A company reported the following April purchased and sales data for its only pro

Question

A company reported the following April purchased and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using: Specific Identification FIFO LIFO Weighted average For specific identification, ending inventory consists of 3 units: 2 from beginning inventory and 1 from the purchase on April 8^th. Soapy Suds Company has the folowing in 2015: Compute Patrick Company's Inventory Turnover & Days' sale in inventory.

Explanation / Answer

Note: Weighted Average is calculated by summing up all cost dividing by total purchase qty.

There is some clerical error in question 12 units@ $5 should be $60 and it is taken correctly.

1 Specific Identification Inventory Left 2 3 6 1 4 4 Unit 3 $ 10 Cost of Goods Sold $ 135- $ 10 = $125 2 FIFO Inventory left should be from purchase of Apr 30 so 3 6 $ 18 Cost of Goods Sold $ 135- $ 18 = $117 3 LIFO Inventory left should be from purchase of Apr 19 so 3 5 $ 15 Cost of Goods Sold $ 135- $ 15 = $120 4 Weighted Average Inventory Left 3 4.82 14.46 Cost of Goods Sold 25 4.82 120.54

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.