Homework Answers
1) Solution: FIFO
Explanation: To know an accurate cost FIFO method is better as it assumes that older less-costly inventory are most usually sold first
2) Solution: $2051
Working: COGS:
July-11 110*$6 + 110 * $7= $660 + $770 = 1430
July-23 20*$7 + 74 * $6.5 = $140 + $481 = $621
Total COGS = $1430 + $621 = $2051
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odk Tibro sells books its inventory records for "BOOKS • am a nan prontity Price to...
odk Tibro sells books its inventory records for "BOOKS • am a nan prontity Price to toad • beginning in entom 110 books $6 = $660 • July 7 purshace 130 books $7 = $910 • duly 11 sale 220 books N/A July in purshace 126 books $6.50 = $819 jully 23 sale a4 books NA july 28 purshace 34 books 187.50 8225 • PERIODIC LIFO cost of goods A) 2,061 sold is! • B) 2.075 C 2,051 D) 2,128
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Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
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odk Tibro sells books its inventory records for "BOOKS • am a nan prontity Price to toad • beginning in entom 110 books $6 = $660 • July 7 purshace 130 books $7 = $910 • duly 11 sale 220 books N/A July in purshace 126 books $6.50 = $819 jully 23 sale a4 books NA july 28 purshace 34 books 187.50 8225 • PERIODIC LIFO cost of goods A) 2,061 sold is! • B) 2.075 C 2,051 D) 2,128
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Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
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Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
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Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
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