yout References Mailings Review View 0 Problem #2: Inventory Calculation Below i

Question

yout References Mailings Review View 0 Problem #2: Inventory Calculation Below is the inventory information for Camping USA. DateExplanation 71 Beginning Inventory 77 Purchase 7/14 Purchase 7/27 Purchase Units Total cost | Unit Cost 35 43 10 110 S5 $7 S9 $15 $110 245 387 150 $892 Totals During July, 77 units were sold for $30 each. Calculate ending inventory and cost of goods sold using FIFO, LIFO and Average-cost. Round Average-cost to 2 decimal places. Show your work and answers on the homework sheet to turn-in.

Explanation / Answer

Unit Unit Cost Total 01-Jul Beginning Inventory 22 5.00 110 07-Jul Purchase 35 7.00 245 14-Jul Purchase 43 9.00 387 27-Jul Purchase 10 15.00 150 Totals 110 892 Units Sold 77 Ending Inventory 33 FIFO LIFO Average Cost Ending Inventory Value 357 187 267.6 Cost of Goods Sold 535 705 624.4 FIFO Calculations: LIFO Calculations: Units Sold 77 Units Sold 77 First In is First Out: Unit Unit Cost Total Last In is First Out: Unit Unit Cost Total Sold from Beg Inventory 22 5.00 110 Sold from 27.07 Purchase 10 15.00 150 Sold from 07.07 Purchase 35 7.00 245 Sold from 14.07 Purchase 43 9.00 387 Sold from 14.07 Purchase 20 9.00 180 Sold from 07.07 Purchase 24 7.00 168 (77-22-35) Total COGS 535 (77-10-43) Total COGS 705 Total Units Value 892 Total Units Value 892 Less: COGS 535 Less: COGS 705 Ending Inventory Value 357 Ending Inventory Value 187 l Average Cost: Units Sold 77 Calculation of Average Cost: Unit Unit Cost Total Totals 110 8.11 892 (892/110) Units Sold 77 8.11 624.4 Total Units Value 892 Less: COGS 624.4 Ending Inventory Value 267.6

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