HomeworkLib
Question

I need the answer of cost of goods sold and ending inventory.

Sale balance 8 units at 15 5 hits 59 Purchase units + 54 Cursos + 13 5dte POPChase Uitdi 9 FIFO: LIFO Perpetual LIFO Periodic

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

FIFO (perpetual)

transaction

purchase

cost of goods sold

balanced inventory

date

unit

rate per unit

total

unit

rate per unit

total

unit

rate per unit

total

balance

8

5

40

-

-

-

8

5

40

sale

-

-

-

5

5

25

3

5

15

purchase

6

4

24

-

-

-

3

5

15

6

4

24

purchase

3

3

9

-

-

-

3

5

15

6

4

24

3

3

9

sale

-

-

-

3

5

15

6

4

24

1

3

3

2

3

6

purchase

4

2

8

-

-

-

2

3

6

4

2

8

21

81

15

67

6

14

LIFO (perpetual)

transaction

purchase

cost of goods sold

balanced inventory

date

unit

rate per unit

total

unit

rate per unit

total

unit

rate per unit

total

balance

8

5

40

-

-

-

8

5

40

sale

-

-

-

5

5

25

3

5

15

purchase

6

4

24

-

-

-

3

5

15

6

4

24

purchase

3

3

9

-

-

-

3

5

15

6

4

24

3

3

9

sale

-

-

-

3

3

9

6

4

24

1

5

5

2

5

10

purchase

4

2

8

-

-

-

2

5

10

4

2

8

21

81

15

63

6

18

LIFO (periodic)

particular

unit

unit cost

total

balance

8

5

              40

purchase:

1st

6

4

              24

2nd

3

3

                9

3rd

4

2

                8

goods available for sale

21

              81

cost of goods sold (LIFO):

3rd

4

2

                8

2nd

3

3

                9

1st

6

4

              24

balance

2

5

              10

cost of goods sold (LIFO)

15

              51

ending inventory

6

              30

average cost (perpetual)

transaction

purchase

cost of goods sold

balanced inventory

date

unit

rate per unit

total

unit

rate per unit

total

unit

rate per unit

total

balance

8

5

40

-

-

-

8

5

40

sale

-

-

-

5

5

25

3

5

15

purchase

6

4

24

-

-

-

3

5

15

6

4

24

purchase

3

3

9

-

-

-

3

5

15

6

4

24

3

3

9

sale

-

-

-

10

4

40

2

4

8

purchase

4

2

8

-

-

-

2

4

8

4

2

8

21

81

15

65

6

16
0 0
Add a comment
Know the answer?
Add Answer to:
I need the answer of cost of goods sold and ending inventory. Sale balance 8 units...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • I also need the ending inventory and costs of goods sold for periodic LIFO and periodic...

    I also need the ending inventory and costs of goods sold for periodic LIFO and periodic weighted average - Thank you! в D E F G H I J K L M N O P Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO and Weighted Average Cost methods. Make use of Excel capabilities by using as many formulas and functions as possible. Better Bottles, Inc. uses a periodic inventory system and has the following...

  • Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...

    Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost   FIFO (PERIODIC) Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...

  • calculate the cost of goods available for sale, ending inventory, and cost of goods sold if...

    calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircarf uses (a) FIFO, (b) LIFO, or (c) weighted average cost. Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July Units Unit Cost July 1 July 5 July 13...

  • Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory,...

    Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory, cost of goods sold, and gross profit for each of the six inventory methods below and answer the questions. Round answers to the nearest dollar. 4/1 - Beginning inventory - 12 units at $22 cost 4/10 - Purchase - 22 units at $23 cost 4/15 - Sale - 26 units ($30 sales price) 4/20 - Purchase - 27 units at $24 cost 4/25 -...

  • just answer requird 3 E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under...

    just answer requird 3 E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3) Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic Inventory system. Assume Oahu Kiki's records show the following for the month of January, Sales totaled 240 units. Beginning Inventory Purchase Purchase Date...

  • M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...

    M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...

  • I need to find the ending inventory, cost of goods sold, and gross profit for LIFO,...

    I need to find the ending inventory, cost of goods sold, and gross profit for LIFO, FIFO and Average-cost. How do I do this? *Problem 6-5A (Part Level Submission) You are provided with the following information for Whispering Winds Inc. for the month ended June 30, 2019. Whispering Winds uses the periodic system for inventory Unit Cost or Description Beginning inventory Quantity Selling Price Date 38 $42 June 1 Purchase 137 46 June 4 June 10 Sale 115 69 Sale...

  • 1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic...

    1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system 5. Calculate January's ending inventory and cost of goods sold for...

  • 1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and...

    1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...

  • Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...

    Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 600 units from beginning inventory, 380 from the February 10 purchase, 120 from the March 13 purchase, 130 from the August 21 purchase, and 205 from the September 5 purchase. (Round your average cost per unit to 2 decimal places.) Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT