PROBLEM 2 (14 Points) Number CstTotal of Units per Unit Cost Beginning inventory

Question

PROBLEM 2 (14 Points) Number CstTotal of Units per Unit Cost Beginning inventory.. . . First purchase (Mar. 1).... Second purchase (July 1)... 10 80 800 . 90 100 450 500 120 600 5 130 650 $3,000 Fourth purchase (Dec. 1) 30 12 18 Using periodic costing procedures, compute the cost of the December 31 inventory and cost of goods sold for the above items under each of the following cost flow assumptions. SHOW COMPUTATIONS First-in, first-out Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold $3,000 (con't)

Explanation / Answer

Cost of Ending Inventory (FIFO Method) No of Per Unit Total Units Cost Cost Inventory as on 31st December 12 Fourth Purchase Dec.1 5 130            650 Third Purchase Oct .1 5 120            600 Second Purchase Jul.1 2 100            200 Ending Inventory 12         1,450 Cost of Goods Sold 18 Beginning Inventory 10 80            800 First Purchase Mar.1 5 90            450 Second Purchase Jul.1 3 100            300 18         1,550

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