Know Videos & Excel Sims Halp Save & Exit Submit Inventory costing methods 1 Cal
ID: 2607636 • Letter: K
Question
Know Videos & Excel Sims Halp Save & Exit Submit Inventory costing methods 1 Calculate cost of ending inventory and cost of goods sold using periodic FIFO LIFO, and Weighted Average Cost meshods HOMEINSERTPAGE LAYOUTFORMULAS DATA RIVIEW Sign tn .abn Formatting bleStyles Font [X /_..!Better Bottles, irc, uses a periodic inventory witem and has tbe following : system and has the following information available: 6 an, 20 Purchase Goods Available for Sale 12 Required: 1) Calulate both the Ending Ieventory and Cost of Goods Sold using Periodic FIFO Activate Windows o to Settings to activate WindowsExplanation / Answer
FIFO ending inventory – all units of jan 20 and remaining from jan 15
FIFO ending inventory
Description
Number of units
Cost per unit
Total cost
Jan. 20 purchase
33
30
990
Jan. 15 purchase
11
22
242
1232
FIFO cost of goods sold – all units of beginning inventory and remaining from jan 15
FIFO cost of goods sold
Description
Number of units
Cost per unit
Total cost
Beginning inventory
20
20
400
Jan. 15 purchase
16
22
352
752
LIFO ending inventory – all units of beginning inventory and remaining from jan 15
LIFO ending inventory
Description
Number of units
Cost per unit
Total cost
Beginning inventory
20
20
400
Jan. 15 purchase
24
22
528
928
LIFO cost of goods sold – all units of jan 20 and remaining from jan 15
LIFO cost of goods sold
Description
Number of units
Cost per unit
Total cost
Jan. 20 purchase
33
30
990
Jan. 15 purchase
3
22
66
1056
Weighted average cost = cost of goods available for sale/number of units available for sale = 1984/80 = 24.80 per unit
Weighted average ending inventory
Number of units
Cost per unit
Total cost
44
24.80
1091.20
Weighted average cost of goods sold
Number of units
Cost per unit
Total cost
36
24.80
892.80
Description
FIFO
LIFO
Weighted average
Beginning inventory
400
400
400
Jan. 15 purchase
594
594
594
Jan. 20 purchase
990
990
990
Goods available for sale
1984
1984
1984
Less: ending inventory
1232
928
1091.20
COGS
752
1056
892.80
FIFO ending inventory
Description
Number of units
Cost per unit
Total cost
Jan. 20 purchase
33
30
990
Jan. 15 purchase
11
22
242
1232
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