Exercise 5-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for...
Exercise 5-14A Periodic: Cost flow assumptions LO P3
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units—160 from each of the last three purchases.
| Jan. | 1 | Beginning inventory | 260 | units | @ $4.40 | = | $ | 1,144 |
| Mar. | 7 | Purchase | 560 | units | @ $5.25 | = | 2,940 | |
| July | 28 | Purchase | 1,200 | units | @ $4.90 | = | 5,880 | |
| Oct. | 3 | Purchase | 1,080 | units | @ $5.20 | = | 5,616 | |
| Dec. | 19 | Purchase | 560 | units | @ $6.50 | = | 3,640 | |
| Totals | 3,660 | units | $ | 19,220 | ||||
(a-d) Determine the cost assigned to ending inventory and to cost
of goods sold for the following. (Do not round intermediate
calculations and round your answers to 2 decimal
places.)
| Ending Inventory | Cost of Goods Sold | |
| Specific Identification | ||
| Weighted Average | ||
| FIFO | ||
| LIFO |
Homework Answers
| Ending Inventory | Cost of Goods Sold | |||
| Specific Identification | 2,656 | 16,564 | ||
| Weighted Average | 2,520.66 | 16,699.34 | ||
| FIFO | 3,120 | 16,100 | ||
| LIFO | 2,299 | 16,921 | ||
| Working | ||||
| Cost of goods available for sales | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Beginning Inventory | 260 | 4.4 | 1,144 | |
| Mar-07 | 560 | 5.25 | 2,940 | |
| Jul-28 | 1,200 | 4.9 | 5,880 | |
| Oct-03 | 1,080 | 5.2 | 5,616 | |
| Dec-19 | 560 | 6.5 | 3,640 | |
| 3,660 | 19,220 | |||
| a | Specific Identification | |||
| Cost of Goods Sold | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Beginning Inventory | 260 | 4.4 | 1,144 | |
| Mar-07 | 560 | 5.25 | 2,940 | |
| Jul-28 | 1,040 | 4.9 | 5,096 | |
| Oct-03 | 920 | 5.2 | 4,784 | |
| Dec-19 | 400 | 6.5 | 2,600 | |
| 3,180 | 16,564 | |||
| Ending Inventory | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Jul-28 | 160 | 4.9 | 784 | |
| Oct-03 | 160 | 5.2 | 832 | |
| Dec-19 | 160 | 6.5 | 1,040 | |
| 480 | 2,656 | |||
| b | Weighted Average | |||
| Weighted Average cost per unit = 19,220 / 3,660 | ||||
| = $ 5.2513661 | ||||
| Cost of Goods sold ( 3,180 units * $ 5.25153661 ) | 16,699.34 | |||
| Ending Inventory ( 480 units * $ 5.2513661 ) | 2,520.66 | |||
| c | FIFO | |||
| Cost of Goods Sold | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Beginning Inventory | 260 | 4.4 | 1,144 | |
| Mar-07 | 560 | 5.25 | 2,940 | |
| Jul-28 | 1,200 | 4.9 | 5,880 | |
| Oct-03 | 1,080 | 5.2 | 5,616 | |
| Dec-19 | 80 | 6.5 | 520 | |
| 3,180 | 16,100 | |||
| Ending Inventory | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Dec-19 | 480 | 6.5 | 3,120 | |
| 480 | 3,120 | |||
| d | LIFO | |||
| Cost of Goods Sold | ||||
| Particulars | Units | Cost per Unit | Total Cost | |
| Mar-07 | 340 | 5.25 | 1,785 | |
| Jul-28 | 1,200 | 4.9 | 5,880 | |
| Oct-03 | 1,080 | 5.2 | 5,616 | |
| Dec-19 | 560 | 6.5 | 3,640 | |
| 3,180 | 16,921 | |||
|
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