @ $580 per unit

23 Purchased 20 units @ $380 per unit

29 Sold 40 units

a. Weighted Average Ending Inventory Cost of goods Sold?

b. First-in, First-out: Ending Inventory Cost of Goods Sold?

c. Last-in, first-out: Ending Inventory Cost of Goods Sold?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods-Perpetual Method Fortune Stores uses the perpetual inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 130 units with a unit cost of $335. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $355 per unit 14 Sold 80 units @ 560 per unit 23 Purchased 20 units @ 360 per unit 29 Sold 40 units Required a. Calculate the...
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for...
Fortune Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of $375. Transactions for this item during April were as follows: April 9 Purchased 40 units @ $395 per unit 14 Sold 80 units @ $600 per unit 23 Purchased 20 units @ $400 per unit 29 Sold 40 units Required a. Calculate the cost of goods sold...
Inventory Costing Methods-Perpetual Method Kali Company uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods-Perpetual Method Kali Company uses the perpetual inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29 Sold 20 units@ $110 per unit Required...
Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system. March...
Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system. March 1 Beginning inventory 110 units of Product M @ $1,590 total cost 6 Purchased 210 units of Product M @ $3,600 total cost 10 Purchased 160 units of Product M @ $3,000 total cost 15 Sold 190 units of Product M Calculate the March cost of goods sold and the ending inventory at March 31 using (a) first-in, first-out, (b) last-in, first-out, and (c)...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system August...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system August 1 Beginning Inventory 150 Units of product A @ $1700 total cost 5 Purchased 170 Units of product A @ $2716 total cost purchased 270 Units of product A @ $5716 total cost Sold 230 Units of product A @ Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the...
Inventory Costing Methods—Periodic Method Archer Company is a retailer that uses the periodic inventory system. August...
Inventory Costing Methods—Periodic Method Archer Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 80 units of Product A @ $1,600 total cost 5 Purchased 100 units of Product A @ $2,116 total cost 8 Purchased 200 units of Product A @ $4,416 total cost 11 Sold 165 units of Product A @ $4,800 total sale Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b)...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system. August...
Inventory Costing Methods-Periodic Method Archer Company is a retailer that uses the periodic inventory system. August 1 Beginning inventory 190 units of Product A @ $1,600 total cost 5 Purchased 210 units of Product A @ $2,116 total cost 8 Purchased 310 units of Product A @ $4,416 total cost 11 Sold 260 units of Product A Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c)...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 40 units @ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units @ 26 Purchased 35 units @ $11 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 210 units @ $36 per unit 12 Purchased 160 units @ $41 per unit 16 Sold 240 units @ 24 Purchased 220 units @ $42 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods....
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data...
Inventory Costing Methods-Periodic Method The Lippert Company uses the periodic inventory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory 40 units @ $9 per unit 10 Purchased 60 units @ $10 per unit 15 Sold 70 units @ 26 Purchased 35 units @ $11 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT