What are the costs assigned using Average Cost, FIFO and LIFO?
Compute the cost to be assigned to ending inventory for each of the methods indicated, given the following information about purchases and sales during the year (see attached).
a. Cost assigned on an average cost basis
b. Cost assigned on a FIFO basis
c. Cost assigned on a LIFO basis
... in ending inventory under the periodic FIFO cost flow assumption ... The cost assigned to the 65 units in ... under the periodic weighted average cost flow assumption ...
... ending inventory and cost of goods sold under (a) average cost, (b) FIFO, and (c ... Statement calculating cost assigned to ending inventory and to cost of goods ...
... identification method; (2) costs are assigned by the average-cost method; (3) costs are assigned by the FIFO method; (4) costs are assigned by the LIFO method. ...
...FIFO assigns costs in the order of usage of inventory ...Cost assigned to the Inventory in hand would come ... are acceptable methods for valuation of inventory costs. ...
... is selected for the purpose of assigning the cost to ... that inventory sold on Jan 25 is assigned the costs... companies may adopt more than one cost flow assumption ...
... Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. ...
...Cost assigned to cost of goods sold 21707.00 cost... 34790.00 Gross Profit 13083.00 When prices are increasing ... The weighted average method provides figures which ...
... In First-Out (FIFO) method: FIFO assigns costs in the ... (b) Which cost price should be assigned to inventory ... physical flow of inventory and cost flow assumption ...
