LIFO, FIFO, Average cost; Perioidic and Perpetual Methods
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January 1, beginning inventory 45 units at $10 = $450
February 28 purchase 50 units at $11 = $550
June 15 purchase 50 units at $12 = $600
October 1 purchase 50 units at $12 = $600
December 29 purchase 50 units at $13 = $650
December 31, ending inventory 65 units at ??
Sales for entire year $2,680 consisting of 180 units
Required:
The cost assigned to the 65 units in ending inventory under the
periodic FIFO cost flow assumption is $___________.
The cost assigned to the 65 units in ending inventory under the
periodic LIFO cost flow assumption is $___________ .
The cost assigned to the 65 units in ending inventory under the
periodic weighted average cost flow assumption is $__________ .
The cost of goods sold for the year using the periodic FIFO cost
flow assumption is $___________.
The cost of goods sold for the year using the periodic LIFO cost
flow assumption is $____________.
The gross profit for the year using periodic FIFO is $__________.
The gross profit for the year using periodic LIFO is $__________.
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Solution Summary
LIFO, FIFO, Average cost; Perioidic and Perpetual Methods are examined.
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The cost assigned to the 65 units in ending inventory under the periodic FIFO ...
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