Date Event Quantity Unit cost Amount Dec.1 Beginning inventory 4units $3 $12 Dec
ID: 2460407 • Letter: D
Question
Date
Event
Quantity
Unit cost
Amount
Dec.1
Beginning inventory
4units
$3
$12
Dec.5
Purchase
6units
$5
$30
Dec.8
Sale
(4units)
Dec.17
Purchase
2units
$6
$12
Dec.20
Sale
(3units)
Dec.22
Purchase
1unit
$8
$8
5. If the company uses a periodic System with LIFO costing, cost of goods sold for the month would be:
a. $22 b.$25 c. $37 d. $40 e. none of the above
6. If the company uses a Physical (periodic) System with LIFO costing, ending inventory would be:(Round your answer to the nearest penny.)
a. $22 b.$25 c.$37 d.$40 e. none of the above
7. If the company uses a Perpetual System with FIFO costing, cost of goods sold for the month would be: (Round your answer to the nearest penny.)
a. $22 b. $27 c. $35 d. $37 e. none of the above
8. If the company uses a Perpetual System with FIFO costing, ending inventory would be: (Round your answer to the nearest penny.)
a. $22 b. $27 c. $35 d. $37 e. none of the above
Date
Event
Quantity
Unit cost
Amount
Dec.1
Beginning inventory
4units
$3
$12
Dec.5
Purchase
6units
$5
$30
Dec.8
Sale
(4units)
Dec.17
Purchase
2units
$6
$12
Dec.20
Sale
(3units)
Dec.22
Purchase
1unit
$8
$8
Explanation / Answer
5 COGS under LIFO (Periodic) : (1*8)+(2*6)+(4*5)= $ 40.00 6 Ending Inventory under LIFO (Physical Periodic) : (2*5)+(4*3)= $ 22.00 7 COGS under fIFO (Perpetual) : (3*5)+(4*3)= $ 27.00 8 Ending Inventory under FIFO (Perpetual) : (3*5)+(2*6)+(1*8)= $ 35.00
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