Question

computing Cost of Goods Sold and Ending Inventory Bartov Corporation reports the following beginning inventory and...

computing Cost of Goods Sold and Ending Inventory
Bartov Corporation reports the following beginning inventory and purchases for 2017

Beginning inventory 400 @ $12 each $4,800
Inventory purchased 600 @ $14 each 8,400
Cost of goods available 1,000 units $13,200


Bartov sells 600 of these units in 2017. Compute its cost of goods sold for 2017 and the ending inventory reported on its 2017 balance sheet under each of the following inventory costing methods:

(Do not round until your final answer. Round to the nearest whole number.)

FIFO LIFO Average cost
Cost of goods sold

Answer

Answer

Answer

Ending inventory

Answer

Answer

Answer

Homework Answers

Answer #1

Closing inventory =400+600-600 = 400 units

FIFO method

COST OF GOODS SOLD (400 * $12 + 200 * $14) = $7600

Ending inventory (400 * $14) = $5600

LIFO method

COST OF GOODS SOLD (600 * $14) = $8400

Ending inventory (400 * $12) = $4800

Average cost method:

Total cost / No of units = $13,200/1000 = $13.2/unit

COST OF GOODS SOLD =$13.2 * 600= $7920

Ending inventory $13.2 * 400 = $5280

FIFO LIFO AVERAGE COST

Cost of goods sold $7600 $8400 $7920

Ending inventory $5600 $4800 $5280

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Calculate cost of goods sold and ending inventory under each of the following methods given the...
Calculate cost of goods sold and ending inventory under each of the following methods given the following information about purchases and sales during the year. Jan. 1           Beginning Inventory       300 units @ $3 Jan. 5           Sales                                      100 units Jan. 15        Purchases                           400 units @ $4 Jan. 20        Sales                                      200 units a. FIFO. b. LIFO.
M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under...
M7-7 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) [LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Units Unit Cost July 1 Beginning Inventory 2,500 $ 50...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 53 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 4 $ 3.40 April 10 11 3.90 May 15 11 4.40 July 22 16 4.65 August 19 17 5.40 September 30 21 5.60 November 10 31 5.80 December 15 17 6.20 costs of ending inventory? Cost of goods sold?
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 49 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 2.00 April 10 10 2.50 May 15 12 3.00 July 22 15 3.25 August 19 18 4.00 September 30 20 4.20 November 10 32 4.40 December 15 16 4.80 Costs of ending inventory? Costs of goods sold?
Given the following data, calculate cost of goods sold and the cost of ending inventory. 3...
Given the following data, calculate cost of goods sold and the cost of ending inventory. 3 separate methods, FIFO, LIFO and Weighted Average. You must show ALL calculations. Date Transaction 1/10 Bought 200 inventory units @ $15 1/20 Bought 200 inventory units @ $17 1/25 Sold 150 inventory units @ $30 1/28 Bought 100 inventory units @ $20 1/31 Sold 120 inventory units @ $30 2/4 Bought 90 inventory units @ $21 Date ?Goods Purchased Cost of Goods sold Inventory...
Question 4 a.) Use the following data to calculate cost of merchandise sold under FIFO method....
Question 4 a.) Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600 b.)Use the following data to calculate the cost of ending inventory under LIFO using the method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @...
Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of...
Vaughn Company, which uses a periodic inventory system, had a beginning inventory on May 1, of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases:   Sales: May 6 300 units at $7.20 May 4 275 units 14 400 units at $9.10 300 units 21 100 units at $11.50 22 400 units 28 500 1 ,300 units at $11.80 24 225 1 ,200 units Instructions: Compute the May...
Crane Company reports the following for the month of June. Units Unit Cost Total Cost June...
Crane Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $4 $ 800 12 Purchase 400 5 2,000 23 Purchase 400 6 2,400 30 Inventory 100 Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g....
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...
Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by...
Determine Colour ending inventory and cost of goods sold under the LIFO perpetual basis. Begin by preparing Colour perpetual inventory record under the​ last-in, first-out​ (LIFO) method for the year Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 5,500 $51 $280,500 Purchases March 30 4,500 67 301,500 July 15 850 70 59,500 September 1 6,600 Total available for sale 10,850 $641,500 Units sold September 1 (6,600) Ending inventory 4,250 LIFO: Cost of Cost of Units Unit...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Suppose that the time (in hours) that Irene spends on an untimed final exam follows an...
    asked 8 minutes ago
  • The following sample observations were randomly selected. (Round intermediate calculations and final answers to 2 decimal...
    asked 21 minutes ago
  • what type of graph is best suitable for data obtained from customer ratings. The ratings are...
    asked 25 minutes ago
  • Determine the cumulative 15-year 18 kip ESAL’s in the design lane for 2-lane highway for the...
    asked 32 minutes ago
  • Q: Dr.Grimace, the evil dentist, is trying to find out if his patients suffer from periodontal...
    asked 32 minutes ago
  • After collecting data on 19283 dogs, you find that male vallhunds have an average weight of...
    asked 34 minutes ago
  • Research Target Corporation and assess your satisfaction with the company you researched and make recommendations about...
    asked 35 minutes ago
  • Evidence suggests that 70% of FSU students like turtles. Suppose we randomly sampled 15 FSU students....
    asked 35 minutes ago
  • Ulrich challenges the appropriateness of the nearly universal symbolism of the spinning wheel as the marker...
    asked 36 minutes ago
  • Differential Equations: Please try to computer type, if not possible be clear and organize. Thank you...
    asked 36 minutes ago
  • In your opinion, what are the three (3) most important benefits an employer can give to...
    asked 42 minutes ago
  • In a test of the effectiveness of garlic for lowering​ cholesterol, 81 subjects were treated with...
    asked 45 minutes ago