ch of the following er than FIFO? Use the following facts to answer Questions 1

Question

ch of the following er than FIFO? Use the following facts to answer Questions 1 Atlantic Corp. had beginning inventory in Janua of Year 13 of/00 units costing $1 each. On February 10, 11,200 units were purchased costing $3 each. On March 20, 11,800 units were sold. On December 30, 11,600 more units were purchased at $6 each. 103. How much is the cost of goods available for sale on December 31, Year 13, using FIFO, assuming Atlantic Corp. uses a periodic inventory system? inventory with a le value of $16,850, net realizable value hat amount should tory in its balance ct 114,6 104. Under FIFO, what amount should Atlantic Corp. report as cost of goods sold, assuming it uses a peri- odic inventory system? 0o0 C. 15,400 s beginning inven- entory of 4439 n are $20,200 ana are $112,800 and s cost of goods sold 13,400 Hoo 105. Under FIFO, what amount should Atlantic Corp. report as ending inventory, assuming it uses a peri- odic inventory system? 113,200 1, 200 for ending inven- ax purposes, which December 31, Year 13, using LIFO, assuming Atlantic Corp. uses a periodic inventory system? t chh106. How much is cost of goods available for sale on would then statement pur- e LIFO conformity ndards cial 6 report as cost of goods sold, assuming it uses a peri- odic inventory system? 107. Under LIFO, what amount should Atlantic Corp $43,000 B) $70,200 $34,200 D. $79,000

Explanation / Answer

Use of FIFO Method Use of LIFO Method Atlantic Corporation Atlantic Corporation Units Rate Amt Units Rate Amt Beginning Inventory 11000 1 11000 Beginning Inventory 11000 1 11000 Feb Purchases 11200 3 33600 Feb Purchases 11200 3 33600 March Sales* -11800 -13400 March Sales* -11800 -34200 Dec Purchases 11600 6 69600 Dec Purchases 11600 6 69600 Closing Stock 22000 100800 Closing Stock 22000 80000 Sales* Units Rate Amount Sales* Units Rate Amount From Beg Inv 11000 1 11000 From Pur on Feb 11200 3 33600 From Pur on Feb 800 3 2400 From Beg Inv 600 1 600 11800 13400 11800 34200 Cost of Goods Avaialble for Sale=Opening Stock+Purchase Cost of Goods Avaialble for Sale=Opening Stock+Purchase 114200 (11000+33600+69600) 114200 (11000+33600+69600) COGS=COGAS-Closing Stock 13400 34200 103 COGAS-FIFO 114200 C 104 COGS-FIFO 13400 D 105 Closing Stock 100800 A 106 COGAS-LIFO 114200 D 107 COGS-LIFO 34200 C

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