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Posted on Oct 01, 2024

ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the

ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.

March 1st: Purchase 100 units, $50 each

March 5th: Purchase 400 units, $55 each

March 9th: Sales 420 units, $85 each

March 18th: Purchase 120 units, $60 each

March 25th: Purchase 200 units, $62 each

March 29th: Sales 160 units, $95 each

1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using LIFO. 3. Compute the cost assigned to ending inventory using Weighted Average.

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Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using FIFO. Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost Date Goods Purchased # of Cost per units unit 100 @ $ 50.00 # of units sold Cost of Goods Sold # of units per unit e Cost per unit $ 50.00 March 1 100 March 5 400@ $ 55.00 Inventory Balance = $ 5,000.00 S 5,000.00 22,000.00 $ 27,000.00 $ 50.00 100 @ 400 @ $ 55.00 = March 9 = 0X @ a 420 X @ $ 50.00 $ 55.00 $ $ 0.00 23,100.00 $ 23,100.00 0@ $ 50.00 420 @ $55.00 23,100.00 $ 23,100.00 March 18 120 @ $ 60.00 0@ 0 @ x @ 120 $ 50.00 $ 55.00 $ 60.00 7,200.00 7,200.00 $ March 25 200 @ $ 62.00 $ 50.00 0 @ 0 x @ 40 @ 200 @ $ 55.00 $ 60.00 $ 62.00 2,400,00 12,400.00 $ 14,800.00 March 29 = S 8,000.00 $ 50.00 $ 55.00 = 0 @ 0 X 0X @ 0 X @ 0 @ @ 160 @ 0 @ 0 x @ $ $ 50.00 $ 55.00 $ 60.00 $ 62.00 0.00 0.00 0.00 = $ 60.00 $ 62.00 0X @ $ 8,000.00 Totals $ 23,100.00 $ 8,000.00 Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Goods Purchased # of Cost per units unit 100 @ $ 50.00 Date Cost of Goods Sold Cost per Cost of Goods unit Sold # of units sold # of units March 1 100 @ Inventory Balance Cost per unit Inventory Balance $ $ 50.00 $ 5,000.00 $ S 50.00 $ 55.00 22,000.00 March 5 400 @ $ $ 55.00 0X @ 400 @ $ S 22,000.00 March 9 $ 50.00 $ 21,000.00 420 X @ $ 50.00 S 21,000.00 420 X @ @ 0 x @ $ 55.00 0.00 0 @ $ 55.00 $ 21,000.00 S $ 21,000.00 March 18 120 @ $ 60.00 0 X @ S 50.00 55,00 0 @ $ $ 120 @ $ S 60.00 7,200.00 7,200.00 $ March 25 200 @ $ 62.00 0 X @ 0 @ $ $ S 50.00 55.00 0 X @ 200@ $ $ 60.00 62.00 12,400.00 12,400.00 $ March 29 50.00 = S 0.00 $ 50.00 $ $ $ 0 @ 0 @ 0 @ a 0X @ 55.00 60.00 62.00 0.00 0.00 0 @ 0 0 @ 0 X 0X @ 0X @ 55.00 60.00 S = S $ $ 0.00 $ 62.00 Totals $ 21,000.00 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost assigned to ending inventory using Weighted Average. (Round your average cost per unit to 2 decimal places.) Inventory Balance Weighted Average Perpetual: Goods Purchased Cost per # of Date units unit March 1 100 @ $ 50.00 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Cost per unit 50.00 Inventory Balance $ 5,000.00 100 @ $ = March 5 5 400 @ $ 55.00 0 x @ 400 @ 400 @ $ $ 50.00 55.00 55.00 X = 22,000.00 $ 22,000.00 Average $ March 9 420 @ $ 85.00 x = $ 35,700.00 420 x @ $ 85.00 X = $ 35,700.00 March 18 120 @ $ 60.00 0X @ $ 85.00 $ $ 60.00 120 @ 120 @ 7,200.00 $ 7,200.00 Average $ 60.00 X - March 25 200 @ $ 62.00 $ 0X @ 200 @ 200 @ $ 60.00 62.00 62.00 X = 12.400.00 $ 12,400.00 $ March 29 160 @ $ 95.00 X = 160 X @ $ 95.00 X = $ 15,200.00 $ 15,200.00 $ 50,900.00 Totals