Question

Tyler Company has the following information related to purchases and sales of one of its inventory...

Tyler Company has the following information related to purchases and sales of one of its inventory items.

Date Description Units Purchased at Cost Units Sold at Retail
Sept. 1 Beginning inventory 400 units @ $12
Sept. 10 Purchase 600 units @ $13
Sept. 20 Sales 620 units @ $22
Sept. 25 Purchase 900 units at $15

Assume the company uses a perpetual inventory system.

Required:

Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.

0 0
Add a comment Improve this question
Answer #1

Calculate ending inventory and cost of goods sold

FIFO LIFO Average cost
Ending inventory (380*13+900*15) = 18440 (900*15+380*12) = 18060 26100-7812 = 18288
Cost of goods sold 26100-18440 = 7660 26100-18060 = 8040 620*12.60 = 7812
Add a comment
Know the answer?
Add Answer to:
Tyler Company has the following information related to purchases and sales of one of its inventory...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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
  • Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inven...

    Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $11 Sept. 10 Purchase 600 units @ $13 Sept. 20 Sales 630 units @ $22 Sept. 25 Purchase 1000 units at $14 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...

  • Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...

    Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $14 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 680 units @ $26 Sept. 25 Purchase 1000 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...

  • Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases...

    Brief Exercise 6-35 (Algorithmic) Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Units Purchased at Cost Units Sold at Retail Description Sept. 1 Beginning inventory 400 units$14 Sept. 10 Purchase 600 units $15 Sept. 20 Sales 640 units$26 Sept. 25 Purchase 600 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and...

  • Brief Exercise 6-36 Effects of Inventory Costing Methods Tyler Company has the following information related to...

    Brief Exercise 6-36 Effects of Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail 20 units @ $5 30 units @ $8 Sept. 1 Beginning inventory 10 Purchase 20 Sales 25 Purchase Required: 40 units @ $15 25 units at $10 1. Which inventory costing method produces the highest amount for net income? 2. Which inventory costing method produces...

  • Brief exercise 6-35 accounting

    Brief Exercise 6-35 (Algorithmic)Inventory Costing MethodsTyler Company has the following information related to purchases and sales of one of its inventory items.DateDescriptionUnits Purchased at CostUnits Sold at RetailSept. 1Beginning inventory400 units @ $15Sept. 10Purchase600 units @ $17Sept. 20Sales650 units @ $29Sept. 25Purchase800 units at $18Assume the company uses a perpetual inventory system.Required:Calculate ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.FIFOLIFOAvg CostCost of goods sold$fill in the blank 1$fill in the blank 2$fill in...

  • Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

    Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Required at Cost 620 units $45 per unit 380 units $42 per unit 100 units $30 per unit Date Activities Jan. 1 Beginning inventory Peb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totale 735 units $70 per unit 170 units 400 units $50 per unit 346 per unit...

  • Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

    Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...

  • Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

    Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units @ $35 per unit Feb. 10 Purchase 300 units @ $32 per unit Mar. 13 Purchase 150 units @ $20 per unit Mar. 15 Sales 725 units @ $80 per unit Aug. 21 Purchase 190 units @ $40 per unit Sept. 5 Purchase 540 units @ $37...

  • ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

    ontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 620 units @ $45 per unit Feb. 10 Purchase 380 units @ $42 per unit Mar. 13 Purchase 100 units @ $30 per unit Mar. 15 Sales 735 units @ $70 per unit Aug. 21 Purchase 170 units @ $50 per unit Sept. 5 Purchase 400 units @ $46...

  • Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...

    Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Units Sold at Retail Units Acquired at Cost 620 units@ $45 per unit 310 units @ $42 per unit 120 units @ $30 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 770 units@ $85 per unit 190 units @ $50 per unit 520 units...

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