Question

In: Accounting

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B) Tyler Company has the following information related to...

Inventory Costing Methods: Periodic Inventory Systems. (Appendix 6B)

Tyler Company has the following information related to purchases and sales of one of its inventory items.

Date Description Units Purchased at Cost Units Sold at Retail
Sept. 1 Beginning inventory 20 units @ $5
10 Purchase 30 units @ $8
20 Sales 40 units @ $15
25 Purchase 25 units at $10

Assume that the company uses the periodic inventory system.

Required:

Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)

FIFO. LIFO   AVG COST

cost of goods sold
ending inventory

Solutions

Expert Solution

For any queries please comment

If you are satisfied with the solution, please click the LIKE THUMB.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $17 Sept. 10 Purchase 600 units @ $18 Sept. 20 Sales 700 units @ $31 Sept. 25 Purchase 700 units at $20 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $18 Sept. 10 Purchase 600 units @ $19 Sept. 20 Sales 630 units @ $32 Sept. 25 Purchase 800 units at $21 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...
Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $13 Sept. 10 Purchase 600 units @ $14 Sept. 20 Sales 680 units @ $24 Sept. 25 Purchase 600 units at $16 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $70 Purchases: Feb. 11 500 $74 May 18 400 76 Oct. 23 100 80 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b)...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company...
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $11 Purchases: Feb. 11 500 $15 May 18 400 17 Oct. 23 100 21 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b)...
Inventory Costing Methods—Periodic Method The following information is for the Bloom Company; the company sells just...
Inventory Costing Methods—Periodic Method The following information is for the Bloom Company; the company sells just one product: Units Unit Cost Beginning Inventory: Jan. 1 200 $10 Purchases: Feb. 11 500 14 May 18 400 16 Oct. 23 100 18 Sales: March 1 400 July 1 380 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final...
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...
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