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dinarussell74
13.03.2020 •
Business
Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system.
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 12 $106 $ 1,272
Sept. 12 Purchases 45 109 4,905
Sept. 19 Purchases 55 110 6,050
Sept. 26 Purchases 21 111 2,331
Totals 133 $14,558
(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.
(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.
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Ответ:
FIFO ending inventory at 30 September : $3101
LIFO ending inventory at 30 September $3016
Average-cost methods ending inventory at 30 September$ 3071.15
FIFO Cost OF Goods Sold $ 11487
LIFO Cost OF Goods Sold $ 11572
Average Cost Method Cost OF Goods Sold $ 11516.85
Explanation:
Working 1
Date Explanation Units Unit Cost Total Cost
Sept. 1 Inventory 12 $106 $ 1,272
Sept. 12 Purchases 45 109 4,905
Sept. 19 Purchases 55 110 6,050
Sept. 26 Purchases 21 111 2,331
Totals 133 $14,558
$ 14588/133 units = $ 109.68 weighted average per unit
Sales 105 snowboards
FIFO ending inventory at 30 September : $3101
28 Snow boards in the ending inventory
21 from Sept. 26 Purchases at $111= $ 2331
7 from Sept. 19 Purchases at $ 110= $ 770
FIFO ending inventory at 30 September $ $3101
LIFO ending inventory at 30 September $3016
12 from 1 Sept. Inventory at $106 = $ 1272
16 from Sept. 12 Purchases at $109= $ 1744
Total Using LIFO= $ 3016
Average-cost methods ending inventory at 30 September$ 3071.15
28 Snow boards in the ending inventory at $ 109.68 weighted average per unit= $ 3071.15
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory FIFO at 30 September : $3101
FIFO Cost OF Goods Sold $ 11487
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory LIFO at 30 September : $3016
LIFO Cost OF Goods Sold $ 11572
Total Cost of 133 units available for Sale (from Working 1) $14558
Less Ending Inventory Average Cost Method at 30 September : $3071.15
Average Cost Method Cost OF Goods Sold $ 11516.85
Ответ: