PLEASE ANSWER ALL OF THESE QUESTIONS Assignment: Inventories (23 Points) Part 1

Question

PLEASE ANSWER ALL OF THESE QUESTIONS

Assignment: Inventories (23 Points) Part 1 (8 points) The following table uses the four inventory costing method and displays the cost of ending inventory for Click Cameras FIFO $21,581.40 LIFO S21,410.93 Weighted Average Cost $21,447.36 Specific Identification S21,476.00 Click Cameras also reported the following amounts: 53,874.9 Net sales Purchases available for$57,621.3 sale Instructions: Use the information given above and determine the cost of merchandise sold and the gross profit on sales for each of the inventory costing methods Cost of Inventory sold = Purchases available for sale-ending invento Specific Identification FIFO LIFO Weighted Average Cost Purchases Available for sale LESS: Ending Invento Cost of Merchandise Sold

Explanation / Answer

Solution:

Part 1 –

Specific Identification

FIFO

LIFO

Weighted Average Cost

Purchases available for Sale

$57,621.30

$57,621.30

$57,621.30

$57,621.30

Less: Ending Inventory

-$21,476.00

-$21,581.40

-$21,410.93

-$21,447.36

Cost of Merchandise Sold

$36,145.30

$36,039.90

$36,210.37

$36,173.94

Specific Identification

FIFO

LIFO

Weighted Average Cost

Net Sales

$53,874.92

$53,874.92

$53,874.92

$53,874.92

Less: Cost of Merchandise Sold

-$36,145.30

-$36,039.90

-$36,210.37

-$36,173.94

Gross Profit on Sale

$17,729.62

$17,835.02

$17,664.55

$17,700.98

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Specific Identification

FIFO

LIFO

Weighted Average Cost

Purchases available for Sale

$57,621.30

$57,621.30

$57,621.30

$57,621.30

Less: Ending Inventory

-$21,476.00

-$21,581.40

-$21,410.93

-$21,447.36

Cost of Merchandise Sold

$36,145.30

$36,039.90

$36,210.37

$36,173.94

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