1 answer

[The following information applies to the questions displayed below.] 10 During the year, a company has...

Question:

[The following information applies to the questions displayed below.] 10 During the year, a company has the following invento2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round Aver

[The following information applies to the questions displayed below.] 10 During the year, a company has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 200 Nov.11 Purchase 160 $ 645 10 : 65 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of # of units Cost per Goods unit Available for Sale 10 $ 12 $ 120 # of units Cost per unit Cost of Goods Sold # of units Cost Ending per unit Inventory 10 $ 12 $ 120 Beginning Inventory Purchases: Mar 04 15 20 $ $ $ 8 11 100 165 200 Jun 09 Nov 11 Total 15 $ 200 $ $ 11 10 8 165 200 0 0 45 $ 485 Sales revenue Gross profit
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per # of units Cost per unit Cost of Goods Available for Sale $ 0 Cost of Goods Sold # of units. Cost Ending per unit Inventory unit Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 0 $ 0 T Sales revenue Gross profit
3. Using weighted average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Ending Inventory - Weighted Average Cost Weighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Average Cost of Goods Average # of units # of units Cost per Available for Cost of unit Sale | | Sold Sold Unit 120 Cost per Goods Sold # of units in Ending Inventory Average Cost per unit Ending Inventory Beginning Inventory Purchases: Mar. 4 165 200 Jun.9 Nov. 11 20 160 Total 645IIIII Sales revenue Gross profit

Answers

Answers

  • [1]

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

10

$                12.00

$                            120.00

10

$               12.00

$                     120.00

0

$                 12.00

$                         -  

Purchases:

04-Mar

15

$                11.00

$                            165.00

15

$               11.00

$                     165.00

0

$                 11.00

$                         -  

09-Jun

20

$                10.00

$                            200.00

20

$               10.00

$                     200.00

0

$                 10.00

$                         -  

11-Nov

20

$                   8.00

$                            160.00

5

$                 8.00

$                       40.00

15

$                   8.00

$                120.00

TOTAL

65

$                            645.00

50

$                     525.00

15

$                120.00

FIFO

Sales Revenue

$      1,000.00

(-) Cost of Goods Sold (as calculated above)

$          525.00

Gross Margin

$          475.00

  • [2]

LIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

10

$                12.00

$                            120.00

0

$               12.00

$                              -  

10

$                 12.00

$                120.00

Purchases:

04-Mar

15

$                11.00

$                            165.00

10

$               11.00

$                     110.00

5

$                 11.00

$                  55.00

09-Jun

20

$                10.00

$                            200.00

20

$               10.00

$                     200.00

0

$                 10.00

$                         -  

11-Nov

20

$                   8.00

$                            160.00

20

$                 8.00

$                     160.00

0

$                   8.00

$                         -  

TOTAL

65

$                            645.00

50

$                     470.00

15

$                175.00

LIFO

Sales Revenue

$              1,000.00

(-) Cost of Goods Sold (as calculated above)

$                  470.00

Gross Margin

$                  530.00

  • [3]

Average Method

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

10

$               12.00

$                            120.00

Purchases:

04-Mar

15

$                11.00

$                            165.00

09-Jun

20

$                10.00

$                            200.00

11-Nov

20

$                   8.00

$                            160.00

TOTAL

65

$                9.923

$                            645.00

50

$             9.9200

$                     496.00

15

$              9.9200

$                148.80

Weighted Average Method

Sales Revenue

$                 1,000.00

(-) Cost of Goods Sold (as calculated above)

$                     496.00

Gross Margin

$                     504.00

.

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