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Help with required 2 and 3C, thank you! Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses
Help with required 2 and 3C, thank you!
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic Inventory system 600 units $70 each 1,300 units 585 each 1,100 units 590 each Beginning inventory. January 1, 2021 Purchases: January 15 January 22 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 550 units 5110 each 950 units 5120 each 400 units $125 each 1,100 units Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021 16. Which method will result in the highest ending inventory balance? 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods 30. Assume that inventory costs were declining during January, The Inventory purchased on January 15 had a unit cost of $60, and the Inventory purchased on January 21 had a unit cost of $55. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2017 3b. Which method will result in the highest ending inventory balance? 36. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Reg 1A and 10 Req2 Reg JA and 30 Reg 3 Compute cost of goods sold for January and the ending Inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO Compute cost of goods sold for January and the ending Inventory using both the FIFO and LIFO methods. Reg 1A and 1B Reg 2 Req 3A and 3B Req 3C . Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO FIFO Cost per Cost of Goods # of units # of units Cost per Cost of # of units Cost per Available for Ending unit sold in ending unit Goods Sold unit Inventory Sale Inventory Beginning Inventory 600 $ 70 $ 42,000 600 $ 70 $ 42,000 0 $ 70 $ 0 Purchases: January 15 1,300 $ 85 110,500 1,300 $ 85 110,500 0 $ 85 0 January 21 1,100 $ 90 99,000 0 $ 90 0 1,100 $ 90 99,000 Total 3,000 $ 251,500 1,900 $ 152,500 1,100 $ 99,000 Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO LIFO Cost of Goods Cost per #of units of units Cost per Cost of # of units Cost per Available for unit Ending unit Goods Sold in ending Sale unit Inventory Inventory Beginning Inventory 600 $ 70 $ 42,000 0 $ 70 $ 0 $ 70 Purchases January 15 1.300 $ 85 110,500 $ 85 $ 85 January 21 1,100 $ 90 99,000 $ 90 $ 90 0 Total 3,000 $ 251,500 0 $ 0 0 sold $ OO Reg 1A and 16 Req 2 Reg 3A and 3B: Reg 30 Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Available for Sale Cost of Goods Sold - Periodic - FIFO FIFO Inventory Balance - Periodic FIFO FIFO: Cost of # of Cost per # of Goods Cost per # of units Cost of units Ending units Cost per unit Available for unit in ending sold Goods Sold unit Sale Inventory Inventory Beg. Inventory 600 $ 70.00 $ 42,000 $ 70.00 $ 70.00 $ 0 Purchases: January 15 1,300 60.00 78,000 60.00 60.00 0 January 21 1.100 55.00 60,500 55.00 0 55.00 Total 3,000 $ 180,500 0 $ 0 $ 0 Cost of Goods Available for Sale Cost of Goods Sold - Periodic -LIFO LIFO Inventory Balance - Periodic LIFO LIFO Cost of # of Cost per # of Goods Cost of # of units Cost per units Ending unit Available for units In ending unit sold Goods Sold unit Sale Inventory Inventory Beg. Inventory 600 $ 70.00 $ 42,000 $ 70.00 $ 70.00 $ 0 Purchases: January 15 1,300 60.00 78,000 60.00 60.00 0 January 21 1.100 55.00 60,500 55.00 0 55.00 Total 3,000 $ 180,500 0 $ 0 0 $ 0 Cost per Step by Step Solution
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