Conned . Sign In ? | ? https://newcomedinledicationcorre nowyconne thtml blem 64
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Conned . Sign In ? | ? https://newcomedinledicationcorre nowyconne thtml blem 64A Jan. 1 Beeinning Feb. 1 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept.18 Sales 800 units 398.88 per unit 5ee units $87.88 per unit see units unit e $72.88 per 900 units $128.09 per unit 300 units $95.88 per unit 780 units $91.08 per unit 1,088 units $128.ee per 1,980 units Totals 2,600 units 1. Compute cost of goods available for sale and the number of units available for sale Cost of goods available for sale of units svailabie for sale 2 Compute the number of units in ending inventory ype here to searchExplanation / Answer
Answers
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
800
$ 90.00
$ 72,000.00
0
$ 90.00
$ -
Purchases:
10-Feb
500
$ 87.00
$ 43,500.00
500
$ 87.00
$ 43,500.00
0
$ 87.00
$ -
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
300
$ 95.00
$ 28,500.00
0
$ 95.00
$ -
05-Sep
700
$ 91.00
$ 63,700.00
80
$ 91.00
$ 7,280.00
620
$ 91.00
$ 56,420.00
TOTAL
2600
$ 229,300.00
1980
$ 172,880.00
620
$ 56,420.00
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
180
$ 90.00
$ 16,200.00
620
$ 90.00
$ 55,800.00
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
500
$ 87.00
$ 43,500.00
0
$ 87.00
$ -
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
300
$ 95.00
$ 28,500.00
0
$ 95.00
$ -
05-Sep
700
$ 91.00
$ 63,700.00
700
$ 91.00
$ 63,700.00
0
$ 91.00
$ -
TOTAL
2600
$ 229,300.00
1980
$ 173,500.00
620
$ 55,800.00
Specific Identification
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
800
$ 90.00
$ 72,000.00
0
$ 90.00
$ -
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
200
$ 87.00
$ 17,400.00
300
$ 87.00
$ 26,100.00
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
150
$ 95.00
$ 14,250.00
150
$ 95.00
$ 14,250.00
05-Sep
700
$ 91.00
$ 63,700.00
530
$ 91.00
$ 48,230.00
170
$ 91.00
$ 15,470.00
$ -
0
$ -
$ -
TOTAL
2600
$ 229,300.00
1980
$ 173,480.00
620
$ 55,820.00
Average Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
13-Mar
300
$ 72.00
$ 21,600.00
21-Aug
300
$ 95.00
$ 28,500.00
05-Sep
700
$ 91.00
$ 63,700.00
TOTAL
2600
$ 88.19
$ 229,300.00
1980
$ 88.19
$ 174,616
620
$ 88.19
$ 54,678
Cost of Goods Available for Sale = $ 229,300 [Look under Cost of Goods Available for Sale amount column. It will be same under any given method]
Number of units available for sale = beginning inventory + purchased units = 2600 units
Number of units in ending inventory = Units available for sale [requirement 1 answer] ‘minus’ Units Sold
2,600 units – 1,980 units = 620 units
Number of units in ending inventory = 620 units.
----Look under “Ending Inventory – Amount” column of each method for working and following answers.
FIFO
LIFO
Weighted Average
Specific Identification
Ending Inventory
$ 56,420
$ 55,800
$ 54,678
$ 55,820.00
FIFO
LIFO
Weighted Average Method
Specific Identification
Sales Revenue
$ 237,600.00
$ 237,600.00
$ 237,600.00
$ 237,600.00
(-) Cost of Goods Sold (as calculated above)
$ 172,880.00
$ 173,500.00
$ 174,616.00
$ 173,480.00
Gross Margin
$ 64,720.00
$ 64,100.00
$ 62,984.00
$ 64,120.00
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
800
$ 90.00
$ 72,000.00
0
$ 90.00
$ -
Purchases:
10-Feb
500
$ 87.00
$ 43,500.00
500
$ 87.00
$ 43,500.00
0
$ 87.00
$ -
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
300
$ 95.00
$ 28,500.00
0
$ 95.00
$ -
05-Sep
700
$ 91.00
$ 63,700.00
80
$ 91.00
$ 7,280.00
620
$ 91.00
$ 56,420.00
TOTAL
2600
$ 229,300.00
1980
$ 172,880.00
620
$ 56,420.00
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
180
$ 90.00
$ 16,200.00
620
$ 90.00
$ 55,800.00
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
500
$ 87.00
$ 43,500.00
0
$ 87.00
$ -
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
300
$ 95.00
$ 28,500.00
0
$ 95.00
$ -
05-Sep
700
$ 91.00
$ 63,700.00
700
$ 91.00
$ 63,700.00
0
$ 91.00
$ -
TOTAL
2600
$ 229,300.00
1980
$ 173,500.00
620
$ 55,800.00
Specific Identification
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
800
$ 90.00
$ 72,000.00
0
$ 90.00
$ -
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
200
$ 87.00
$ 17,400.00
300
$ 87.00
$ 26,100.00
13-Mar
300
$ 72.00
$ 21,600.00
300
$ 72.00
$ 21,600.00
0
$ 72.00
$ -
21-Aug
300
$ 95.00
$ 28,500.00
150
$ 95.00
$ 14,250.00
150
$ 95.00
$ 14,250.00
05-Sep
700
$ 91.00
$ 63,700.00
530
$ 91.00
$ 48,230.00
170
$ 91.00
$ 15,470.00
$ -
0
$ -
$ -
TOTAL
2600
$ 229,300.00
1980
$ 173,480.00
620
$ 55,820.00
Average Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
800
$ 90.00
$ 72,000.00
Purchases:
0
$ -
$ -
10-Feb
500
$ 87.00
$ 43,500.00
13-Mar
300
$ 72.00
$ 21,600.00
21-Aug
300
$ 95.00
$ 28,500.00
05-Sep
700
$ 91.00
$ 63,700.00
TOTAL
2600
$ 88.19
$ 229,300.00
1980
$ 88.19
$ 174,616
620
$ 88.19
$ 54,678
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