Question
Below are the following inventory transactions for Deuce Hardware: Units Unit Cost Jan 1 Inventory 200 $ 2.50 Mar 28 Purchase 500 $ 2.60 May
- Below are the following inventory transactions for Deuce Hardware:
|
|
| Units | Unit Cost |
| Jan 1 | Inventory | 200 | $ 2.50 |
| Mar 28 | Purchase | 500 | $ 2.60 |
| May 15 | Purchase | 300 | $ 2.50 |
| July 27 | Purchase | 200 | $ 2.80 |
| Sep 30 | Purchase | 400 | $ 3.00 |
| Dec 15 | Purchase | 200 | $ 3.20 |
During the year, 1,100 units were sold at $6 each. The company uses the periodic inventory system.
Calculate Ending Inventory and Cost of Goods Sold under each of the following:
- Average Cost
- FIFO
- LIFO
- Below are the following inventory transactions for Pinkman Chemical:
|
|
| Units | Unit Cost |
| Jan 1 | Inventory | 4000 | $ 30.50 |
| June 1 | Purchase | 3000 | $ 32.00 |
| Sep 1 | Purchase | 6000 | $ 36.00 |
| Dec 1 | Purchase | 3000 | $ 34.00 |
During the year, 11,000 units were sold at $100 each. The company uses the periodic inventory system.
Calculate Ending Inventory and Cost of Goods Sold under each of the following:
- Average Cost
- FIFO
- LIFO
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
