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LIFO, FIFO, Average cost; Perioidic and Perpetual Methods

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 $__________.

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