The inventory records of Kuffel Co. reflected the following information for the
ID: 2349879 • Letter: T
Question
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2010:
Date - Transaction -Number of Units - UnitCost - TotalCost
1/1 -Beginning inventory-150-$32-$4,800
2/22-Purchase-70-$33-$2,310
3/7-Sale-(100)--
4/15-Purchase-90-38-$3,420
6/11-Purchase-140-36-$5,040
9/28-Sale-(100)--
10/13-Purchase-50-39-$1,950
12/4-Sale-(100)--
(a)Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
Cost of Goods Sold
Ending Inventory
b)Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
Cost of Goods Sold
Ending Inventory
Explanation / Answer
Cost of goods sold . . . . . . . 50 @ $38 = $ 1,900
140 @ 36 = 5,040
90 @ 35 = 3,150
20 @ 33 = 660
$10,750
Ending inventory. . . . . . . . 150 @ 30 = $ 4,500
50 @ 33 = 1,650
$ 6,150
$16,900
. ============================================================
FIFO perpetual:
Cost of goods sold . . . . . . . 100 @ $30 = $ 3,000
50 @ 30 = 1,500
50 @ 33 = 1,650
20 @ 33 = 660
80 @ 35 = 2,800
$ 9,610
Ending inventory. . . . . . . . 10 @ 35 = $ 350
140 @ 36 = 5,040
50 @ 38 = 1,900
$ 7,290
$16,900
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