Question

Simpson Company's inventory records for the most recent year contain the following data EEB (Click the icon to view the data.) Simpson Company sold a total of 18,600 units during the year Read the requirements Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year Round the average cost per unit to the nearest cent ) Using the average-cost method, the cost of goods sold is sand the ending inventory is s Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year Using the FIFO method, the cost of goods sold is s Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year using the LIFO method, the cost of goods sold is S | | and the ending inventory is S S ] and the ending inventory is $ Data Table Quantity Unit Cost Beginning inventory2.000 s 800 Purchases duringyear 18 000 s 1000 Print Done

Answer 1

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Answer are highlighted in yellow: Solution: Average rate 196000/20000 S 9.80 1)AverageGoods avaiable for sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Beg 2000 $ 8.00 $ 16,000 Purchase 18000 10.00 180000 18600 $ 9.80182 1400 $ 9.80 $ 13,720 Total 20,000 196000 18 18600 182280 1400 $ 13,720 2) FIFO Goods avaiable for sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Beg Purchase 2000 $ 8.00$ 16,000 2000$ 8.00 16,000 18000 $ 10.00 16600 $ 10.00 $1,66,000 1400 $ 10.00 14,000 Total $ 20,000 196000 18600 182000 1400 $ 14,000 3) LIFO Goods avaiable for sale Cost of Goods Sold Ending Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1400 $ 8.00$ 11,200 600| $ 8.00 | $ 4,800 Purchase 18000 10.00 180000 18000 10.00 $1,80,000 0 Beg 2000 $ 8.00 $ 16,000 Total 20,000 196000 18600 184800 1400 $ 11,200