lowing for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?

lowing for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1 700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:
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Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. July 1 July 5 Units Unit Cost Beginning Inventory 2,700 $ 47 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 July 27 Purchased Sold 8,700 57 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. Beginning Inventory Purchases July 13 FIFO (Perpetual) Units Cost per Unit Total $ 0 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units…
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I need number 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
Howsham Ltd. reports the following for the month of June. Date Explanation Units Unit Cost June 1 Inventory 200 E5 12 Purchase 300 6 23 Purchase 500 7 30 Inventory 160 Periodic Inventory System The cost of the ending inventory The cost of goods sold Perpetual Inventory System The cost of the ending inventory The cost of goods sold $ 4 S 4 FIFO €1,120 £5,180 t FIFO £1,120 £5,180 eTextbook and Media Total Cost Indicate how the results differ between the two inventory systems? €1.000 1.800 3,500 B / VT, TI = = = JE AVERAGE-COST £1,008 £5,292 MOVING-AVERAGE COST £1,083 €5,217 Why is the average unit cost not £6 ((E5+£6+ £7)+3-£6]? Oword(s)