Question
Calculate cost of goods available for sale. Notice the units available for sale are already totaled. Activities Units Acquired at Cost = Total Costs Avail.
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Calculate cost of goods available for sale. Notice the units available for sale are already totaled.
Activities | Units Acquired at Cost | = | Total Costs Avail. |
Jan. 1Beginning inventory | 600 units @ $45.00 | = | |
Feb. 10. | 400 units @ $42.00 | == | |
Mar. 13. | 200 units @ $27.00 | = | |
Aug. 21 | 100 units @ $50.00 | = | |
Sept. 5.. | 500 units @ $46.00 | = | |
Total Goods Available For Sale | 1,800 units |
2. Units in ending inventory:
Units available | |
Less: Units sold | |
Ending Inventory (units) |
Problem 5-4A
3.
Periodic Inventory | |
a. FIFO | |
Cost of goods available for sale (from part 1) Ending Inventory: 400 * 46 = 18400 Cost of Goods Sold | |
Periodic Inventory b. LIFO Cost of goods available for sale (from part 1) Ending Inventory: Cost of Goods Sold | |
Periodic Inventory c. Weighted average Calculate weighted average cost per unit: Cost of goods available for sale Ending Inventory: Cost of Goods Sold | |
d. Specific identification | |
Cost of goods available for sale (from part 1) Cost of Goods Sold Ending Inventory: |
4.
FIFO | LIFO | Specific Identifi-cation | Weighted Average | ||
Sales | |||||
Less: Cost of goods sold... | |||||
Gross profit........................ | |||||
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