S-241/ Secure https://newconnect.mheducation.com/flow/connectihtm (graded) Sylla

Question

S-241/ Secure https://newconnect.mheducation.com/flow/connectihtm (graded) Syllabus Spring 2018-F G world agri Exercise 6-14A Periodic: Cost flow assumptions LO P3 Lopez Company ending inventory consists reported the following current-year data for its only product. The company uses a periodic inventory system. a of 540 units-180 from each of the last three purchases Jan. 2 Mar.2 Purchase Jaly 28 Purchase Oct. 3 Purchase Dec: 29 Purchase 28e units &$. 28$1,456 6ee units $6.25375e :.:.: 7,068 1 Beginning inventory 1,24eunits.e ss.ze 648 units $6.1994 lotals 3,888 units Determine the cost assigned to ending inventory and to cost of goods sold for the foltoing. tDo not and round your answers to 2 decimst pisces.) round imermediate celcutartlons Inventory Solc eS d LIFo Which metsod e f thellighest metnome

Explanation / Answer

Specific Identification ending invnetory 28-Jul 180 5.7 = 1026 3-Oct 180 6 = 1080 19-Dec 180 6.1 = 1098 total 3204 cost of ending inventory 1-Jan 280 5.2 = 1456 7-Mar 600 6.25 = 3750 28-Jul 1060 5.7 = 6042 3-Oct 940 6 = 5640 19-Dec 460 6.1 = 2806 total 19694 b) Weighted average 1-Jan 280 5.2 = 1456 7-Mar 600 6.25 = 3750 28-Jul 1240 5.7 = 7068 3-Oct 1120 6 = 6720 19-Dec 640 6.1 = 3904 total 3880 22898 weighted average cost per unit = 22898/3880 5.901546 ending inventory = 540*5.901546= 3187 cost of goods sold =3340*5.901546= 19711 c) FIFO cost of goods sold 1-Jan 280 5.2 = 1456 7-Mar 600 6.25 = 3750 28-Jul 1240 5.7 = 7068 3-Oct 1120 6 = 6720 19-Dec 100 6.1 = 610 total 3340 19604 Ending inventory = 540*6.1= 3294 d) LIFO cost of goods sold 7-Mar 340 6.25 = 2125 28-Jul 1240 5.7 = 7068 3-Oct 1120 6 = 6720 19-Dec 640 6.1 = 3904 total 3340 19817 ending inventory 1-Jan 280 5.2 = 1456 7-Mar 260 6.25 = 1625 3081 ending Cost of inventory goods sold a) Sepcific identification 3204 19694 b) Weighted average 3187 19711 c) FIFI 3294 19604 d) LIFO 3081 19817 FIFO -highest income

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