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in the last acco 82 CHAPTER 2 The Balese Slove 2.14 Tuckers Technology had the following goods available for sale in period 100 units 55 140 units @57 200 units 58 160 units es 8.50 Beginning inventory Purchases in order from first so last nits. Sales for the period wees he end of the accoun a) Compute the inventory balance and the cost of goods sold at the end of the ing period using average cost. FIFO, and LIRO. h) which method shows the highest ending inventory? Which method shows the highest cost of goods sold? d) Explain why ending inventory and cost of goods sold inter under the three meth of inventory valuation 2.15. The FLAC Corporation sells a single product. The following is information on invento purchase, and sales for the current year Number of Units Unit Cost Sale Price Inventory January 1 10,000 $3.00 Purchase January 10 4.000 3.50 January 1-March 31 Sales 8.000 $5.00 April 25 Purchase 10.000 April 1-June 30 Sales 11.000 5.50 July 10 Purchase 6.00 July 1-September 30 Sales 3.000 6.00 October 15 Purchase 8.000 October 1-December 31 Sales 9100 6.50 (a) Compute the inventory balance and the cost of goods sold expense reported at the end of the year using the following methods FIFO, LIFO, and average cost (b) Discuss the effect of each method on the balance sheet and income statement during periods of inflation 2.16. The following information is available for Chemco Ind's inventories as of June 30, 2015: in Thousands) 2015 2014 Finished goods Work in process Raw materials and supplies Inventories at current cost Less LIFO valuation Total inventories $382.925 76,524 72,246 531,695 183,829) 5447,856 $303,249 60,588 49,514 413,681 158,365) $325,313 We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June 30, 2015 and 2014, respectively. (a) What method of inventory is used for the other 60% and 56% of total inventories? (b) Explain the meaning of each of the numbers listed in the table. A 2019 e. Compute the inventory balance at the end of the accounting period using LIFO. f. Compute the cost of goods sold at the end of the accounting period using LIFO. g. Answer the multiple-choice question of which method produced the highest ending inventory h. Answer the multiple-choice question of which method produced the highest cost of goods sold, in the last acco 82 CHAPTER 2 The Balese Slove 2.14 Tuckers Technology had the following goods available for sale in period 100 units 55 140 units @57 200 units 58 160 units es 8.50 Beginning inventory Purchases in order from first so last nits. Sales for the period wees he end of the accoun a) Compute the inventory balance and the cost of goods sold at the end of the ing period using average cost. FIFO, and LIRO. h) which method shows the highest ending inventory? Which method shows the highest cost of goods sold? d) Explain why ending inventory and cost of goods sold inter under the three meth of inventory valuation 2.15. The FLAC Corporation sells a single product. The following is information on invento purchase, and sales for the current year Number of Units Unit Cost Sale Price Inventory January 1 10,000 $3.00 Purchase January 10 4.000 3.50 January 1-March 31 Sales 8.000 $5.00 April 25 Purchase 10.000 April 1-June 30 Sales 11.000 5.50 July 10 Purchase 6.00 July 1-September 30 Sales 3.000 6.00 October 15 Purchase 8.000 October 1-December 31 Sales 9100 6.50 (a) Compute the inventory balance and the cost of goods sold expense reported at the end of the year using the following methods FIFO, LIFO, and average cost (b) Discuss the effect of each method on the balance sheet and income statement during periods of inflation 2.16. The following information is available for Chemco Ind's inventories as of June 30, 2015: in Thousands) 2015 2014 Finished goods Work in process Raw materials and supplies Inventories at current cost Less LIFO valuation Total inventories $382.925 76,524 72,246 531,695 183,829) 5447,856 $303,249 60,588 49,514 413,681 158,365) $325,313 We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June 30, 2015 and 2014, respectively. (a) What method of inventory is used for the other 60% and 56% of total inventories? (b) Explain the meaning of each of the numbers listed in the table. A 2019 e. Compute the inventory balance at the end of the accounting period using LIFO. f. Compute the cost of goods sold at the end of the accounting period using LIFO. g. Answer the multiple-choice question of which method produced the highest ending inventory h. Answer the multiple-choice question of which method produced the highest cost of goods sold