Avant Corporationâs November inventory activity is as follows.Avant uses a perpetual inventory system.
Date Transaction Units Unit cost TotalCost
11/1 Beginning inventory 32 $55 $1760
11/7 Purchase 45 $60 $2,700
11/9 Sale 50
11/14 Purchase 52 $65 $3,380
11/30 Sale 61
Required:
Calculate the cost of goods sold and ending inventory for FIFOand LIFO. Round average unit costs to the nearest cent and cost ofgoods sold and inventory values to the nearest dollar.
FIFO Cost of Goods Sold ?
FIFO Ending Inventory?
LIFO Cost of Goods Sold?
LIFO Ending Inventory?
Avant Corporationâs November inventory activity is as follows.Avant uses a perpetual inventory system.
Date Transaction Units Unit cost TotalCost
11/1 Beginning inventory 32 $55 $1760
11/7 Purchase 45 $60 $2,700
11/9 Sale 50
11/14 Purchase 52 $65 $3,380
11/30 Sale 61
Required:
Calculate the cost of goods sold and ending inventory for FIFOand LIFO. Round average unit costs to the nearest cent and cost ofgoods sold and inventory values to the nearest dollar.
FIFO Cost of Goods Sold ?
FIFO Ending Inventory?
LIFO Cost of Goods Sold?
LIFO Ending Inventory?
Related questions
The inventory records of Kuffel Co. reflected the followinginformation for the year ended December 31, 2013: |
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||
| 1/1 | Beginninginventory | 150 | $ | 25 | $ | 3,750 | |
| 2/22 | Purchase | 70 | 32 | 2,240 | |||
| 3/7 | Sale | (100 | ) | - | - | ||
| 4/15 | Purchase | 90 | 37 | 3,330 | |||
| 6/11 | Purchase | 140 | 39 | 5,460 | |||
| 9/28 | Sale | (100 | ) | - | - | ||
| 10/13 | Purchase | 50 | 36 | 1,800 | |||
| Required: |
| (a) | Assume that Kuffel Co. uses a periodic inventory system.Calculate cost of goods sold and ending inventory under FIFO andLIFO FIFO LIFO COGS Ending Inventory b)
|
USE THE PERPETUAL METHOD FORINVENTORY.
Date | event | Number of units | Unit cost | Total cost |
Dec. 1 | Beg. Inventory | 500 | $10 | $5,000 |
Dec. 8 | purchase | 600 | 11 | 6,600 |
Dec. 13 | purchase | 300 | 12 | 3,600 |
Dec. 15 | Sale | 750 | ||
Dec. 24 | purchase | 300 | 13 | 3,900 |
Dec. 28 | purchase | 400 | 15 | 6,000 |
Dec. 30 | sale | 650 |
How do you calculate Cost of goods sold and endinginventory using the weighted average, FIFO, and LIFO inventorycosting methods?
Weighted Ave. Cost | FIFO | LIFO | |
Ending inventory | |||
Cost of Goods Sold |
7. FIFO Method: Perpetual Inventory System
Assume the following data with regard to inventory for Vegan Company:
| Aug. 1 | Inventory | 40 | units @ $10 per unit | $ 400 | ||
| 8 | Purchase | 50 | units @ $11 per unit | 550 | ||
| 22 | Purchase | 35 | units @ $12 per unit | 420 | ||
| Goods available for sale | 125 | units | $1,370 | |||
| Aug. 15 | Sale | 45 | units | |||
| 28 | Sale | 25 | units | |||
| Inventory, Aug. 31 | 55 | units | ||||
Calculate the cost of ending inventory and cost of goods sold according to the FIFO method under the perpetual inventory system.
| FIFO Method | |
| Cost of ending inventory: | $ |
| Cost of goods sold: | $ |
