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any help with this is greatly appreciated Name: Class Time: The company tracks inventory on a FIFO basis GCS had 300 units in inventory. The
any help with this is greatly appreciated
Name: Class Time: The company tracks inventory on a FIFO basis GCS had 300 units in inventory. The 2012 BG Computer Supply (BGCS) has a December 31st fiscal year-end. The company tracks iny and reports inventory on a LIFO basis. As of December 31, 2012, BGCS had 300 units in in BGCS annual report had the following inventory disclosure: Inventory at FIFO $24,000 Less: LIFO Reserve $ 6,000 Inventory at LIFO $ 18,000 During 2013, BGCS had the following purchases: Purchases Table Units Value/Unit Total Purchase 1 - 2/1/13 350 $90.00 $31,500 Purchase 2 - 6/11/13 $90,000 Purchase 3 - 9/12/13 1,200 $105.00 $126,000 Purchase 4 - 12/14/13 450 $110.00 $49,500 A physical count on December 31, 2013 indicated that BGCS had 500 units in ending inventory. Based information, calculate the following amounts for fiscal year 2013: 900 $100.00 FIFO Amounts Fiscal Year 2013 Sales (in units): Goods Available for Sale (units): Goods Available for Sale ($): FIFO Ending Inventory ($): FIFO Cost of Goods Sold ($): LIFO Amounts Fiscal Year 2013 Sales (in units): Goods Available for Sale (units): Goods Available for Sale ($): LIFO Ending Inventory ($): LIFO Cost of Goods Sold ($): LIFO Reserve at 12/31/13: Inventory Profit at 12/31/13:_Step by Step Solution
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