There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.Inventory Costing Methods - Periodic Inventory SystemUnitsUnit Cost0220Beginning InventoryPurchasePurchasePurchaseTotal Sales for the monthunits at80 units at100 units at320Total Cost of Merchandise Purchased during the year(220 x 50) + (80 x 48) + (100 x 47) = 19540Total Number of Units Available during the month220 + 80+100 = 400Cost of Goods Sold under FIFOCost of Goods Sold under LIFO$50$48$47Cost of Goods Sold under Average CostCost of the Ending Inventory under FIFOCost of the Ending Inventory under LIFOCost of the Ending Inventory under Average Cost The firm uses the perpetual inventory system.Inventory Costing Methods - Perpetual Inventory SystemDateUnitsJuly 1July 5July 15Beginning InventoryPurchaseSaie iPurchaseSale 2PurchaseSale 3July 20July 23July 25July 30Total Cost of Merchandise Purchased during the month.Total Units Sold during the monthTotal Units in Ending Inventory at July 3105,000 units at5004001,000Total Number of Units Available during the monthCost of Goods Sold for the month under FIFOCost of Goods Sold for the month under LIFO800 units at1,200units atUnit Cost$100$105$110Cost of Ending Inventory under FIFOCost of the Ending Inventory under LIFO

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Description: There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.Inventory Costing Methods - Periodic Inventory SystemUnitsUnit Cost0220Beginning InventoryPurchasePurchasePurchaseTotal Sales for the mont

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There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost 0 220 80 Beginning Inventory Purchase Purchase Purchase Total Sales for the month 100 320 units at units at units at Cost of Goods Sold under LIFO Total Cost of Merchandise Purchased during the year (220 x 50) + (80 x 48) + (100 x 47) = 19,540 Total Number of Units Available during the month 220+80+100 = 400 Cost of Goods Sold under FIFO $50 $48 $47 Cost of Goods Sold under Average Cost Cost of the Ending Inventory under FIFO Cost of the Ending Inventory under LIFO Cost of the Ending Inventory under Average Cost

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost 0 220 80 Beginning Inventory Purchase Purchase Purchase Total Sales for the month 100 320 units at units at units at Cost of Goods Sold under LIFO Total Cost of Merchandise Purchased during the year (220 x 50) + (80 x 48) + (100 x 47) = 19,540 Total Number of Units Available during the month 220+80+100 = 400 Cost of Goods Sold under FIFO $50 $48 $47 Cost of Goods Sold under Average Cost Cost of the Ending Inventory under FIFO Cost of the Ending Inventory under LIFO Cost of the Ending Inventory under Average Cost

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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