t using the LIFO method. (Round \"Cost per Unit\" to 2 decimal places.) Cost of
ID: 2409967 • Letter: T
Question
t using the LIFO method. (Round "Cost per Unit" to 2 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold -Periodic LIFO Ending Inventory - Periodic LIFO #of |Cost per units unit Cost of Goods Available for Sale | # of units in ending inventory #of units Cost of | Cost per unit Ending Inventory Cost sold per unitGoods Sold Inventory 3,000$6.50$ 19,500 9,000$ 6.50 58 58,500 6,000 6.50 39,000 7,000$5.2036,400 22,000 2,000$5.70 68,400 7,000S 5.70 39006,000s 5.70 34.200 67,600 $ 140,800 $ 5.20 13,000$5.20 25,000 18 $ 124,300 16,000 $ 98,400Explanation / Answer
a) LIFO periodic method :
b) Average cost periodic method :
Average Unit cost
Average cost per unit = 124300/22000 = 5.65 per unit
Cost of goods available for sale Cost of goods sold -LIFO Ending inventory LIFO # of units Unit cosst Cost of goods available for sale # of units sold Cost per unit Cost of goods sold # of units in ending inventory Cost per unit Ending inventory Beginning inventory 3000 6.50 19500 3000 6.50 19500 Purchases August 8 12000 5.70 68400 12000 5.70 68400 August 18 7000 5.20 36400 2000 5.20 10400 5000 5.20 26000 Total 22000 124300 17000 98300 5000 26000Related Questions
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