Question
Boomer Co. reported the following inventory information in 2021: Date Transaction Quantity Cost/unit Total cost Selling price/unit Jan. 1 Beg. inventory 3,000 $15 $45,000 March
Boomer Co. reported the following inventory information in 2021:
| Date | Transaction | Quantity | Cost/unit | Total cost | Selling price/unit |
| Jan. 1 | Beg. inventory | 3,000 | $15 | $45,000 | |
| March 8 | Purchase | 4,500 | $16 | 72,000 | |
| May 17 | Sale | (6,000) | $30 | ||
| Aug. 23 | Purchase | 6,000 | $18 | 108,000 | |
| Oct. 19 | Sale | (6,800) | $33 | ||
| Dec. 17 | Purchase | 1,500 | $21 | 31,500 |
1. Assume Boomer uses the average cost flow assumption with a perpetual inventory system. Round the cost per unit to 2 decimal places.
a. Determine COGS for the May 17 sale.
b. Determine COGS for the Oct. 19 sale.
c. Determine the cost of ending inventory on Dec. 31.
2. Assume Boomer uses the FIFO cost flow assumption with a perpetual inventory system.
a. Determine COGS for the May 17 sale.
b. Determine COGS for the Oct. 19 sale.
c. Determine the cost of ending inventory on Dec. 31.
3. Assume Boomer uses the LIFO cost flow assumption with a periodic inventory system.
a. Determine 2021 COGS.
b. Determine cost of ending inventory on Dec. 31.
4. Determine 2021 Sales Revenue.
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