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I am missing the LIFO entry for Jan 15th I believe: I am missing the LIFO Jan 15th entry I think: Please help with Req
I am missing the LIFO entry for Jan 15th I believe:
I am missing the LIFO Jan 15th entry I think:
Please help with Req 2 & Req 3C, please!! TY!!
Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? Assume that inventory costs were declining during January. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 and highest ending inventory balance? Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ FIFO: } & \multicolumn{3}{|c|}{\begin{tabular}{c} Cost of Goods Available for \\ Sale - FIFO \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{c} Cost of Goods Sold - Periodic \\ FIFO \end{tabular}} & \multicolumn{3}{|c|}{ Inventory Balance - Periodic FIFO } \\ \hline & \begin{tabular}{l} Number \\ of units \end{tabular} & \begin{tabular}{l} Cost \\ per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \begin{tabular}{l} Number \\ of units \\ sold \end{tabular} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{l} Number \\ of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,250 & $ & $112,500 & 1,250$ & $90.00 & $112,500 & & $90.00 & $ \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline January 15 & 2,600 & 80.00 & 208,000 & 2,600 & 80.00 & 208,000 & & 80.00 & 0 \\ \hline January 21 & 2,400 & 75.00 & 180,000 & & 75.00 & 0 & 2,400 & 75.00 & 180,000 \\ \hline \multirow[t]{2}{*}{ Total } & 6,250 & & $500,500 & 3,850 & & $320,500 & 2,400 & & $180,000 \\ \hline & \multicolumn{3}{|c|}{\begin{tabular}{c} Cost of Goods Available for \\ Sale - LIFO \end{tabular}} & \multicolumn{3}{|c|}{\begin{tabular}{l} Cost of Goods Sold - Periodic \\ LIFO \end{tabular}} & \multicolumn{3}{|c|}{ Inventory Balance - Periodic LIFO } \\ \hline LIFO: & \begin{tabular}{l} Number \\ of units \end{tabular} & \begin{tabular}{l} Cost \\ per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \begin{tabular}{l} Number \\ of units \\ sold \end{tabular} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{|l} Number \\ of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,250 & \begin{tabular}{l} $ \\ 90.00 \end{tabular} & $112,500 & & $90.00 & & 12,500s & $90.00 & $1,125,000 \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline January 15 & 2,600 & 80.00 & 208,000 & & 80.00 & & & 80.00 & 0 \\ \hline January 21 & 2,400 & 75.00 & 180,000 & 2,400 & 75.00 & 180,000 & & 75.00 & \\ \hline Total & 6,250 & & $500,500 & 2,400 & & $180,000 & 12,500 & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Req 1A and 1B & Req 2 Req 3A and 3B & Req 3C \\ \hline \end{tabular} Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{FIFO} & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold - Periodic FIFO } & \multicolumn{3}{|c|}{ Ending Inventory - Periodic FIFO } \\ \hline & \multirow{2}{*}{\begin{tabular}{|r} \begin{tabular}{c} Number \\ of units \end{tabular} \\ 1,250 \end{tabular}} & \multirow{2}{*}{\begin{tabular}{|l|} \begin{tabular}{l} Cost \\ per \\ unit \end{tabular} \\ $90 \\ \end{tabular}} & \begin{tabular}{l} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \multirow{2}{*}{\begin{tabular}{|c|} \begin{tabular}{c} Number \\ of units \\ sold \end{tabular} \\ 1,250 \\ \end{tabular}} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & & \multirow[t]{2}{*}{\begin{tabular}{l} Number \\ of units \\ in ending \\ inventory \end{tabular}} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & & & $112,500 & & 90 & & & 90 & $ \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline January 15 & 2,600 & $105 & 273,000 & 2,600 & 105 & 273,000 & & 105 & 0 \\ \hline January 21 & 2,400 & $110 & 264,000 & & 110 & 0 & 2,400 & 110 & 264,000 \\ \hline Total & 6,250 & & $649,500 & 3,850 & & $385,500 & 2,400 & & $264,000 \\ \hline & \multicolumn{3}{|c|}{ Cost of Goods Available for Sale } & \multicolumn{3}{|c|}{ Cost of Goods Sold - Periodic LIFO } & \multicolumn{3}{|c|}{ Ending Inventory - Periodic LIFO } \\ \hlineLIFO & \begin{tabular}{l} Number \\ of units \end{tabular} & \begin{tabular}{l} Cost \\ per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Available \\ for Sale \end{tabular} & \begin{tabular}{l} Number \\ of units \\ sold \end{tabular} & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{c} Cost of \\ Goods \\ Sold \end{tabular} & \begin{tabular}{c} Number \\ of units \\ in ending \\ inventory \end{tabular} & \begin{tabular}{c} Cost \\ per unit \end{tabular} & \begin{tabular}{l} Ending \\ Inventory \end{tabular} \\ \hline Beginning Inventory & 1,250 & $90 & $112,500 & & 90 & $ & 1,250 & 90 & $112,500 \\ \hline \multicolumn{10}{|l|}{ Purchases: } \\ \hline January 15 & 2,600 & $105 & 273,000 & & 105 & & & 105 & \\ \hline January 21 & 2,400 & $110 & 264,000 & 2,400 & 110 & 264,000 & & 110 & 0 \\ \hline Total & 6,250 & & $649,500 & 2,400 & & $264,000 & 1,250 & & $112,500 \\ \hline \end{tabular} Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Required: 1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024 ? 1b. 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. 3a. Assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $80, and the inventory purchased on January 21 had a unit cost of $75. All other information is the same. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2024? 3b. Which method will result in the highest ending inventory balance? 3c. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methodsStep by Step Solution
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