Explore BrainMass

Explore BrainMass

    LIFO, FIFO, Average cost; Perioidic and Perpetual Methods

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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 $__________.

    © BrainMass Inc. brainmass.com June 4, 2020, 12:02 am ad1c9bdddf
    https://brainmass.com/business/inventory/lifo-fifo-average-cost-perioidic-perpetual-methods-315722

    Solution Preview

    Solution is provided in a separate excel file with detailed statements and supporting calculations.

    Answers for required items are as under:

    The cost assigned to the 65 units in ending inventory under the periodic FIFO ...

    Solution Summary

    LIFO, FIFO, Average cost; Perioidic and Perpetual Methods are examined.

    $2.19

    ADVERTISEMENT