1. BE.06-02.ALGO (Algorithmic) Perpetual Inventory Using FIFO Beginning inventor
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Question
1. BE.06-02.ALGO (Algorithmic) Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows Oct. 1 Inventory 70 units @ $24 7 Sale 46 units 15 Purchase 59 units $27 24 Sale 32 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 $ b. Inventory on October 31 2. BE.06-03.ALGO (Algorithmic) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows Mar. 1 Inventory 86 units $35 8 Sale 69 units 15 Purchase 95 units $37 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31 a. Cost of goods sold on Mar. 27 $ b. Inventory on Mar. 31 3. .06-04 Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows Oct. 1 Inventory 300 units at $8 13 Sale 22 Purchase 375 units at $10 29 Sale 175 units 280 units a. Assuming a perpetual inventory system and using the weighted average cost method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.Explanation / Answer
1. FIFO Method COGS & Inventory Value
Cost of Goods Sold = Sale on Oct 7 * $24 + Sale on Oct 24 * $24 + Sale on Oct 24 * $27
Cost of Goods Sold = 46 * $24 + 24 * $24 + 8 * $27
Cost of Goods Sold = $1896
Inventory Value on Oct 31 = (Purchase on Oct 15 – Units Sold) * $27
Inventory Value on Oct 31 = (59 – 8) * $27
Inventory Value on Oct 31 = $1377
2. LIFO Method COGS & Inventory Value
Cost of Goods Sold = Sale on Mar 8 * $35 + Sale on Mar 27 * $37
Cost of Goods Sold = 69 * $35 + 80 * $37
Cost of Goods Sold = $5375
Inventory Value on Oct 31 = 17 * $35 + 15 * $37
Inventory Value on Oct 31 = $1150
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