Question

Swifty Company reports the following for the month of June.

Date			Explanation		Units			Unit Cost			Total Cost
June	1		Inventory		315			$7			$2,205
	12		Purchase		735			8			5,880
	23		Purchase		1,050			9			9,450
	30		Inventory		392

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)

		FIFO		LIFO		AVERAGE COST
Ending inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount
Cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

Susan Inc. uses the lower-of-cost-or-net-realizable-value (LCNRV) basis for its inventory. The following data are available at December 31

		Units			Cost/Unit			NRV/Unit
Cameras
Minolta		5			$171			$156
Canon		8			142			157
Light Meters
Vivitar		12			124			120
Kodak		10			122			134

What amount should be reported on Susan's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied?

Total

$enter a dollar amount

Answer 1

	FIFO	LIFO	Avg Cost
Ending Inventory	$           3,528	$           2,821	$           3,273
Cost of Goods Sold	$         14,007	$         14,714	$         14,262

Average Cost	Cost of Goods Available for sale			Cost of Goods Sold			Inventory on hand
Activity	Units	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
Beginning Inventory	315	$              7.00	$           2,205
Purchase	735	$              8.00	$           5,880
Purchase	1050	$              9.00	$           9,450
Total	2100	$              8.35	$        17,535	1708	$                 8.35	$      14,262	392	$              8.35	$         3,273
FIFO	Cost of Goods Available for sale			Cost of Goods Sold			Inventory on hand
Activity	Units	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
Beginning Inventory	315	$              7.00	$           2,205	315	$                 7.00	$         2,205
Purchase	735	$              8.00	$           5,880	735	$                 8.00	$         5,880
Purchase	1050	$              9.00	$           9,450	658	$                 9.00	$         5,922	392	$              9.00	$         3,528
Total	2100		$        17,535	1708		$      14,007	392		$         3,528
LIFO	Cost of Goods Available for sale			Cost of Goods Sold			Inventory on hand
Activity	Units	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
Beginning Inventory	315	$              7.00	$           2,205				315	$              7.00	$         2,205
Purchase	735	$              8.00	$           5,880	658	$                 8.00	$         5,264	77	$              8.00	$            616
Purchase	1050	$              9.00	$           9,450	1050	$                 9.00	$         9,450
Total	2100		$        17,535	1708		$      14,714	392		$         2,821

2.
Inventory = 5 x $156 + 8 x $142 + 12 x 120 + 10 x 122 = $4576