%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cform%20name%3D%22questionForm%22%20method%3
ID: 2661037 • Letter: #
Question
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/ Answer
1) Since they are not talking about the cost of goods sold (COGS) we will assume the first question is in regard to the total cost of all units available for sale DURING the year (since ending inventory is dealt with in #3 below.
Answer: Simply add up the units @ each price point of beginning inventory plus all purchases.
01/01/11 - 770 @ $47.40 = $34,632.00
02/10/11 - 370 @ $43.40 = $14,552.00
03/13/11 - 180 @ $23.40 = $3,876.00
08/21/11 - 330 @ $63.40 = $18,840.00
09/05/11 - 195 @ $51.40 = $10,668.00
Total units available = 1,850 Total COG available for sale = $91413 (just add up the units and dollars).
2) Ending inventory = Beginning inventory + purchases less sales.
Beg. Inv. = 770 units + 1,080 purchased units less 770 Units sold = 1,080 units ending inventory. In this case you units sold is the same as beginning inventory, so ending = purchases.
Hence number is 1080 units
3) FIFO = First In First Out, LIFO = Last In First Out
A) FIFO as mentioned above since your sales were exactly the same as beginning inventory, the units sold were the ones in inventory at the beginning of the year. Thus ending inventory is the purchase values in #1 above, Just add them up = 1,020 units and a value of $47,936.
B) LIFO - OK now reverse the units sold. You sold 740 units but you account for them being sold as the last purchases first. Thus the 740 consist of the purchases on 9/05/11, 08/21/11, 03/13/11 and the remaining 60 units from the 02/10/11 purchase. Thus you are left with ending inventory consisting of the remaining 280 units (340 - 60) of the 03/13/11 purchase and the beginning inventory (740 units). 740 + 280 = 1,020 units.
LIFO = 740 @ $46.80 ($34,632) + 280 @ $42.80 ($11,984) and a value of $46,616.
C) Specific ID = you sold 570 of the first 740 in beginning inventory leaving 170 units @46.80. You also sold all of the 03/13/11 purchase. Thus ending inventory = 170 @ $46.80 ($7,956), 340 @ $42.80 ($14,552), 300 @ $62.80 ($18,840) and 210 @ $50.80 ($10,668) = 1,020 units and a value of $52,016.
D) Weighted Average. Take the totals in #1 and average the cost: $82,568 / 1,760 = $46.91363636 per unit. Ending inventory is 1,020 units x $46.91363636 = $47,851.91.
4) Gross profit under costing methods. Essentially the reversal of the ending inventory method tells you the cost of the units sold COGS.
IN ALL CASES the 740 units sold was @ $77.80/unit or $57,572.
A) FIFO - 740 units sold COGS @ $46.80/unit = COGS $34,632. Thus $22,940 ($57,572 - $34,632) Gross Profit.
B) LIFO - COGS = 210 @ $50.80 ($$10,668), 300 @ $62.80 ($18,840), 170 @ $22.80 ($3,876) and 60 @ $42.80 ($2,568) = 740 units and COGS = $35,952. Thus $21,620 ($57,572 - $35,952) Gross Profit.
C) Specific ID = 570 @ $46.80 ($26,676) and 170 @ $22.80 ($3,876) = 740 units and COGS = $30,552. Thus $27,020 ($57,72 - $30,552) Gross Profit.
D) Weighted Average = 640 units sold at $46.91363636 = COGS $34,716.09. Thus $22,855.91 ($57,572 - $34,716.09) Gross Profit.
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