Jailbird Company provided the following data about the inventory for the month of January : Units Unit Cost Total Cost January 1 Beginning 16,000 140 2,240,000 5 Purchase 4,000 150 600,000 10 Sales 15,000 15 Purchase 20,000 160 3,200,000 16 Purchase Return 1,000 160 160,000 25 Sales 8,000 26 Sales Return 4,000 31 Purchase 30,000 150 4,500,000 Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: 1.FIFO 2.LIFO 3. Periodic Weighted Average 4. Moving Average
Jailbird Company provided the following data about the inventory for the month of January : Units Unit Cost Total Cost January 1 Beginning 16,000 140 2,240,000 5 Purchase 4,000 150 600,000 10 Sales 15,000 15 Purchase 20,000 160 3,200,000 16 Purchase Return 1,000 160 160,000 25 Sales 8,000 26 Sales Return 4,000 31 Purchase 30,000 150 4,500,000 Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: 1.FIFO 2.LIFO 3. Periodic Weighted Average 4. Moving Average
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Jailbird Company provided the following data about the inventory for the month of January :
Units | Unit Cost | Total Cost | |||
January | 1 | Beginning | 16,000 | 140 | 2,240,000 |
5 | Purchase | 4,000 | 150 | 600,000 | |
10 | Sales | 15,000 | |||
15 | Purchase | 20,000 | 160 | 3,200,000 | |
16 | Purchase Return | 1,000 | 160 | 160,000 | |
25 | Sales | 8,000 | |||
26 | Sales Return | 4,000 | |||
31 | Purchase | 30,000 | 150 | 4,500,000 |
Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using:
1.FIFO
2.LIFO
3. Periodic Weighted Average
4. Moving Average
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