Alta Ski Company\'s inventory records contained the following information regard

Question

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.

Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.

Please fill in the answer in all the spaces I put an "A" in. Will give good feedback, thanks!

Beginning inventory, January 1, 2018 1,250 units @ $90 each Purchases: January 15 2,600 units @ $105 each January 21 2,400 units @ $110 each Sales: January 5 1,200 units @ $130 each January 22 1,600 units @ $140 each January 29 1,050 units @ $145 each Ending inventory, January 31, 2018 2,400 units

Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods.

Please fill in the answer in all the spaces I put an "A" in. Will give good feedback, thanks!

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory A A $0 A $0 $0 A $0 $0 Purchases: January 15 A A 0 A $0 0 A $0 0 January 21 A A 0 A $0 0 A $0 0 Total 0 $0 0 $0 0 $0 LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning Inventory A A $0 A $0 $0 A $0 $0 Purchases: January 15 A A 0 A $0 0 A $0 0 January 21 A A 0 A $0 0 A $0 0 Total 0 $0 0 $0 0 $0

Explanation / Answer

FIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 1250 90 112500 1250 90 112500 Purchase 15-Jan 2600 105 273000 2600 105 273000 21-Jan 2400 110 264000 2400 110 264000 Total 6250 649500 3850 385500 2400 110 264000 LIFO DATE Cost of goods available for sale Cost of Goods sold Closing inventory Units Rate Amount Units Rate Amount Units Rate Amount Beginning Inventory 1250 90 112500 1250 90 112500 Purchase 15-Jan 2600 105 273000 1450 105 152250 1150 105 120750 21-Jan 2400 110 264000 2400 110 264000 Total 6250 649500 3850 416250 2400 233250

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