There are 220 units of the item in the physical inventory at December 31. The pe

Question

There are 220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, Cb) the last-in, first-out method, and (c) the weighted average cost method EX 6-13 The units of an item available for sale during the year were as follows: Periodic inventory by three methods; cost of merchandise sold 0BJ.2,4 Jan. 1 Mar. 10 Aug. 30 Dec. 12 Inventory Purchase Purchase Purchase 90 units at $54 112 units at $55 100 units at $58 98 units at $60 There are 104 units of the item in the physical inventory at December 31. The inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form: Cost Merchandise Sold Inventory Method a. First-in, first-out b. Last-in, first-out c. Weighted average cost Merchandise Inventory sume that a firm separately determined inventory under FIFO and LIFO an mpared the results. X6-14 Comparing inventory methods lous nlace the correct sign less than (

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 90 54 4860 90 54 4860 Purchasse 10-Mar 112 55 6160 112 55 6160 30-Aug 100 58 5800 94 58 5452 6 58 348 12-Dec 98 60 5880 98 60 5880 TOTAL 400 22700 296 16472 104 6228 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 90 54 4860 90 54 4860 Purchasse 10-Mar 112 55 6160 98 55 5390 14 55 770 30-Aug 100 58 5800 100 58 5800 12-Dec 98 60 5880 98 60 5880 TOTAL 400 22700 296 17070 104 5630 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 $ 1-Jan 90 54 4860 Purchasse 10-Mar 112 55 6160 30-Aug 100 58 5800 12-Dec 98 60 5880 TOTAL 400 56.75 22700 296 56.75 16798 104 56.75 5902 Ending Inv. COGS FIFO 6228 16472 LIFO 5630 17070 Average 5902 16798

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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