Question
Consider the following inventory data for the first two months of the year for Healthy Snacks International: Date Total Units Unit Cost Beginning inventory hand
Consider the following inventory data for the first two months of the year for Healthy Snacks International:
| Date |
| Total Units |
| Unit Cost |
Beginning inventory hand | 1-Jan |
| 65,000 |
| $2.10 |
Purchases during month: | 5-Jan |
| 104,200 |
| $2.20 |
| 20-Jan |
| 292,800 |
| $2.25 |
|
|
|
|
|
|
Sales of Inventory: | 25-Jan |
| 383,500 |
|
|
|
|
|
|
|
|
Purchases during month: | 8-Feb |
| 285,400 |
| $2.35 |
| 23-Feb |
| 158,700 |
| $2.75 |
|
|
|
|
|
|
Sales of Inventory: | 27-Feb |
| 408,800 |
|
|
|
|
|
|
|
|
Assume all sales occur at a sales price of $6 per unit.
Calculate the total cost of goods sold and gross profit for January and February and the ending inventory as of February 28 under the FIFO, LIFO, and weighted average costing methods, assuming the use of a perpetual inventory management system.
- FIFO:
- Cost of Goods Sold: ___________________________
- Ending Inventory: ___________________________
- Gross Profit: ___________________________
- LIFO:
- Cost of Goods Sold: ___________________________
- Ending Inventory: ___________________________
- Gross Profit: ___________________________
- Weighted-average (round unit costs to four decimal places):
- Cost of Goods Sold: ___________________________
- Ending Inventory: ___________________________
Gross Profit: ___________________________
Step 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