Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please finish the rest of the FIFO part and part C LIFO. Please show work on how you got your calculations. I'm stuck on the
Please finish the rest of the FIFO part and part C LIFO. Please show work on how you got your calculations. I'm stuck on the FIFO part shown below.
Requirement Compute Chris Tinsley's ending inventory and cost of goods sold under each of the following cost-flow methods assuming that the company uses a perpetual inventory system (round your answer for cost per unit to two decimal places): a. Moving Average b. FIFO c. LIFO Sales in Units Units Unit Cost Total Cost $ 23 S 345,000 15,000 24 27,000 18.800 648,000 507,600 27 60.800 $ 1.500,600 Transaction Beginning inventory 1/1 Purchases February 8 March 15 Subtotal Units Sold - April 2 at $44 April 30 July 15 Subtotal Units Sold - September 1 at $52 November 9 48,000 38,500 12,000 34 1,309,000 35 420,000 $ 3,220,800 111.300 28,500 36,000 32 1,152,000 $ 4,381.600 Total available for sale Total units sold 147.300 (76,500) 70.800 Ending inventory Requirement b. Compute Chris Tinsley's ending inventory and cost of goods sold under the FIFO cost-flow method assuming that the company uses a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.) FIFO: CGS per Units Sold Unit CGS Units Unit Total Purchased Cost Cost 15,000 $23.00 $ 345,000 27,000 24.00 648,000 Inventory Balance 345,000 Transaction Beginning inventory Purchase - February 8 Purchase - March 15 Sale - April 2 993,000 18,800 27.00 507,600 1,500,000 15,000 $23.00 27,000 24.00 27.00Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started