Hi, can you double check my work and answer the last question (starts with Concluded: Periodic and Perpetual FIFO:) thank you in advance.
Using the following data, compute the value of the ending inventory and cost of goods sold under the inventory valuation methods indicated below. January 1 (Beginning Inventory) 10 units @ $15.00 per unit =$150.00 March purchase 50 units @ $18.00 per unit = 900.00 July purchase 25 units @ $20.00 per unit = 500.00 November purchase 15 units @ $21.00 per unit = 315.00 100 $1865.00 Sales took place as follows: 10 units sold in February 10 units sold in June 10 units sold in December 1. The number of units left in ending inventory at December 31 is: 70 2. Compute the ending inventory value and COGS under the following methods. Show all calculations clearly and round all unit costs to TWO decimals. PERPETUAL LIFO: Date Purchase Sale Balance Jan 1st 10 x 15 = $150 150 Feb 1st 10 x 15 = 150 March 1st 50 x 18 = 900 50 x 18 = 900 10 x 18 = 180 40 x 18 = 720 Jun 1st July 1st 25 x 20 = 500 40 x 18 = 720 25 x 20 = 500 40 x 18 = 720 Nov 1st 15 x 21 = 315 25 x 20 = 500 15 x 21 =315 Dec 1st 10 x 21 = 210 40 x 18 = 720 25 x 200 = 500 5x 21 = 105 Ending Inventory 40 x 18 = 720 25 x 20 = 500 5 x 21 = 105 = 1325 COGS: 10 x 21 = 210 PERIODIC LIFO Ending Inventory 10 x 15 = 150 50 x 18 = 900 10 x 20 = 200 = 1250 COGS 15 x 21 = 315 15 x 20 = 300 615 Using the following data, compute the value of the ending inventory and cost of goods sold under the inventory valuation methods indicated below. Where needed, round all calculations to two decimal points January 1 (Beginning Inventory) 10 units @ $15.00 per unit =$150.00 March purchase 50 units a $18.00 per unit = 900.00 July purchase 25 units @ $20.00 per unit = 500.00 November purchase 15 units a $21.00 per unit = 315.00 100 $1865.00 Sales took place as follows: 10 units sold in February 10 units sold in June 10 units sold in December MOVING AVERAGE METHOD: Date Purchase Sale Balance 10 x 15 =150 10 x 15= 150 Jan 1st Feb 1st March 1st 15 x 15 = 150 50 x 18 = 900 50 x 18 = 900 10 x 18 = 180 June 1st July 1st Nov 1st 25 x 20 = 500 40 x 18 = 720 65 x 18.77 = 1220 80 x 19.1875 = 1535 70 x 19.1875= 1343.12 15 x 21 = 315 Dec lst 10 x 19.1875= 191.875 Ending Inventory: 70 x 19.1875 = 1.343.125 COGS: 10 x 15 = 150 10 x 18 = 180 10 x 19.1875 - 191.875 WEIGHTED AVERAGE METHOD: Cost of goods / Units available = (150 - 900 = 500 +315)/(10+50 + 25 +15) = 1865 /100 = 18.65 Ending Inventory: 1865 - 559.5 - 1305.5 COGS: 30 x 18.65 = 559.5 Concluded Using the following data, compute the value of the ending inventory and cost of goods sold under the inventory valuation methods indicated below. Where needed, round all calculations to two decimal points January 1 (Beginning Inventory) March purchase July purchase November purchase 10 units @ 50 units @ 25 units a 15 units @ 100 $15.00 per unit =$150.00 $18.00 per unit = 900.00 $20.00 per unit = 500.00 $21.00 per unit = 315.00 S1865.00 Sales took place as follows: 10 units sold in February 10 units sold in June 10 units sold in December PERIODIC AND PERPETUAL FIFO: Ending Inventory: COGS
