Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me with calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Calculating the Value of Ending Inventory and
Can you help me with calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method
Calculating the Value of Ending Inventory and Cost of Goods Sold: Perpetual Method Consider the following inventory data for the first two months of the year for CompX International: Total Units Unit Cost Total Cost Beginning inventory on hand January 1 60,000 $2.00 $120,000 103,600 2.00 207,200 Purchases during month January 5 293,900 January 20 2.10 617,190 $944,390 457,500 Sales of inventory 383,900 January 25 Beginning inventory at February 1 73,600 Purchases during month February 8 282,200 153,500 February 23 2.20 $620,840 2.60 399,100 509,300 Sales of inventory 407,600 February 27 101,700 Ending Inventory Required 1. Calculate the cost of goods sold and ending inventory for January and February under each of the following methods, assuming use of a perpetual inventory management system. Round all answers to the nearest whole number. January Cost of Goods Sold a. FIFO $Answer February Ending Inventory Cost of Goods Sold $Answer $Answer 0 Ending Inventory $Answer 0 0 January Cost of Goods Sold February Ending Inventory $Answer $Answer $Answer 0 0 b . Cost of Goods Sold Ending Inventory $Answer 0 0 LIFO $Answer $Answer 0 $Answer $Answer 0 0 0 c. Weightedaverage.* *Do not round until your final answers. 2. Assume that the replacement cost of CompX International's ending inventory is $2.05 per unit on January 30 and $2.35 per unit on February 28. Calculate the value of the ending inventory for January and February under each of the following methods. Round all answers to the nearest whole number. January February $Answer $Answer 0 0 a. FIFO b . LIFO $Answer $Answer 0 0 January February $Answer 0 $Answer 0 c. Weighted-averageStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started