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Conned . Sign In ? | ? https://newcomedinledicationcorre nowyconne thtml blem 64A Jan. 1 Beeinning Feb. 1 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept.18 Sales 800 units 398.88 per unit 5ee units $87.88 per unit see units unit e $72.88 per 900 units $128.09 per unit 300 units $95.88 per unit 780 units $91.08 per unit 1,088 units $128.ee per 1,980 units Totals 2,600 units 1. Compute cost of goods available for sale and the number of units available for sale Cost of goods available for sale of units svailabie for sale 2 Compute the number of units in ending inventory ype here to search

Solution

Answers

FIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

800

$        90.00

$       72,000.00

800

$         90.00

$        72,000.00

0

$        90.00

$                   -  

Purchases:

10-Feb

500

$        87.00

$       43,500.00

500

$         87.00

$        43,500.00

0

$        87.00

$                   -  

13-Mar

300

$        72.00

$       21,600.00

300

$         72.00

$        21,600.00

0

$        72.00

$                   -  

21-Aug

300

$        95.00

$       28,500.00

300

$         95.00

$        28,500.00

0

$        95.00

$                   -  

05-Sep

700

$        91.00

$       63,700.00

80

$         91.00

$           7,280.00

620

$        91.00

$   56,420.00

TOTAL

2600

$     229,300.00

1980

$      172,880.00

620

$   56,420.00

LIFO

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

800

$        90.00

$       72,000.00

180

$         90.00

$        16,200.00

620

$        90.00

$   55,800.00

Purchases:

0

$               -  

$                      -  

10-Feb

500

$        87.00

$       43,500.00

500

$         87.00

$        43,500.00

0

$        87.00

$                   -  

13-Mar

300

$        72.00

$       21,600.00

300

$         72.00

$        21,600.00

0

$        72.00

$                   -  

21-Aug

300

$        95.00

$       28,500.00

300

$         95.00

$        28,500.00

0

$        95.00

$                   -  

05-Sep

700

$        91.00

$       63,700.00

700

$         91.00

$        63,700.00

0

$        91.00

$                   -  

TOTAL

2600

$     229,300.00

1980

$      173,500.00

620

$   55,800.00

Specific Identification

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

800

$        90.00

$       72,000.00

800

$         90.00

$        72,000.00

0

$        90.00

$                   -  

Purchases:

0

$               -  

$                      -  

10-Feb

500

$        87.00

$       43,500.00

200

$         87.00

$        17,400.00

300

$        87.00

$   26,100.00

13-Mar

300

$        72.00

$       21,600.00

300

$         72.00

$        21,600.00

0

$        72.00

$                   -  

21-Aug

300

$        95.00

$       28,500.00

150

$         95.00

$        14,250.00

150

$        95.00

$   14,250.00

05-Sep

700

$        91.00

$       63,700.00

530

$         91.00

$        48,230.00

170

$       91.00

$   15,470.00

$                        -  

0

$               -  

$                   -  

TOTAL

2600

$     229,300.00

1980

$      173,480.00

620

$   55,820.00

Average Method

Cost of Goods available for sale

Cost of Goods Sold

Ending Inventory

Units

Cost/unit

COG for sale

Units sold

Cost/unit

COGS

Units

Cost/unit

Ending inventory

Beginning Inventory

800

$        90.00

$       72,000.00

Purchases:

0

$               -  

$                      -  

10-Feb

500

$        87.00

$       43,500.00

13-Mar

300

$        72.00

$       21,600.00

21-Aug

300

$        95.00

$       28,500.00

05-Sep

700

$        91.00

$       63,700.00

TOTAL

2600

$        88.19

$     229,300.00

1980

$         88.19

$      174,616

620

$        88.19

$   54,678

Cost of Goods Available for Sale = $ 229,300 [Look under Cost of Goods Available for Sale amount column. It will be same under any given method]

Number of units available for sale = beginning inventory + purchased units = 2600 units

Number of units in ending inventory = Units available for sale [requirement 1 answer] ‘minus’ Units Sold

2,600 units – 1,980 units = 620 units

Number of units in ending inventory = 620 units.

