Aloha Company uses a perpetual inventory system. It entered into the following c

Question

Aloha Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. (For specific identification, the May 9 sale consisted of 80 units from beginning inventory and 100 units from the May 6 purchase; the May 30 sale consisted of 200 units from the May 6 purchase and 100 units from the May 25 purchase.) Required Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned lo ending inventory using (a) FIFO, (b) UFO, (c) weighted average and (d) specific identification. (Round all amounts to cents.) Compute gross profit earned by the company for each of the four costing methods in part 3

Explanation / Answer

units cost per unit total cost 1-May op inventory 150 300 45000.00 6-May purchase 350 350 122500.00 17-May purchase 80 450 36000.00 25-May purchase 100 458 45800.00 680 249300.00 units 1 COGS 175976.5 680 2 closing units 200 3 ending inventory value a FIFO 88800 b LIFO 62500 c weighted average 73323.53 d specific identification 147300 4 gross profit total cost closing units value COGS Gross profit a FIFO 249300.00 88800 160500.00 475500 b LIFO 249300 200 249100 386900 c weighted average 249300 73323.53 175976.5 460023.5 d specific identification 249300 88800 160500 475500

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.