Milokimball Company

Milokimball Company - Cost of Goods Sold $18,800 Proof of...

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Milokimball Company Date Units Unit Price Total Average Cost per Unit Beginning Inventory 100 $21 $2,100 March 15 300 $24 $7,200 July 20 200 $25 $5,000 Sept. 4 300 $28 $8,400 Dec. 2 100 $30 $3,000 Total 1000 $25,700 $25.70 a) Cost of Goods Available for Sale $25,700 b) Units sold 700 FIFO: Cost of Ending Inventory $8,600 Cost of Goods Sold $17,100 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Jan 1 100 $21 $2,100 March 15 300 $24 $7,200 July 20 200 $25 $5,000 Sept. 4 100 $28 $2,800 700 $17,100 LIFO: Cost of Ending Inventory $6,900
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Unformatted text preview: Cost of Goods Sold $18,800 Proof of Cost of Goods Sold Date Units Unit Cost Total Cost Dec. 2 100 $30 $3,000 Sept. 4 300 $28 $8,400 July 20 200 $25 $5,000 March 15 100 $24 $2,400 700 $18,800 Average Cost: Cost of Ending Inventory $7,710 Cost of Goods Sold $17,990 Proof of Cost of Goods Sold 700 Units × $25.70 $17,990 c) FIFO results in the highest inventory amount on the balance sheet $8,600 LIFO producers the highest cost of goods sold on the Income Statement - $18,800...
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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Milokimball Company - Cost of Goods Sold $18,800 Proof of...

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