Question

esa Company's inventory records show the following data for the month of September: Units Unit Cost...

esa Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.35 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 250 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Value of Ending Inventry for 250 unit= $860

and Cost of Good Sold for 650 unit =$2345

Under Periodic Inventory system , Trasaction are updated at the end of the period , and the inventory are valued at the end of Period  .

LIFO stands for Last in first Out , under this method of Valuation , it is assume that the Last stock that comes in will be sold out first .
Statement of Inventory under LIFO method and Period Inventory system

Beginning Inventory , September 1 100 unit @$3.35 $335
Purchase
September 8 450unit @$3.50 $1575
September 18 350unit @$3.70 $1295

Sold
As per LIFO Method [email protected] $1295
[email protected] $1050
$2345
Ending Inventory [email protected] $525
[email protected] $335
$860

Working Note

Sold Unit = Beginng Invenory + Purchase - Ending Inventory

=100+800-250

=650 units

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $
Marigold Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.20...
Marigold Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.20 Purchases:     June 18 8000 8.00                      November 8 6000 6.00 A physical inventory on December 31 shows 4300 units on hand. Marigold sells the units for $11 each. The company has an effective tax rate of 20%. Marigold uses the periodic inventory method. The weighted-average cost per unit is
A company's inventory records indicate the following data for the month of September: Sept 1 beginning...
A company's inventory records indicate the following data for the month of September: Sept 1 beginning 250 units at $10 each Sept 5 purchased 150 units at $11 each Sept 10 sold 300 units Sept 20 purchased 400 units at $14 each Sept 25 sold 200 units If the company uses the perpetual inventory system, what would be the cost of its ending inventory and the cost of goods sold for July based on FIFO, LIFO and Weighted Average methods?
Swifty Co. uses a periodic inventory system. Its records show the following for the month of...
Swifty Co. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. Units Unit Cost Total Cost May 1 Inventory 33 $12 $396 15 Purchases 28 15 420 24 Purchases 32 16 512 Totals 93 $1,328 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ $ Cost of goods sold $ $
Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4...
Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Beginning inventory 12 units @ $ 3.00 $ 36.00 Feb. 23 Purchase 17 units @ $ 3.50 59.50 Apr. 20 Purchase 26 units @ $ 3.80 98.80 May 4 Purchase 44 units @ $ 4.00 176.00 Nov. 30 Purchase 18 units @ $...
Electronic Center began December with 70 units of merchandise inventory that cost $ 74 each. During...
Electronic Center began December with 70 units of merchandise inventory that cost $ 74 each. During December​, the store made the following​ purchases: LOADING... ​(Click the icon to view the​ purchases.) Right Now uses the periodic inventory​ system, and the physical count at December 31 indicates that 80 units of merchandise inventory are on hand. Read the requirements LOADING.... Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the December financial statements using the​ FIFO,...
Exercise 6-6 Sunland Company uses a periodic inventory system. Its records show the following for the...
Exercise 6-6 Sunland Company uses a periodic inventory system. Its records show the following for the month of May, in which 104 units were sold. Units Unit Cost Total Cost May 1 Inventory 48 $14 $672 15 Purchases 40 17 680 24 Purchases 56 18 1,008 Totals 144 $2,360 a. Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.
The accounting records of Oriole Company show the following data. Beginning inventory 2,910 units at $5...
The accounting records of Oriole Company show the following data. Beginning inventory 2,910 units at $5 Purchases 7,950 units at $7 Sales 9,280 units at $10 (a) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to 0 decimal places, e.g. 1,250.) FIFO and LIFO AND AVEREGE COST Cost of goods sold during the period $
A company's inventory records indicate the following data for the month of July: July 1 beginning...
A company's inventory records indicate the following data for the month of July: July 1 beginning 380 units at $15 each July 5 purchased 270 units at $17 each July 10 sold 400 units at $50 each July 20 purchased 300 units at $22 each July 25 sold 400 units at $50 each If the company uses the perpetual inventory system, what would be the cost of its ending inventory and the cost of goods sold for July based on...
Concord Company uses a periodic system reports the following for the month of June. Units Unit...
Concord Company uses a periodic system reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $ 1,000 12 Purchase 450 6 2,700 23 Purchase 320 7 2,240 30 Inventory 120 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ $ Cost of goods sold
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT