Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balan
ID: 2512958 • Letter: D
Question
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Compute FIFO, LIFO, Average for the periodic inventory system. Be sure to do a summary table and a partial income statement through gross profit for the inventory valuation method and inventory system.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Sales Price
Total
7/1
Balance
100
4.10
410
7/6
Purchase
800
4.20
3,360
7/7
Sale
300
7.00
2,100
7/10
Sale
300
7.30
2,190
7/12
Purchase
400
4.50
1,800
7/15
Sale
200
7.40
1,480
7/18
Purchase
300
4.60
1,380
7/22
Sale
400
7.40
2,960
7/25
Purchase
500
4.58
2,290
7/30
Sale
200
7.50
1,500
Totals
2,100
9,240
1,400
10,230
Explanation / Answer
Answers
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
100
4.1
410
100
4.1
410
0
4.1
0
Purchases:
06-Jul
800
4.2
3360
800
4.2
3360
0
4.2
0
12-Jul
400
4.5
1800
400
4.5
1800
0
4.5
0
18-Jul
300
4.6
1380
100
4.6
460
200
4.6
920
25-Jul
500
4.58
2290
4.58
0
500
4.58
2290
TOTAL
2100
9240
1400
6030
700
3210
Income Statement
Sales
Units
Rate
Amount
Jul-07
300
7
2100
Jul-10
300
7.3
2190
Jul-15
200
7.4
1480
Jul-22
400
7.4
2960
Jul-30
200
7.5
1500
Total
1400
$10230
(-) CoGS
1400
6030
Gross Profit
$4200
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
100
4.1
410
0
4.1
0
100
4.1
410
Purchases:
06-Jul
800
4.2
3360
200
4.2
840
600
4.2
2520
12-Jul
400
4.5
1800
400
4.5
1800
0
4.5
0
18-Jul
300
4.6
1380
300
4.6
1380
0
4.6
0
25-Jul
500
4.58
2290
500
4.58
2290
0
4.58
0
TOTAL
2100
9240
1400
6310
700
2930
Income Statement
Sales
Units
Rate
Amount
Jul-07
300
7
2100
Jul-10
300
7.3
2190
Jul-15
200
7.4
1480
Jul-22
400
7.4
2960
Jul-30
200
7.5
1500
Total
1400
$10230
(-) CoGS
1400
6310
Gross Profit
$3920
Average Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
100
4.1
410
Purchases:
06-Jul
800
4.2
3360
12-Jul
400
4.5
1800
18-Jul
300
4.6
1380
25-Jul
500
4.58
2290
TOTAL
2100
$4.4 [9240/2100]
$9240
1400
4.4
$6160
700
4.4
$3080
Income Statement
Sales
Units
Rate
Amount
Jul-07
300
7
2100
Jul-10
300
7.3
2190
Jul-15
200
7.4
1480
Jul-22
400
7.4
2960
Jul-30
200
7.5
1500
Total
1400
$10230
(-) CoGS
1400
$6160
Gross Profit
$4070
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
100
4.1
410
100
4.1
410
0
4.1
0
Purchases:
06-Jul
800
4.2
3360
800
4.2
3360
0
4.2
0
12-Jul
400
4.5
1800
400
4.5
1800
0
4.5
0
18-Jul
300
4.6
1380
100
4.6
460
200
4.6
920
25-Jul
500
4.58
2290
4.58
0
500
4.58
2290
TOTAL
2100
9240
1400
6030
700
3210
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