Château de Chillon, Switzer Squads with Ninja Drake, T ccounting for Merchandis

Question

Château de Chillon, Switzer Squads with Ninja Drake, T ccounting for Merchandis enow.com/ilrn/takeAssignment takeAssignmentMain.doinvoker-assignments&takeAssignmentSessiont.ocator; assignment-takesinprog eBook Show Me How Calculator Print item Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1Inventory Mar. 10Purchase Aug. 30 Purchase Dec. 12Purchase There are 104 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. 90 units at $54 112 units at $55 100 units at $58 98 units at $60 Cost of Merchandise Inventory and Cost of Merchandise Sol Inventory Method First-in, first-out (FIFO) S 6.228 tast-in, first-out (LIFO) : 5.630 weighted average cost 37.440 Merchandise Inventory Merchandise Sold s 16472 79.560x Check My Work

Explanation / Answer

FIFO Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                    90.00                    54.00              4,860.00 10-Mar Purchase                  112.00                    55.00              6,160.00 30-Aug Purchase                  100.00                    58.00              5,800.00 12-Dec Purchase                    98.00                    60.00              5,880.00 Total available for sale                  400.00            22,700.00 COGS                  296.00            16,472.00 90*54+ 112*55 + 94*58 Ending Inventory                    104.00              6,228.00 6*58+ 98*60 COGS                                           16,472.00 Ending Inventory                                             6,228.00 LIFO Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                    90.00                    54.00              4,860.00 10-Mar Purchase                  112.00                    55.00              6,160.00 30-Aug Purchase                  100.00                    58.00              5,800.00 12-Dec Purchase                    98.00                    60.00              5,880.00 Total available for sale                  400.00            22,700.00 COGS                  296.00            17,070.00 98*60 + 100 * 58 + 98*55 Ending Inventory                    104.00              5,630.00 14*55 + 90*54 COGS                                           17,070.00 Ending Inventory                                             5,630.00 Weighted Average Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                    90.00                    54.00              4,860.00 10-Mar Purchase                  112.00                    55.00              6,160.00 30-Aug Purchase                  100.00                    58.00              5,800.00 12-Dec Purchase                    98.00                    60.00              5,880.00 Total available for sale                  400.00                    56.75            22,700.00 COGS                  296.00                    56.75            16,798.00 296*56.75 Ending Inventory                    104.00                    56.75              5,902.00 104*56.75 COGS                                           16,798.00 Ending Inventory                                             5,902.00

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