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Date Explanation Units Unit Cost Total Cost 1-Jan Inventory 250 $ 12.00 $ 3,000.00 15-Feb Purchases 155 $ 13.50 $ 2,092.50 12-Apr Purchases 260 $
Date | Explanation | Units | Unit Cost | Total Cost | ||||
1-Jan | Inventory | 250 | $ 12.00 | $ 3,000.00 | ||||
15-Feb | Purchases | 155 | $ 13.50 | $ 2,092.50 | ||||
12-Apr | Purchases | 260 | $ 13.90 | $ 3,614.00 | ||||
5-May | Sale | 490 | ||||||
3-Jun | Purchases | 200 | $ 15.75 | $ 3,150.00 | ||||
Purchased | 865 | Total Cost | $ 11,856.50 | |||||
Sold | 490 | |||||||
End. inventory | 375 |
(b) | Determine (1) the ending inventory and (2) the cost of goods sold under each of the | |||
assumed cost flow methods (FIFO, LIFO and average cost). |
FIFO | ||||||
(1) Ending Inventory - FIFO | ||||||
Date | Units | Unit Cost | Total Cost | |||
(2) Cost of Goods Sold - FIFO | ||||||
Date | Units | Unit Cost | Total Cost | |||
LIFO | ||||||
(1) Ending Inventory - LIFO | ||||||
Date | Units | Unit Cost | Total Cost | |||
(2) Cost of Goods Sold - LIFO | ||||||
Date | Units | Unit Cost | Total Cost | |||
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SOLUTION b Determine the ending inventory and cost of goods sold under each of ...Get Instant Access to Expert-Tailored Solutions
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