FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Note that this was everything given for this particular item.
Use the information below to figure out what the Cost of Goods Sold is for the order placed for
- FIFO
- LIFO
- and Weighted Average Cost (Average Cost)
· Date |
Explanation |
Units |
Unit Cost |
Total Cost |
1/15/2021 |
Beginning Inventory |
10 |
$7 |
$70 |
2/2/2021 |
Purchase |
35 |
$8 |
280 |
2/28/2021 |
Purchase |
56 |
$9 |
504 |
5/15/2021 |
Purchase |
104 |
$10 |
1,040 |
9/30/2021 |
Purchase |
220 |
$11 |
2,420 |
Sales - 5 units for $1,300 (5 * 300)
Expert Solution
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Step 1
Inventory valuation is based on the flow of exemption used by the company. There are many methods for the valuation of inventory such as LIFO, FIFO, weighted average method, etc.
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- UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted averagearrow_forwardWhat is the beginning inventory? You left it blank. Direct Materials Conversion costs Beginning Inventory ? ? ? Add: Current costs 3798000 2160000 1638000 ($594000+$1044000) Total costs to account for (A) 3798000 2160000 1638000arrow_forwardCalculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventoryarrow_forward
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