Business
Engineering
Math
Science
Social ScienceKingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available. Units Unit Cost Total CostApril 1 inventory 290 $18 $ 5,220 April 15 purchase 400 22 8,800 April 23 purchase 310 23 7,130 1,000 $21,150 Compute the April 30 inventory and the April cost of goods sold using the LIFO method.Ending inventory $ Cost of goods sold $
Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available.
|
Units
|
Unit Cost
|
Total Cost
|
||||||
| April 1 inventory | 290 | $18 | $ 5,220 | |||||
| April 15 purchase | 400 | 22 | 8,800 | |||||
| April 23 purchase |
310
|
23 |
7,130
|
|||||
|
1,000
|
$21,150
|
Compute the April 30 inventory and the April cost of goods sold using the LIFO method.
| Ending inventory |
$
|
|
| Cost of goods sold |
$
|
Expert Answer
Inventory Valuation:
"LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are recorded as sold first. The cost associated with the inventory that was purchased last is the cost expensed first. With LIFO, the cost of inventory reported on the balance sheet represents the cost of the inventory of older purchase.
Inventory Val...
Image Transcriptionclose
Inventory Valuation under LIFO Cost of Goods Ending Inventory Particulars available for sale Cost of Goods Sold units p.u amount Units p.uAmountUnits p.u Amount Opening Bal 290 18 5220 Purchases 400 22 310 23 Apr-15 Apr-23 8800 7130 310 23 160 22 7130 240 22.00 5280 3520 290 18 5220 Total 1000 21150 470 10650 530 10500
Business
Accounting
Related Accounting Q&A
Find answers to questions asked by student like you
Show more Q&A addQ: when prepareing a schedule of cost of goods manufactred for the month, how do you determine the cost...
A: Cost of goods manufactured:Cost of goods manufactured refers to the cost incurred for a making a pro...
Q: Samuel and Darci are a partner. The partnership capital for Samuel is $ 50,000 and for Darci Is $60,...
A: Total capital after admission of new partner Josh will be( see attached )
Q: taxpayer who has the following transactions during the current calendar tax year: Accrued bus...
A: Compute Geraldine’s net income from her business for current year as shown below:
Q: Your company manufactures bikes that sell for $10,000. Unit variable costs are $6,000 and totalmonth...
A: Target profit: It refers to the desired amount of profit that a company expects to achieve by the en...
Q: Problem #1 Record the following transactions for Porter Hospital, a private, nonprofit hospital: ...
A: Journal entries: Journal entries are recorded for every business transaction. It is the first step f...
Q: Pleas assist with par f (bold below) Practice 3: Bob Company, a sole proprietorship, sells only one ...
A: Cost-Volume-Profit (CVP) Analysis: It is a method followed to analyze the relationship between the s...
Q: I am taking TCA 221 class. I am in Ch.8 now, which is ACASH. I need to use the net method of recordi...
A: Using net method:1.Required journal entry for recording purchase of inventory: Working note: Calcula...
Q: If Unit Selling price = $133 Unit Variable cost = $93 Fixed costs $11,169 What is breakeven point in...
A: Calculate break-even point in units.
Q: Current Attempt in Progress Moss, Inc. has total fixed costs of $56,000 and a contribution margin ra...
A: Compute target fixed cost as shown below:
