urel Corporation\'s records showed the following transactions, in order of seque
ID: 2555564 • Letter: U
Question
urel Corporation's records showed the following transactions, in order of sequence, for an inventory item that it sells. LAUREL CORPORATION INVENTORY TRANSACTIONS FOR SINGLE INVENTORY ITEM Transaction Number Units Unit Cost 5.00 5.50 Description Beginning Inventory Purchase Sale Purchase Sale Purchase 400 S 600 700 900 800 200 5.70 5.80 REQUIRED: Compute the ending inventory amount and the cost of goods sold amount, using the above data, for each of the following inventory cost flow assumptions. (1) LIFO perpetual. (2) FIFO periodic. (3) Weighted average perpetual (moving average).Explanation / Answer
1.LIFO METHOD INVENTORY SCHEDULE
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
1
400
5
2000
2
600
5.50
3300
400
5
2000
600
5.50
3300
3
600
5.50
3300
300
5
1500
100
5
500
4
900
5.70
5130
300
5
1500
900
5.70
5130
5
800
5.70
4560
300
5
1500
100
5.7
570
6
200
5.8
1160
300
5
1500
100
5.7
570
200
5.8
1160
TOTAL
8360
3230
Cost of goods sold = $ 8360
Ending Inventory = $ 3230
2.FIFO METHOD INVENTORY SCHEDULE
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
1
400
5
2000
2
600
5.50
3300
400
5
2000
600
5.50
3300
3
400
5
2000
300
5.5
1650
300
5.5
1650
4
900
5.70
5130
300
5.5
1650
900
5.70
5130
5
300
5.5
1650
400
5.7
2280
500
5.7
2850
6
200
5.8
1160
400
5.7
2280
200
5.8
1160
TOTAL
8150
3440
Cost of goods sold = $ 8150
Ending Inventory = $ 3440
3.WEIGHTED AVERAGE INVENTORY SCHEDULE
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
1
400
5
2000
2
600
5.50
3300
400
5
2000
600
5.50
3300
3
700
5.3
3710
300
5.3
1590
4
900
5.70
5130
300
5.3
1590
900
5.70
5130
5
800
5.6
4480
400
5.6
2240
6
200
5.8
1160
400
5.6
2240
200
5.8
1160
TOTAL
8190
3400
Cost of goods sold = $ 8190
Ending Inventory = $ 3400
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
1
400
5
2000
2
600
5.50
3300
400
5
2000
600
5.50
3300
3
600
5.50
3300
300
5
1500
100
5
500
4
900
5.70
5130
300
5
1500
900
5.70
5130
5
800
5.70
4560
300
5
1500
100
5.7
570
6
200
5.8
1160
300
5
1500
100
5.7
570
200
5.8
1160
TOTAL
8360
3230
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