Use the following inventory related information for Questions 15-17. April 1 Beg
ID: 2532918 • Letter: U
Question
Use the following inventory related information for Questions 15-17.
April 1
Beginning Inventory
100 units @ $4
April 2
Sales
50 units
April 3
Purchases
300 units @ $6
April 10
Sales
250 units
April 21
Purchases
400 units @ $8
April 28
Sales
200 units
15. Assuming a periodic inventory system is used, what is ending inventory under LIFO?
16. Assuming a periodic inventory system is used, what is cost of goods sold under FIFO?
17. Assuming a periodic inventory system is used, what is ending inventory under the Weighted-Average Cost method?
April 1
Beginning Inventory
100 units @ $4
April 2
Sales
50 units
April 3
Purchases
300 units @ $6
April 10
Sales
250 units
April 21
Purchases
400 units @ $8
April 28
Sales
200 units
Explanation / Answer
Schdule :
Ending inventory 300 units.
15) LIFO ending inventory = (100*4+200*6) =1600
16) FIFO cost of goods sold = (100*4+300*6+100*8) = 3000
17) Ending inventory under weighted average = (5400/800*300) = 2025
Unit Cost Beginning inventory 100 400 April 3 purchase 300 1800 April 21 400 3200 Total 800 5400Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.