lomework Beginning 215 units $10.60 =$ 2,279 Jan. 1 inventory Jan. 10 Sales Mar.

Question

lomework Beginning 215 units $10.60 =$ 2,279 Jan. 1 inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 180 units $40.60 320 units $15.60 260 units $40.60 415 units s20.60 400 units s40.60 115 units $25.60 $18,764 840 units 1, 065 units Totals Required Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. KPrev 3 of 9ll Next>

Explanation / Answer

FIFO

35 units * $10.60 = $371

320 units * $15.60 = $4992

35 units * $10.60 = $371

225 units * $15.60 = $3510

95 units * $15.60 = $1482

415 units * $20.60 = $8549

95 units * $15.60 = $1482

320 units * $20.60 = $6592

95 units * $20.60 = $1957

115 units * $25.60 = $2944

LIFO

35 units * $10.60 = $371

320 units * $15.60 = $4992

35 units * $10.60 = $371

60 units * $15.60 = $936

35 units * $10.60 = $371

60 units * $15.60 = $936

415 units * $20.60 = $8549

35 units * $10.60 = $371

60 units * $15.60 = $936

15 units * $20.60 = $309

35 units * $10.60 = $371

60 units * $15.60 = $936

15 units * $20.60 = $309

115 units * $25.60 = $2944

FIFO LIFO

Sales $34104 $34104

Cost of goods sold $13863 $14204

Gross profit $20241 $19900.

Date Cost of goods available for sale Cost of goods sold Ending inventory Jan 1 215 units * $10.60 = $2279 215 units * $10.60 = $2279 Jan 10 180 units * $10.60 = $1908 35 units * $10.60 = $371 Mar 14 320 units * $15.60 = $4992

35 units * $10.60 = $371

320 units * $15.60 = $4992

Mar 15

35 units * $10.60 = $371

225 units * $15.60 = $3510

95 units * $15.60 = $1482 July 30 415 units * $20.60 = $8549

95 units * $15.60 = $1482

415 units * $20.60 = $8549

Oct 5

95 units * $15.60 = $1482

320 units * $20.60 = $6592

95 units * $20.60 = $1957 Oct 26 115 units * $25.60 = $2944

95 units * $20.60 = $1957

115 units * $25.60 = $2944

Cost of goods sold $13863 Ending inventory $4901.

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