----Look under “Ending Inventory – Amount” column of each method for working and following answers.

FIFO

LIFO

Weighted Average

Specific Identification

Ending Inventory

$          56,420

$                  55,800

$          54,678

$ 55,820.00

FIFO

LIFO

Weighted Average Method

Specific Identification

Sales Revenue

$ 237,600.00

$          237,600.00

$ 237,600.00

$ 237,600.00

(-) Cost of Goods Sold (as calculated above)

$ 172,880.00

$          173,500.00

$ 174,616.00

$ 173,480.00

Gross Margin

$    64,720.00

$            64,100.00

$    62,984.00

$    64,120.00

FIFO	Cost of Goods available for sale	Cost of Goods Sold	Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	800	$        90.00	$       72,000.00	800	$         90.00	$        72,000.00	0	$        90.00	$                   -
Purchases:
10-Feb	500	$        87.00	$       43,500.00	500	$         87.00	$        43,500.00	0	$        87.00	$                   -
13-Mar	300	$        72.00	$       21,600.00	300	$         72.00	$        21,600.00	0	$        72.00	$                   -
21-Aug	300	$        95.00	$       28,500.00	300	$         95.00	$        28,500.00	0	$        95.00	$                   -
05-Sep	700	$        91.00	$       63,700.00	80	$         91.00	$           7,280.00	620	$        91.00	$   56,420.00
TOTAL	2600		$     229,300.00	1980		$      172,880.00	620		$   56,420.00
LIFO	Cost of Goods available for sale	Cost of Goods Sold	Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	800	$        90.00	$       72,000.00	180	$         90.00	$        16,200.00	620	$        90.00	$   55,800.00
Purchases:	0	$               -	$                      -
10-Feb	500	$        87.00	$       43,500.00	500	$         87.00	$        43,500.00	0	$        87.00	$                   -
13-Mar	300	$        72.00	$       21,600.00	300	$         72.00	$        21,600.00	0	$        72.00	$                   -
21-Aug	300	$        95.00	$       28,500.00	300	$         95.00	$        28,500.00	0	$        95.00	$                   -
05-Sep	700	$        91.00	$       63,700.00	700	$         91.00	$        63,700.00	0	$        91.00	$                   -
TOTAL	2600		$     229,300.00	1980		$      173,500.00	620		$   55,800.00
Specific Identification	Cost of Goods available for sale	Cost of Goods Sold	Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	800	$        90.00	$       72,000.00	800	$         90.00	$        72,000.00	0	$        90.00	$                   -
Purchases:	0	$               -	$                      -
10-Feb	500	$        87.00	$       43,500.00	200	$         87.00	$        17,400.00	300	$        87.00	$   26,100.00
13-Mar	300	$        72.00	$       21,600.00	300	$         72.00	$        21,600.00	0	$        72.00	$                   -
21-Aug	300	$        95.00	$       28,500.00	150	$         95.00	$        14,250.00	150	$        95.00	$   14,250.00
05-Sep	700	$        91.00	$       63,700.00	530	$         91.00	$        48,230.00	170	$       91.00	$   15,470.00
						$                        -	0	$               -	$                   -
TOTAL	2600		$     229,300.00	1980		$      173,480.00	620		$   55,820.00
Average Method	Cost of Goods available for sale	Cost of Goods Sold	Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	800	$        90.00	$       72,000.00
Purchases:	0	$               -	$                      -
10-Feb	500	$        87.00	$       43,500.00
13-Mar	300	$        72.00	$       21,600.00
21-Aug	300	$        95.00	$       28,500.00
05-Sep	700	$        91.00	$       63,700.00
TOTAL	2600	$        88.19	$     229,300.00	1980	$         88.19	$      174,616	620	$        88.19	$   54,678