3 different questions! but I really need help!!! Problems boe Given the followin

Question

3 different questions! but I really need help!!!

Problems boe Given the following information about purchases and sales during the yer, compute the cost to assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. 24. (Show your work.) Assuming that a periodic inventory system is u Jan.1 Beginning inventory 100 items @ S8 - sed S 800 July 1 Purchases 300 items @$164.800 $5.600 Totals Total sales 400 items 240 items 160 items Dec. 31 Ending inventory 25. Given the following information about purchases and sales during the year, compute the cost to be assigned to ending inventory under each of three methods: (a) average-cost, (b) FIFO, and (c) LIFO. (Show your work.) Assume that a periodic inventory system is used Jan. 1 Beginning inventory 225 items@ s3- May I Purchases S 675 4,050 $4.725 675 items @ S6 = Totals Total sales 900 items 450 items 450 items Dec. 31 Ending inventory BONUS Use the following information to calculate ending inventory on (a) a LIFO basis, (b) a FIFO basis, and (c) an average-cost basis. Assume a perpetual inventory system. Dec. 1 Beginning inventory 70 units $28 9 Purchases 17 Sales 30 units @$32 25 units 15 units @ $36 40 units 27 Sales

Explanation / Answer

24. Periodic inventory a. Average cost: Units Cost Beginning inventory(100*8) 100 800 Purchases(300*16) 300 4800 Total goods available for sale 400 5600 Av.cost /item 5600/400= 14 Less:COGS (240*14) 240 3360 Ending Inventory (160*14) 160 2240 b. FIFO Units Cost Beginning inventory(100*8) 100 800 Purchases(300*16) 300 4800 Total goods available for sale 400 5600 Less:COGS 100 items*8 100 800 140 items*16 140 2240 Total COGS 240 3040 Ending Inventory (160*16) 160 2560 c. LIFO Units Cost Beginning inventory(100*8) 100 800 Purchases(300*16) 300 4800 Total goods available for sale 400 5600 Less:COGS 240 items*16 240 3840 Total COGS 240 3840 Ending Inventory 100 items*8 100 800 60 items*16 60 960 Total ending inventory 160 1760 25. Periodic inventory a. Average cost: Units Cost Beginning inventory(225*3) 225 675 Purchases (675*6) 675 4050 Total goods available for sale 900 4725 Av.cost /item 4725/900= 5.25 Less:COGS (450*5.25) 450 2362.5 Ending Inventory (450*5.25) 450 2362.5 b. FIFO Units Cost Beginning inventory(225*3) 225 675 Purchases (675*6) 675 4050 Total goods available for sale 900 4725 Less:COGS 225 items*3 225 675 225 items*6 225 1350 Total COGS 450 2025 Ending Inventory (450*6) 450 2700 c. LIFO Units Cost Beginning inventory(225*3) 225 675 Purchases (675*6) 675 4050 Total goods available for sale 900 4725 Less:COGS 450 items*6 450 2700 Total COGS 450 2700 Ending Inventory 225 items*3 225 675 225 items*6 225 1350 Total ending inventory 450 2025 BONUS question PERPETUAL inventory a. LIFO Total Goods available for sale= Balance & Purchases COGS Balance Ending Inventory 1-Dec 70 28 1960 70 28 1960 Total 9-Dec 30 32 960 70 28 1960 30 32 960 100 2920 Total 17-Dec 25 32 800 70 28 1960 5 32 160 75 2120 Total 22-Dec 15 36 540 70 28 1960 5 32 160 15 36 540 90 2660 Total 27-Dec 15 36 540 5 32 160 20 28 560 50 28 1400 Total Total 115 3460 65 2060 50 28 1400 b. FIFO Total Goods available for sale= Balance & Purchases COGS Balance Ending Inventory 1-Dec 70 28 1960 70 28 1960 Total 9-Dec 30 32 960 70 28 1960 30 32 960 100 2920 Total 17-Dec 25 28 700 45 28 1260 30 32 960 75 2220 Total 22-Dec 15 36 540 45 28 1260 30 32 960 15 36 540 90 2760 Total 27-Dec 40 28 1120 5 28 140 30 32 960 15 36 540 50 1640 Total Total 115 3460 65 1820 50 1640 c. Average Cost: Total Goods available for sale= Balance & Purchases COGS Balance Explanation 1-Dec 70 28 1960 70 28 1960 9-Dec 30 32 960 100 29.2 2920 2920/100=29.2 17-Dec 25 29.2 730 75 29.2 2190 22-Dec 15 36 540 90 30.33 2730 2730/90=30.33 27-Dec 40 30.33 1213 50 30.34 1516.8 Total 115 3460 65 1943 50 30.34 1516.8 Summary Tot. Gds. Avail. COGS Ending Inventory a. LIFO 115 3460 65 2060 50 1400 b. FIFO 115 3460 65 1820 50 1640 c. Av. Cost 115 3460 65 1943.2 50 1516.8

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