newconnect.mheducation.com rwited tn its mo\'chancle·inwtay during the month of

Question

newconnect.mheducation.com rwited tn its mo'chancle·inwtay during the month of A-9iAt 2016 hventory on hand-8.500 unts: Nugco$870 ec n Prehesed 27000 unts fer 57.20 31 Inventory on hand-12000 unts Dstosmine the inventory balance A/tra woud report in its Agust 31, 206, balance sheet and the cest of goeds sold it would report in ts Augund 2015 come siatement uing ench of the flawng coot Raw methodx (Round Awerage Cost per Unit to 2 decimal places #01 | Cost units per oods " u. of unis per Cost of Coat Ending per Avlsold sols Per unit Goodsin Cost Sold nding per unit ,500 8.70 573 August 8 27,000 194 )| 27,000|· 194, August 10 30,000 5 305,000 35,500 258 odie LIFO #ot | Cost I costof unit 1 unit alablo units Cost Cost of of sold Per unit Goods Cos per | Available·old Sold inding per unit 000 S or Sale Cost of #0e | Cost | Goods unts in per Unit Sol oning Cosi Ending August Prev 1 of 19 Next >

Explanation / Answer

FIFO Cost of Goods Available for sale Cost of Goods Sold - Periodic LIFO Ending LIFO - Periodic LIFO Number of units Cost per unit Cost of Goods Available fore sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 8500 8.7 73950 8500 8.7 73950 Purchases:    August 8 27000 7.2 194400 27000 7.2 194400    August 18 14500 6.7 97150 2500 6.7 16750 12000 6.7 80400 Total 50000 365500 38000 285100 12000 80400 LIFO Cost of Goods Available for sale Cost of Goods Sold - Periodic LIFO Ending LIFO - Periodic LIFO Number of units Cost per unit Cost of Goods Available fore sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 8500 8.7 73950 8500 8.7 73950 Purchases:    August 8 27000 7.2 194400 23500 7.2 169200 3500 7.2 25200    August 18 14500 6.7 97150 14500 6.7 97150 Total 50000 365500 38000 266350 12000 99150 Average Cost Cost of Goods Available for sale Cost of Goods Sold - Periodic LIFO Ending LIFO - Periodic LIFO Number of units Cost per unit Cost of Goods Available fore sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost per unit Ending Inventory Beginning Inventory 8500 8.7 73950 38000 7.31 277780 12000 7.31 87720 Purchases:    August 8 27000 7.2 194400    August 18 14500 6.7 97150 Total 50000 365500 38000 7.31 277780 12000 7.31 87720

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