Purchase Solution

Calculate cost of goods sold, ending inventory under FIFO, LIFO

Not what you're looking for?

Ask Custom Question

The following information regarding inventory transactions is available for the month of July.

Date Type of Event #Units Unit Cost Total Cost

July 1 Beginning Inventory 180 $8 $1,440

July 5 Purchase 75 $9 $ 675

July 9 Sale 80

July 12 Sale 45

July 17 Purchase 140 $10 $1400

July 26 Sale 75

July 26 Purchase 40 $11 $440

What is the cost of goods sold under FIFO? Show computations
What is the ending inventory under FIFO? Show computations
What is the cost of goods sold under LIFO? Show computations
What is the ending inventory under LIFO? Show computations
What is the cost of goods sold under the weighted average method? Show computations
What is the ending inventory under the weighted average method? Show computations?

Purchase this Solution
Solution Summary

The expert calculates the cost of goods sold, and the ending inventory under FIFO and LIFO.

Purchase this Solution
Free BrainMass Quizzes
Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

View More Free Quizzes
Related BrainMass Solutions

  • Cost of Goods Sold and Ending Inventory

    107746 Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory). 1. Calculate Cost of Goods Sold (COGS) and Ending Inventory (EI) under FIFO, LIFO, and W/A (Periodic Inventory).

  • FIFO, LIFO Average Cost

    Using the perpetual inventory system determine cost of goods sold under FIFO. 9. Using the perpetual inventory system determine ending inventory under LIFO. 10. Using the perpetual inventory system determine cost of goods sold under LIFO.

  • FIFO and LIFO

    Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. Explain why the FIFO results for cost of goods sold and ending inventory are the same in your answers to parts a and b, but the LIFO results are different. d.

  • Perpetual & Periodic Inventory System

    The solution computes cost of goods sold under perpertual & periodic inventory system using FIFO, LIFO & Average Cost Method.

  • Cushing Inc: Cost-flow assumptions, FIFO and LIFO using periodic and perpetual systems

    Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. Explain why the FIFO results for cost of goods sold and ending inventory are the same in your answers to parts a and b, but the LIFO results are different. d.

  • FIFO, LIFO calculations under periodic and perpetual method

    The ending inventory value is 50X28 + 50X25 = $2,650 The cost of goods sold is 20,050-2,650 = $17,400 The solution explains how to calculate the cost of goods sold, ending inventory under FIFO and LIFO using perpetual and periodic methods

  • Compute FIFO and LIFO Methods

    Prove the amount allocated to cost of goods sold under each method. (b) For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. What do you notice about the answers you found for each method?

  • Inventory calculations

    60 40 Oct 25 Purchase 80 29 Oct 29 Sale 120 40 Instructions (a) Calculate (i) ending inventory, (ii) costs of goods sold, (iii)gross profit, and (iv) gross profit rate under each of the following methods

  • FiFO and LIFO Inventory

    (under either method) Cost of goods sold under LIFO $300,000 Cost of goods sold under FIFO: Inventory at December 31, 2008 $106,300 Cost of goods purchased in 2009 $315,300 Cost of goods available for sale $421,600 Inventory at December 31

View More Related Solutions