My CoursesBlackboard xy B connect e Accounting question l CI

?-My Courses-Blackboard xy B connect e Accounting question l CI x × Chapter 5 Hamework Help Save & Exit Submie Chack my work 3 Required information he roioing iitomation apoies to the questions displayed below erning Co repored the folkewing currel year purchase: and sa es fo its only produc 125 Units Acquired at Cost Units Sold st Retsi1 312. -? 3, 224 517.49-7,308 522.40-ie, 304 527.48-4.394 1 Bzinning imventory 13 Soles 260 units 420 units 460 units 215 units 300 units 425 units $42.40 $42.40 $42.40 Purchase 15 Soles ly3 Purchase 160 units Total 25, 220 2,82 units Roquirad Hemming uees a perpetal inventory system. 1. Celemine the cusls assigned to ending irivenlury and lu cost of gouds sul sg FiFO. 2. Determine the costs assigned to ending inventory and to cost or goods sold using LIFO. 3. Compute the gross margin for FFO method and LIFO metho Corriplete this questivs by enteriny your answers in the below lubs Required? Raqulrad2 Required 3 Perpatual FIFC: Goods Purchasec Inventory Halance suld unil 212.40 S 3,2240 4:18 O Type here to search 1/2018

Solution

Perpetual FIFO

Date

Goods Purchased

Cost of goods sol

Inventory Balance

# of Units

Cost per unit

Total Cost

# of Units

Cost per unit

Cost of goods sold

# of Units

Cost per unit

Inventory Balance

Jan 1

260

12.40

3,224

Jan 10

215

12.40

2,666

45

12.40

558

Mar 14

420

17.40

7,308

45

12.40

558

420

17.40

7,308

Mar 15

45

12.40

558

85

17.40

1,479

335

17.40

5,829

July 30

460

22.40

10,304

85

17.40

1,479

460

22.40

10,304

Oct 5

85

17.40

1,479

120

22.40

2,688

340

22.40

7,616

Oct 26

160

27.40

4,384

120

22.40

2,688

160

27.40

4,384

TOTAL

18,148

280

7,072

Date	Goods Purchased	Cost of goods sol	Inventory Balance
# of Units	Cost per unit	Total Cost	# of Units	Cost per unit	Cost of goods sold	# of Units	Cost per unit	Inventory Balance
Jan 1							260	12.40	3,224
Jan 10				215	12.40	2,666	45	12.40	558
Mar 14	420	17.40	7,308				45	12.40	558
							420	17.40	7,308
Mar 15				45	12.40	558	85	17.40	1,479
				335	17.40	5,829
July 30	460	22.40	10,304				85	17.40	1,479
							460	22.40	10,304
Oct 5				85	17.40	1,479	120	22.40	2,688
				340	22.40	7,616
Oct 26	160	27.40	4,384				120	22.40	2,688
							160	27.40	4,384
TOTAL			18,148	280		7,072