# Cost of goods sold inventory balance date of units

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230@\$19.00=4,370.00120@\$19.00=\$2,280.00\$4,510.00\$2,280.00July 30500@ \$24.00@\$14.00120@\$19.00=2,280.00500@\$24.00=12,000.00\$14,280.00October 5@\$14.00=\$0.00@\$14.00120@\$19.00=2,280.00@\$19.0080@\$24.00=1,920.00420@\$24.00=10,080.00\$4,200.00\$10,080.00October 26700@ \$29.00@\$14.00@\$19.00420@\$24.00=10,080.00700@\$29.0020,300.00Totals\$11,370.00\$30,380.00Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.Perpetual LIFO:Goods PurchasedCost of Goods SoldInventory BalanceDate# of unitsCost per unit # of units soldCost per unitCost of Goods Sold# of unitsCost perunitInventory BalanceJanuary 1200@\$14.00=\$2,800.00January 10190@\$14.00=\$2,660.0010@\$14.00=\$140.00March 14350@\$19.0010@\$14.00=\$140.00350@\$19.00=6,650.00\$6,790.00March 15@\$14.00 =\$0.0010@\$14.00 =\$140.00240@\$19.00 =4,560.00110@\$19.00 =\$2,090.00\$4,560.00\$2,230.00July 30500@\$24.0010@\$14.00 =\$140.00110@\$19.00 =2,090.00500@\$24.00 =12,000.00\$14,230.00October 5@\$14.00 =\$0.0010@\$14.00 =\$140.00@\$19.00 =0.00110@\$19.00 =2,090.00200@\$24.00 =4,800.00300@\$24.00 =7,200.00\$4,800.00\$9,430.00October 26700@\$29.0010@\$14.00 =\$140.00110@\$19.00 =2,090.00300@\$24.00 =7,200.00700@\$29.0020,300.00Totals\$12,020.00\$29,730.004
Compute the gross margin for FIFO method.
Compute the gross margin for LIFO method.
Hemming Co. reported the following current-year purchases and sales data for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginninginventory145units@ \$11.80=\$1,711Jan.10Sales135units@ \$41.80Mar.14Purchase295units@ \$16.80=4,956Mar.15Sales185units@ \$41.80July30Purchase445units@ \$21.80=9,701Oct.5Sales255units@ \$41.80Oct.26Purchase645units@ \$26.80=17,286Totals1,530units\$33,654575unitsRequired: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 120 units from the March 14 purchase, 190 units from the July 30 purchase, and all 645 units from the October 26 purchase. Using the specific identification method, calculate the following.a) Cost of Goods Sold using Specific IdentificationAvailable for SaleCost of Goods SoldEnding Inventory5
DateActivityUnits Unit CostUnits SoldUnit CostCOGS