Applying and Analyzing Inventory Costing Methods At the beginning of the current period. Chen carried 1,000 units of its product with a unit cost of $15. A summary of purchases during the current period follows. During the period, Chen sold 2.800 units. Units Unit Cost Cost $15 $15,000 14 25.200 16 12,800 19 22,800 Beginning Inventory 1,000 Purchase #1 1,800 Purchase #2 800 Purchase #3 1,200 (a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period. Ending inventory balance s Cost of goods sold $ Use negative signs with answers, when appropriate. Transaction Record FIFO cost of goods sold S Balance Sheet Contributed Cash Asset + Assets - Liabilities + Capital Noncash $ Earned Capital Income Statement (b) Assume that Chen uses the last-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Ending inventory balance s Cost of goods sold Revenue Expenses. (d) Which of these three inventory costing methods would you choose to: 1. Reflect what is probably the physical flow of goods? OLIFOOFIFOOAverage Cost 2. Minimize income taxes for the period? OLIFOOFIFO OAverage Cost 3 Report the largest amount of income for the period?QUEOFIFO@Average Cost Net Income (c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance. (Hint: Round average cost per unit two decimal places prior to calculating the Ending inventory balance. Calculate the Cost of Goods Sold (CGS) as: (CGS-Cost of goods available for sale - Ending inventory balance.) Ending inventory balance s Cost of goods sold

eBook Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventor 890 $50 Purchased 610 52 Sold 400 $100 Sold 350 110 Ending inventory 750

The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?

Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).   Number of units Unit cost  Sales Beginning inventory 800 $ 50   purchased  600    52   Sold  400   $ 80 Sold 350      90 Ending inventory  650         Use this chart:  FIFO (perpetual) Inventory   Cost of Goods Purchased   Cost of Goods Sold   Cost of Inventory Remaining   Number of Units Unit Cost Total Cost   Number of Units Unit Cost Total Cost   Number of Units Unit Cost Total Cost Beginning                                               Purchase                                                                       Sale…

Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572

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Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 860 $60 Purchased 650 62 Sold 400 $100 Sold 350 110 Ending inventory 760 AVG (perpetual) Inventory Cost of Goods Sold Cost of Inventory Remaining Cost of Goods Purchased Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total COGS Total Purchases

Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units   Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60       Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40       Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31.   Round weighted-average cost per unit to two decimal places.  Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer   March 20 Weighted-average cost per unit Answer   Cost of goods sold Answer   March 31 Total cost of goods sold Answer   Ending inventory Answer

weighted average