The units of an item available or sale during the year were as follows jan 1 inv
ID: 2363981 • Letter: T
Question
The units of an item available or sale during the year were as follows jan 1 inventory 27 units at 600 Feb 4 purchase 54 units at 690 aug 21 purchase 63 units at 780 Oct 23 purchase 56 units at 825 Use the information in this exercise, but assume an April 12th sale of 70 units, a September 10th sale of 70 units, and that there were 60 units in the December 31st physical inventory. Use the perpetual inventory method. -How much is cost of goods sold for the year under FIFO, LIFO and Moving Average? -What is the cost of ending inventory on December 31st under FIFO, LIFO and Moving Average? (please Show supporting . **** How do i include the sales in all this to get the CLOSING INVENTORY COST AND COST OF SALES.IM LOST.HELPExplanation / Answer
Date
Receipt
Issue
Balance
Jan1
27*600
Feb4
54*690
Apr12
70*
Aug21
63*780
Sep10
70*
Oct23
56*825
Dec31
60*
Under FIFO, the closing inventory of 60units is valued at
56*825 + 4*780 = 46200+3120 = 49320
Cost of Goods Sold = 27*600 + 54*690 + 59*780 = 16200+37260+46020 = 99480
Under LIFO, the closing inventory of 60units is valued at
56*825 + 4*600 = 48600
Cost of Goods Sold = 23*600 + 54*690 + 63*780 = 100200
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Date
Receipt
Issue
Balance
Jan1
27*600
Feb4
54*690
Apr12
70*
Aug21
63*780
Sep10
70*
Oct23
56*825
Dec31
60*
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