Question

Given the following information, determine the cost of goods sold for December 31 using the FIFO...

Given the following information, determine the cost of goods sold for December 31 using the FIFO periodic inventory method:

December 2: 12 units were purchased at $7.70 per unit.
December 9: 17 units were purchased at $10.10 per unit.
December 11: 19 units were sold at $35.70 per unit.
December 15: 27 units were purchased at $10.85 per unit.

December 22: 25 units were sold at $35.70 per unit.

$464.65

$557.05

$437.68

$522.05

$426.85

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans $ 426.85

Purchases Sales
Date Particulars Quantity Rate Amount Quantity Rate Amount Closing Quantity
DEC
2 Purchases 12 7.7 92.4 12
9 Purchases 17 10.1 171.7 29
11 Sales 19 35.7 678.3 10
15 Purchases 27 10.85 292.95 37
22 Sales 25 35.7 892.5 12
Total 56 557.05 44 1570.8
Total Sales 44 UNITS
Closing 12 UNITS
COST OF GOODS SOLD
12 UNITS OD DEC2, 17 UNITS OF DEC 9, 15 UNITS OF DEC 15
12 * 7.7 + 17 * 10.1 + 15 * 10.85
426.85
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
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?
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...
Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance...
Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance as of December 31st and the Cost of Goods Sold for the year. Christy’s Cookie Company uses the periodic system to track changes in the inventory account. Date Quantity Purchased Quantity Sold Cost per Unit Quantity on Hand 1/1 $10 8 3/25 25 $12 33 7/14 15 18 10/22 16 $14 34 12/31 4 30 Cost of Goods Sold for the year $________________________ Ending...
Determine Trumpana ending inventory and cost of goods sold under the FIFO perpetual basis. Begin by...
Determine Trumpana ending inventory and cost of goods sold under the FIFO perpetual basis. Begin by preparing Trumpana perpetual inventory record under the​ first-in, first-out​ (FIFO) method for the year. Transaction Units Sales in Units Unit Cost Total Cost Beginning inventory 1/1 2,500 $53 $132,500 Purchases March 30 3,000 68 204,000 July 15 850 76 64,600 September 1 3,600 Total available for sale 6,350 $401,100 Units sold September 1 (3,600) Ending inventory 2,750 FIFO: Cost of Cost of Units Unit...
Given the following? information, calculate the amount by which gross profit would differ between FIFO and?...
Given the following? information, calculate the amount by which gross profit would differ between FIFO and? LIFO: Assume the periodic system. Beginning inventory 1,400 units at $ 52 per unit Purchases 2,650 units at $ 65 per unit Units sold 2,200 units at $ 100 per unit Calculate the cost of goods sold using the FIFO periodic cost flow assumption. FIFO Units x Cost per Unit = Total Cost Units from beginning inventory x = Units from purchase x =...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $24 $264 Aug. 7 Purchase 18 units at $27 486 Dec. 11 Purchase 14 units at $28 392 43 units $1,142 There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
  Consider the following information for questions 22-25:               September 1    Inventory          &nb
  Consider the following information for questions 22-25:               September 1    Inventory                                  10 @ $3.00                                      8    Purchased                                30 @ $3.20                                    17   Purchased                                 20 @ $3.10                                    25   Purchased                                 40 @ $3.40                                                             Units Sold: 55 COST OF GOODS SOLD under the FIFO method is (assume a periodic inventory system): $180.20. $167.50. $172.50. $184.25.      Consider the following information for questions 22-25:               September 1    Inventory                                  10 @ $3.00                                      8    Purchased                                30 @ $3.20                                    17   Purchased                                 20 @ $3.10                                    25   Purchased                                 40 @ $3.40                                                             Units Sold: 55 COST OF GOODS SOLD under the average cost method is (assume a...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $26 $390 Aug. 7 Purchase 20 units at $27 540 Dec. 11 Purchase 12 units at $29 348 47 units $1,278 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $25 $125 Aug. 7 Purchase 19 units at $28 532 Dec. 11 Purchase 13 units at $29 377 37 units $1,034 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO The following information is available...
Periodic System— Calculating Ending Inventory and Cost of Sales using FIFO The following information is available for Water Inc. Date Units Unit Cost January 1, 2020 (beginning inventory) 100 $50.00 Purchases: January 10, 2020 75 52.00 January 15, 2020 150 52.50 January 30, 2020 100 55.00 The company maintains a periodic inventory system. A physical count shows 125 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT