under the first in first out fifo method the ending inventory consists of 94875

Name: under the first in first out fifo method the ending inventory consists of 94875
Uploaded: 2022-03-24T01:53:33-08:00
Duration: 4 min 20 s
Channel: Kevra Barney
Description: under the first in first out fifo method the ending inventory consists of 94875

Step 1: Understand the FIFO method. FIFO stands for "First In, First Out," which means that the

Under the first in first out fifo method the ending...

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The following data applies to a particular item of merchandise: On hand at the start of the period: 300 units at $5.10 each 1st purchase: 500 units at $5.20 each 2nd purchase: 700 units at $5.30 each 3rd purchase: 600 units at $5.50 each Number of units available for sale: 2,100 On hand at the end of the period: 500 units Number of units sold during the period: 600 Of the 1,600 units sold during the period, 300 were from the beginning inventory, 500 from the first purchase, 600 from the second purchase, and 200 from the last purchase. Using the first-in, first-out costing method, the cost of goods sold would be $8,570.

Kevra B.

Using the LIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period. Date Activity Units Purchase Price (per unit) Sale Price (per unit) 1-Feb Beginning Inventory 100 $ 45 15-Feb Purchase 700 $ 52 9-Apr Sale 1 600 $ 90 29-May Purchase 500 $ 56 10-Jul Sale 2 600 $ 90 10-Sep Purchase 400 $ 58 15-Oct Sale 3 400 $ 90 5-Nov Purchase 900 $ 62 18-Dec Sale 4 200 $ 90 1. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1. Must show each component of the calculation on a separate line. Refer to the Excel examples. (3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 1 Inventory Remaining Total Inventory Balance after Sale 1 Totals: 2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2. Must show each component of the calculation on a separate line. Refer to the Excel examples. (3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 2 Inventory Remaining Total Balance after Sale 2 Totals: 3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Must show each component of the calculation on a separate line. Refer to the Excel examples. (3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 3 Inventory Remaining Total Balance after Sale 3 Totals: 4. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 4. Must show each component of the calculation on a separate line. Refer to the Excel examples. (3 points total. For all calculations, you must use a formula in the cell to get full credit). Cost of Goods Sold Total COGS after Sale 4 Inventory Remaining Total Balance after Sale 4 Totals: 5. Calculate the values below (3 points total. For all calculations, must use a formula in the cell to get full credit) Ending inventory units: Ending inventory account balance: Cost of Goods Sold account balance:

Akash M.

Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory? In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bethke uses a periodic inventory system. A) Cost of the ending inventory LIFO. B) Cost of the ending inventory.

Mauya M.