Question
In: Accounting
There are 10 units in ending inventory compute the value of the ending inventory using the...
There are 10 units in ending inventory compute the value of
the ending inventory
using the periodic inventory method. Compute the answer using
FIFO, LIFO and the average
cost methods. (round your answer to the nearest whole
number)
Price Cost
Number Per Per
Date Transaction of units unit Purchase
Apr. 3 Inventory 2 10 20
8 Purchase 2 15 30
11 Purchase 3 20 60
30 Purchase 2 25 50
May 8 Purchase 3 25 75
10 Purchase 3 30 90
19 Purchase 3 30 90
28 Purchase 3 35 105
June 5 Purchase 3 40 120
16 Purchase 4 40 160
21 Purchase 4 45 180
28 Purchase 3 50 150
Solutions
Expert Solution
| Date | Particulars | Units | Cost | Amount |
| Apr03 | Beginning Inventory | 2.00 | 10.00 | 20.00 |
| Apr08 | Purchase | 2.00 | 15.00 | 30.00 |
| Apr 11 | Purchase | 3.00 | 20.00 | 60.00 |
| Apr 30 | Purchase | 2.00 | 25.00 | 50.00 |
| May 08 | Purchase | 3.00 | 25.00 | 75.00 |
| May 10 | Purchase | 3.00 | 30.00 | 90.00 |
| May 19 | Purchase | 3.00 | 30.00 | 90.00 |
| May 28 | Purchase | 3.00 | 35.00 | 105.00 |
| June 05 | Purchase | 3.00 | 40.00 | 120.00 |
| June 16 | Purchase | 4.00 | 40.00 | 160.00 |
| June 21 | Purchase | 4.00 | 45.00 | 180.00 |
| June 28 | Purchase | 3.00 | 50.00 | 150.00 |
| Total | 35.00 | 32.29 | 1,130.00 | |
| Ending Inventory using FIFO = 3*50 + 4*45 + 3*40 | 450.00 | |||
| Ending Inventory using LIFO = 2*10+2*15+3*20+2*25+1*25 | 185.00 | |||
| Ending Inventory using Average cost =10*32.29 | 323 |
ekkarill92 answered 1 year agoRelated Solutions
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Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...
Calculating the Value of Ending Inventory and Cost of Goods Sold:
Perpetual Method
Total Units
Unit Cost
Total Cost
Beginning inventory on hand
1-Jan
60,000
$2.00
$120,000
Purchases during month
5-Jan
103,600
$2.00
$207,200
20-Jan
293,900
$2.10
$617,190
Sales of inventory
25-Jan
383,900
Beginning
inventory at
1-Feb
73,600
Purchases during month
8-Feb
282,200
$2.20
$620,840
23-Feb
153,500
$2.60
$399,100
Sales of inventory
27-Feb
407,600
Ending Inventory
101,700
LIFO
Jan
Feb
Cost of goods sold
Cost of goods sold
Ending inventory...
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...
Calculating the Value of Ending Inventory and Cost of Goods
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Total Units
Unit Cost
Total Cost
Beginning inventory on hand
1-Jan
60,000
$2.00
$120,000
Purchases during month
5-Jan
103,600
$2.00
$207,200
20-Jan
293,900
$2.10
$617,190
Sales of inventory
25-Jan
383,900
Beginning
inventory at
1-Feb
73,600
Purchases during month
8-Feb
282,200
$2.20
$620,840
23-Feb
153,500
$2.60
$399,100
Sales of inventory
27-Feb
407,600
Ending Inventory
101,700
FIFO
Jan
Feb
Cost of goods sold
Cost of goods sold
Ending inventory...
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Total Units Unit...
Calculating the Value of Ending Inventory and Cost of Goods Sold:
Perpetual Method
Total Units
Unit Cost
Total Cost
Beginning inventory on hand
1-Jan
60,000
$2.00
$120,000
Purchases during month
5-Jan
103,600
$2.00
$207,200
20-Jan
293,900
$2.10
$617,190
Sales of inventory
25-Jan
383,900
Beginning inventory at
1-Feb
73,600
Purchases during month
8-Feb
282,200
$2.20
$620,840
23-Feb
153,500
$2.60
$399,100
Sales of inventory
27-Feb
407,600
Ending Inventory
101,700
LIFO
Jan
Feb
Cost of goods sold
Cost of goods sold
Ending inventory...
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...
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chase production strategy. Assume that a worker can produce 30
units per month and the beginning inventory in June is 400 units,
and the firm desires to have 200 units of inventory at the end of
November.
Month
June
Jul
Aug
Sep
Oct
Nov
Demand
1500
2800
4200
3600
2350
1400
Production
Ending Inventory
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Upload the question with your answer in a file,...
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BE6-3
Compute ending inventory using FIFO and LIFO.
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BE6-4
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