Units Acquired at Cost: 245 units x $11.80 = $2,891
Units Sold at Retail
Date: January 1, January 10, March 14, March 15, July 30, October 5, October 26
Activities:
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
190 units x $41.80
390 units x $16.80 = $6,552
350 units x $41.80
445 units x $21.80 = $9,701
430 units x $41.80
145 units x $26.80 = $3,886
1,225 units
970 units
Exercise 5-10A (Algo) Periodic: Inventory costing LO P3
Emming uses a periodic inventory system.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Compute the gross profit for each method.
Periodic FIFO:
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of Goods Available for Sale
# of units In ending inventory
# of units sold
Cost per unit
Cost per unit Sold
# of units
Cost per unit
Ending Inventory
Beginning inventory
Purchases: March 14, July 30, October 26
Total
Periodic LIFO:
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of Goods Available for Sale
# of units In ending inventory
# of units sold
Cost per unit
Cost per unit Sold
# of units
Cost per unit
Ending Inventory
Beginning inventory
Purchases: March 14, July 30, October 26
Total
Gross profit:
FIFO
LIFO
