Question
The inventory record for a particular item for 2022 appears below. Inventory, January 1, 2022 Purchases: 20,000 @$0.20 $4,000 March 2 April 30 4,000 @
The inventory record for a particular item for 2022 appears below.
Inventory, January 1, 2022
Purchases:
20,000
@$0.20
$4,000
March 2
April 30
4,000
@ $0.24
$ 960
June 15
3,000
@ 50.28
840
September 30
6,000
2,000
@ $0.32
1,920
December 15
1,000
@ $0.26
@ $0.20
520
200
Total purchases
16,000
$4,440
Total available for sale
36,000
$8,440
Units sold
28,000
A) The cost of goods sold for 2022 under FIFO is:
B) The cost of goods sold for 2022 under LIFO is:
C) The cost of goods sold for 2022 under weighted-average cost-flow assumption is (rounded to the nearest dollar):
The inventory record for a particular item for 2022 appears below.
| Inventory, January 1, 2022 |
|
|
|
| Purchases: | 20,000 | @$0.20 | $4,000 |
| March 2 |
|
|
|
| April 30 | 4,000 | @ $0.24 | $ 960 |
| June 15 | 3,000 | @ 50.28 | 840 |
| September 30 | 6,000 2,000 | @ $0.32 | 1,920 |
| December 15 | 1,000 | @ $0.26 @ $0.20 | 520 200 |
| Total purchases | 16,000 |
| $4,440 |
| Total available for sale | 36,000 |
| $8,440 |
| Units sold | 28,000 |
|
|
A) The cost of goods sold for 2022 under FIFO is:
B) The cost of goods sold for 2022 under LIFO is:
C) The cost of goods sold for 2022 under weighted-average cost-flow assumption is (rounded to the nearest dollar):
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Financial Accounting The Impact On Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
6th Edition
0324655231, 978-0324655230
