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BG Computer Supply (BGCS) has a December 31st fiscal year-end. The company tracks inventory on a FIFO basis and reports inventory on a LIFO basis.
BG Computer Supply (BGCS) has a December 31st fiscal year-end. The company tracks inventory on a FIFO basis and reports inventory on a LIFO basis. As of December 31, 2012, BGCS had 300 units in inventory. The 2012 BGCS annual report had the following inventory disclosure: | ||||||||
Inventory as FIFO | $24,000 | |||||||
Less: LIFO Reserve | ($6,000) | |||||||
Inventory at LIFO | $18,000 | |||||||
During 201, BGCS had the following purchases: | ||||||||
Purchases | Units | Value of Unit | Total | |||||
Purchase 1- 2/1/2013 | 350 | $90.00 | $31,500 | |||||
Purchase 2- 6/11/2013 | 900 | $100.00 | $90,000 | |||||
Purchase 3- 9/12/2013 | 1,200 | $105.00 | $126,000 | |||||
Purchase 4- 12/14/2013 | 450 | $110.00 | $49,500 | |||||
A physcial count on December 31,2013 indicated that BGCS had 500 units in ending inventory. Based on this information calculate the following amounts for fiscal year 2013: | ||||||||
FIFO Amount: | ||||||||
Fiscal Year 2013 Sales in Units ? | ||||||||
Goods Available for Sale (Units) ? | ||||||||
FIFO Ending Inventory ($) ? | ||||||||
Goods Available for Sale Dollars ? | ||||||||
FIFO Cost of Goods Sold Dollars ? | ||||||||
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