The following information for Urbanski Corporation relates to the three months ending June 30, 2018: Units...
The following information for Urbanski Corporation relates to the three months ending June 30, 2018:
|
Units |
Price per unit |
|||||
|
Beginning inventory |
11,000 |
$ |
10 |
|||
|
Purchases |
75,000 |
$ |
16 |
|||
|
Sales |
80,000 |
$ |
25 |
|||
|
Ending inventory |
6,000 |
|||||
Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost an average of $18 per unit.
Compute cost of goods sold and gross profit for the quarter ending June 30, 2018.
Homework Answers
Urbanski Corporation (LIFO Method)
Cost of goods sold for the quarter ending June 30, 2018, Since it is using LIFO method.
= (75,000 × 16) + (5,000 × 10) (.'. 11,000-6,000 = 5,000)
= 12,00,000 + 50,000
= 12,50,000
Gross profit for the quarter ending June 30,2018: Sales - COGS
= (80,000 × 20) - 12,50,000
= 16,00,000 - 12,50,000
= 3,50,000
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