eddings company had a launch inventory of 400 units of product at a cost of $8.00 per component. during the year purchases were:
feb 20 600 unit (a) $9 may 5 500 units (a) $10
aug 12 300 unit (a) $11 dec 8 200 units at $12
sale totaled 1,500 units.
so what be it really using a periodic inventory system.
Answers: LIFO:
200 (a) 12
300 (a) 11
500 (a) 10
500 (a) 9
Total COGS = $15,200 or $10.13/ section
FIFO:
400 (a) 8
600 (a) 9
500 (a) 10
Total COGS = $13,600 or $9.07 unit
Average Cost:
Total Units = 2,000
Total Cost = 19,300
Average cost per part = $9.65
Total COGS (1,500 units) = $14,475
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feb 20 600 unit (a) $9 may 5 500 units (a) $10
aug 12 300 unit (a) $11 dec 8 200 units at $12
sale totaled 1,500 units.
so what be it really using a periodic inventory system.
Value of 1928 $20.00 bill.a03605708a?
Answers: LIFO:
200 (a) 12
300 (a) 11
500 (a) 10
500 (a) 9
Total COGS = $15,200 or $10.13/ section
FIFO:
400 (a) 8
600 (a) 9
500 (a) 10
Total COGS = $13,600 or $9.07 unit
Average Cost:
Total Units = 2,000
Total Cost = 19,300
Average cost per part = $9.65
Total COGS (1,500 units) = $14,475
Resolved Questions: