Help tor March. ate es Mar. 1 Beginning inventory 230 unitS unit e $53.60 per Ma

Question

Help tor March. ate es Mar. 1 Beginning inventory 230 unitS unit e $53.60 per Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 290 units $58.60 390 units8 $88.60 per unit 150 unitse $63.60 per 280 units $65.60 per unit 260 units $98.60 650 units per -unit Totals 950 units 3. Compute the cost assigned to ending inventory using AFIFO (D) LIFO ( weighted average, anderspecific identification For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase, the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase Complete this questions by entering your answers in the below tabs. Prev 78 of 91ll Next >

Explanation / Answer

FIFO (Perpetual) DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 230 53.6 12328 230 53.6 12328 Purchase 5-Mar 290 58.6 16994 230 53.6 12328 290 58.6 16994 9-Mar 230 53.6 12328 160 58.6 9376 130 58.6 7618 18-Mar 150 63.6 9540 130 58.6 7618 150 63.6 9540 25-Mar 280 65.6 18368 130 58.6 7618 150 63.6 9540 280 65.6 18368 29-Mar 130 58.6 7618 20 63.6 1272 130 63.6 8268 280 65.6 18368 Totals 950 57230 650 37590 300 19640 LIFO (Perpetual) DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 230 53.6 12328 230 53.6 12328 Purchase 5-Mar 290 58.6 16994 230 53.6 12328 290 58.6 16994 9-Mar 290 58.6 16994 100 53.6 5360 130 53.6 6968 18-Mar 150 63.6 9540 130 53.6 6968 150 63.6 9540 25-Mar 280 65.6 18368 130 53.6 6968 150 63.6 9540 280 65.6 18368 29-Mar 260 65.6 17056 130 53.6 6968 150 63.6 9540 20 65.6 1312 Totals 950 57230 650 39410 300 17820 Weighted Average (Perpetual) DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 230 53.6 12328 230 53.6 12328 Purchase 5-Mar 290 58.6 16994 230 53.6 12328 290 58.6 16994 Average cost 520 56.39 29322 9-Mar 390 56.39 21992.1 130 56.39 7329.9 18-Mar 150 63.6 9540 130 56.39 7329.9 150 63.6 9540 25-Mar 280 65.6 18368 130 56.39 7329.9 150 63.6 9540 280 65.6 18368 Average cost 560 62.93 35237.9 29-Mar 260 62.93 16361.8 300 62.93 18876.1 Totals 950 57230 650 38353.9 300 62.93 18876.1 Specific Identification DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 230 53.6 12328 130 53.6 6968 100 53.6 5360 Purchase 5-Mar 290 58.6 16994 260 58.6 15236 30 58.6 1758 18-Mar 150 63.6 9540 110 63.6 6996 40 63.6 2544 25-Mar 280 65.6 18368 150 65.6 9840 130 65.6 8528 Total 950 57230 650 39040 300 18190

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