example provided
Below is a summary of the beginning inventory and purchases. A physical count revealed that there were 3,300 units on hand. Use periodic inventory procedure. 2,100 units at $5.50 Inventory, 1/1 Purchases: February 10 May 4 August 21 November 8 950 units at $5.70 1,650 units at $5.60 1,100 units at $5.40 1,400 units at $5.80 Required: a. (Show your work using the templates provided for chapter 7 HW) Calculate the ending inventory and cost of goods sold using the FIFO method. b. Calculate the ending inventory and cost of goods sold using the LIFO method. Calculate the ending inventory and cost of goods sold using the weighted average method. C. E F H Sales Unit Cost 4 5 6 7 Purchases Unit 6,000 02 18,000 D 12,000 6,000 @ January 5 March 31 August 12 December 26 $9.00 10.80 @ Beg January 10 April 2 August 22 December 24 Unit 4,000 15,000 16,000 3,000 CP Unit Cost $14.40 16.20 18.00 19.80 13,50 14.40 COGAS 43,200 5-Jan 54,000 31-Mar 194,400 12-Aug 162,000 26-Dec 86,400 540,000 0 @ 1 2 Compute the gross margin earned on sales of this product for 2019 Repeat parta, assuming that the December 25 purchase was made in January of 2020 Recompute the gross margin assuming that 10,000 rather than 6.000 units were purchased on December 26 at the same cost per unit Solve parts a b, and using the FIFO method 3 C d LIFO FIFO a) Date Units 10-Jan 2-Apr 22 Aug 24-Dec Unit Cost Total Unit Amt 4000 $ 14.40 $ 57,600 15000 $ 16.20 $ 243,000 16000 18.00 $ 288,000 3000 $ 19.80 S 59,400 d-a) Date Units 10-Jan 2-Apr 22-Aug 24-Dec Unit Cost Total Unit Amt 4000 $ 14.40 $ 57,600 15000 $ 16.20 $ 243,000 16000 $ 18.00 $ 288,000 3000 $ 19.80 $ 59,400 Sales Revenue $ $ 648.000 Sales Revenue Date $ Units 26-Dec 12 Aug 31-Mar 5-Jan Unit Cost Total Unit Amout 6000 $ 14.40 S 86,400 12000 $ 13.50 $ 162,000 18000 $ 10.80 $ 194,400 2000 S 9.00 $ 18,000 $ Date Units 1-Jan 5-Jan 31-Mar 12-Aug COGS Unit Cost Total Unit Amt 3000 $ 14.40 $ 43,200 6000 $ 9.00 S 54,000 18000 $ 10.80 $ 194,400 11000 $ 13.50 $ 148,500 COGS 460,800 a. Cost of Goods Available for Sale Date Description Units 1-Jan Product of MLN - Beg Inv. 20-Feb Product MLN purchased feb 20 5-May Product MLN purchased May 5 12-Aug Product MLN purchased Aug 12 8-Dec Product MLN purchased dec 8 Unit Cost Total Cost 200 $ 8 $ 1,600 700 $ 9 $ 6,300 500 $ 10 $ 5,000 400 $ 11 $ 4,400 100 $ 12 $ 1,200 Total 1900 $ 18,500 Units FIFO Cost of Goods Sold Date Description 1-Jan Product MLN - Beg Inv. 20-Feb Product MLN purchased feb 20 5-May Product MLN purchased may 5 Unit Cost Total Cost 200 $ 8 $ 1,600 700 $ 9 $ 6,300 500 $ 10 $ 5,000 Total 1400 $ 12,900 Ending Inventory 500 $ 5,600 Ending Inventory Detail Date Description Units Unit Cost Total Cost 12-Aug Product MLN purchased aug 12 400 $ 11 $ 4,400 8-Dec Product MLN purchased dec 8 100 $ 12 $ 1,200 Question 6 Question 7 Q 8. Cost Flow Method Template
