Question

Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24...

Date

Transaction

# of Units

Unit Cost

Total Cost

1/1

Beg Balance

150

$30

$4,500

1/24

Purchase

70

33

2,310

2/22

Sale

(100)

-

-

3/7

Purchase

90

35

3,150

4/10

Purchase

140

36

5,040

6/11

Sale

(100)

-

-

9/28

Purchase

50

38

1,900

12/4

Sale

(100)

-

-

  1. What is the cost of goods sold under a FIFO periodic inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  2. What is the ending inventory under a LIFO periodic inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  3. What is the cost of goods sold under a LIFO perpetual inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150
  4. What is the ending inventory under a FIFO perpetual inventory system?
    1. $10,500
    2. $9,610
    3. $7,290
    4. $6,150

Homework Answers

Answer #1

Total Units available for sale = 150+70+90+140+50 = 500 Units

Units sales = 100+100+100 = 300 Units

1) FIFO periodic Cost of goods sold = (150*30+70*33+80*35) = 9610

So answer is b) $9610

2) LIFO Periodic Ending inventory  = (150*30+50*33) = 6150

So answer is d) $6150

3) LIFO Perpetual Cost of goods sold = (70*33+30*30+100*36+50*38+40*36+10*35) = 10500

So answer is a) $10500

4) FIFO Ending inventory = (50*38+140*36+10*35) = 7290

So answer is c) $7290

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