Question 2: 8% points: Inventory Alpha uses the period methodand had the following inventory events during January: Date UnitsPurchased Unit Cost Date Units Sold Unit Sales Price Jan. 1 150$7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan.20 200 7.95 Jan. 24 150 16.00 Jan. 25 150 8.00 Jan. 30 75 8.20Note: January 1 amount was the beginning inventory and unit value.(Round all total dollar values to the nearest dollar. Round allunit values to the nearest penny.) Acct220 Page 2 0f 7 Required: a.Calculate cost of goods available for sale. b. Calculate the dollarvalue of sales. c. Calculate the value of Ending Inventory and Costof Good Sold under the following independent assumptions: 1) LIFOmethod 2) FIFO method 3) Average-cost method
Question 2: 8% points: Inventory Alpha uses the period methodand had the following inventory events during January: Date UnitsPurchased Unit Cost Date Units Sold Unit Sales Price Jan. 1 150$7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan.20 200 7.95 Jan. 24 150 16.00 Jan. 25 150 8.00 Jan. 30 75 8.20Note: January 1 amount was the beginning inventory and unit value.(Round all total dollar values to the nearest dollar. Round allunit values to the nearest penny.) Acct220 Page 2 0f 7 Required: a.Calculate cost of goods available for sale. b. Calculate the dollarvalue of sales. c. Calculate the value of Ending Inventory and Costof Good Sold under the following independent assumptions: 1) LIFOmethod 2) FIFO method 3) Average-cost method
Related questions
Flip uses the periodic method and had the following inventoryevents during January:
Date | Units Purchased | Unit Cost | Date | Units Sold | Unit Sales Price |
Jan. 1 | 150 | $7.00 | Jan. 2 | 100 | $10.00 |
Jan. 5 | 225 | 7.25 | Jan. 7 | 125 | 10.00 |
Jan. 10 | 100 | 7.50 | Jan. 12 | 75 | 12.00 |
Jan. 15 | 150 | 7.50 | Jan. 17 | 200 | 12.00 |
Jan. 20 | 200 | 7.75 | Jan. 24 | 150 | 15.00 |
Jan. 25 | 150 | 8.00 | |||
Jan. 30 | 75 | 8.25 |
Note: January 1 amount was the beginninginventory and unit value.
(Round all total dollar values to the nearest dollar. Round allunit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Soldunder the following independent assumptions:
1) Ending Inventory and LIFOmethod
2) Ending Inventory and FIFOmethod
3) Ending Inventorhand Average-cost method
