Question
CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD DATE PARTICULARS UNITS COST PER UNIT TOTAL COST AUG 1 BEGINNING INVENTORY 10 @ $91
CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD
DATE | PARTICULARS | UNITS | COST PER UNIT | TOTAL COST |
AUG 1 | BEGINNING INVENTORY | 10 @ | $91 | $910 |
AUG 3 | PURCHASED | 15 @ | $106 | $1590 |
AUG 17 | PURCHASED | 20 @ | $115 | $2300 |
TOTAL GOODS AVAILABLE FOR SALE | 45 UNITS | $4800 |
FOLLOWING SALES WERE MADE-
DATE | PARTICULARS | UNITS | SELLING PRICE PER UNIT | TOTAL COST |
AUG 14 | SALES | 20 | $133 | $2660 |
AUG 28 | SALES | 14 | $150 | $2100 |
TOTAL | 34 | 4760 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
FIFO Method Lets assume goods are issued in the same order as they are received Beginning inven...
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Step: 2
Step: 3
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
8th Edition
1260247848, 978-1260247848
