6-19A (sImilar to) Al August 31, 8 of these programs are on hand . Compute cost

Question

6-19A (sImilar to) Al August 31, 8 of these programs are on hand . Compute cost of goods sold and ending inventory, unsing each of tho tolowing methods a. Specific unit cost, with two $150 units and silk $160 units sitl on hand at the end b. Average cost c. First-in, irst-out d. Last-in, first-out Requirement 1.Compute cost of goods sold and ending inventory, using each of the following four Inventory methods Begin by entering the number of units sold and number of units in ending inventory Then calculate cost of goods sold and ending nvestory uning (ol) specilc unit cost theon tb) eragy cest twen io) iFO and huily ie uro (Round the average cost per unit to the nearest cent Round all Sinal answers to the nearest whole dolilar) Number Data Table of units Cost of goods sold Enter any number in the edt felds and then click Check Answer 7 5 unts @ 151 5 755 15 Purchase 26 Purchase Type here to search

Explanation / Answer

Req 1: Units of Goods sold: Beginning inventory units 4 Purchases 16 Ending inventory units 8 Sold unints 12 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Aug 1 Bal 4 150 600 4 150 600 Purchasse 15-Aug 5 151 755 5 151 755 26-Aug 11 160 1760 3 160 480 8 160 1280 TOTAL 20 3115 12 1835 8 1280 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Aug 1 Bal 4 150 600 4 150 600 Purchasse 15-Aug 5 151 755 1 151 151 4 151 604 26-Aug 11 160 1760 11 160 1760 TOTAL 20 3115 12 1911 8 1204 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Aug 1 Bal 4 150 600 Purchasse 15-Aug 5 151 755 26-Aug 11 160 1760 TOTAL 20 155.75 3115 12 155.75 1869 8 155.75 1246 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Aug 1 Bal 4 150 600 2 150 300 2 150 300 Purchasse 15-Aug 5 151 755 5 151 755 26-Aug 11 160 1760 5 160 800 6 160 960 TOTAL 20 3115 12 1855 8 1260 COGS ENDING INV. Specific 1855 1260 Average 1869 1246 FIFO 1835 1280 LIFO 1911 1204

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