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# 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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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