using FIFO

using LIFO

Exercise 6-4B Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 41 121 191 101 454 Unit Cost $ 33 35 38 39 Total Cost $ 1,353 4, 235 7,258 3,939 $16,785 For the entire year, the company sells 410 units of inventory for $51 each. Exercise 6-4B Part 1 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Gande Cost of Cnet nar Caet nar Endine Required information 1. Using riro, calculate ending inventory, cost or yoous soia, sales revenue, ana gross pronu FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory +# of units Cost per unit # of units Cost of Goods Available for Sale $ 1,353 Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 41 $ 33 41 $ 33 $ 1,353 Beginning Inventory Purchases: Apr. 7 121 $ 35 121 35 $ $ 4,235 7,258 Jul. 16 191 $ 38 191 38 4,235 7,258 3,939 16,785 101 $ 39 $ 39 0 Oct.6 Total 454 $ Sales revenue Gross profit S Required information 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost per # of units Cost of Goods Sold # of units Cost of Goods Available for Sale $ 0 Ending unit Cost per unit Inventory Beginning Inventory Purchases: Apr 07 Jul 16 0 0 Oct 06 0 5 Total 0 $ 0 Sales revenue Gross profit COP Check my work Required information 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.) 3 Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory Weighted Average Cont Weighted Average Cost of units Cost per unit Cost of Goods Available for # of units Sold Sale Cost per Unit Cost of Goods Sold # of units in Ending Inventory Cost per unit Ending Inventory 41 $ 1,353 Beginning Inventory Purchases: Apr 07 121 191 101 454 Jul 16 Oct 06 Total 4.235 7,258 3,939 16,785 * $ Sales revenue S