Question

In: Accounting

The following data are available for one of the products sold by Dahlia Company, which uses...

The following data are available for one of the products sold by Dahlia Company, which uses a perpetual inventory system:

Mar.

1

Beginning inventory, 500 units at $4.00 each

7

Purchased 2,000 units at $5.00 each

12

Sold 2,300 units

17

Purchased 1,800 units at $6.00 each

27

Sold 1,900 units

Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming FIFO is used.

Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming LIFO is used.

Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming average cost is used. (Round average cost per unit to two decimal places. Round other amounts to the nearest dollar.)

Solutions

Expert Solution

1 FIFIO method:

COGS: 11000+11200=22200

closing inventory=100*6=600

2.LIFO method:

COGS=11200+11200=22400

Closing inventory=100*4= 400

3.Weighted average method:

CoGS=11040+11172=22212

closing inventory=100*5.88=588

ekkarill92 answered 1 year ago
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