Average cost round cost of merchandise sold and ending inventory to the nearest

Average cost round cost of merchandise sold and

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c. Average cost (round cost of merchandise sold and ending inventory to the nearest dollar) a. Cost of Merchandise Sold = $642.00Ending Inventory = $180 (12 units @ $15)Apr 3Inventory24 units @ 10$240.00Apr 11Purchase26 units @ 12312.00Apr 21Purchase18 units @ 15270.00Available for Sale68 $822.00Apr 14Sale24 units @ 10$240.0012 units @ 12144.00Apr 25Sale14 units @ 12168.006units @ 1590.00Cost of Merchandise Sold56 $642.00Ending Inventory12 units @ 15$180.00b. Cost of Merchandise Sold = $702.00Ending Inventory = $120 (12 units @ $10)Apr 3Inventory24 units @ 10$240.00Apr 11Purchase26 units @ 12312.00Apr 21Purchase18units @ 15270.00Available for Sale68 $822.00Apr 14Sale18 units @ 15$270.0018 units @ 12216.00Apr 25Sale8 units @ 1296.0012units @ 10120.00Cost of Merchandise Sold56 $702.00Ending Inventory12 units @ 10$120.00b. Cost of Merchandise Sold = $12.09 x 56 = $677.00Ending Inventory = $12.09 x 12 units = $145.00Apr 3Inventory24 units @ 10$240.00
Apr 11Purchase26 units @ 12312.00Apr 21Purchase18units @ 15270.00Available for Sale68 $822.00Average Cost$822/68 = $12.09Apr 14 & 25Sales: 56 x $12.09$677.00 Ending Inv.: 12 x $12.09$145.00163. The units of Product Green-2 available for sale during the year were as follows:Apr 1Inventory15 units@$30Jun 16Purchase29 units@$33Sep 28Purchase45 units@$35There are 17 units of the product in the physical inventory at Sep 30. The periodic inventory system is used. Determine the cost of merchandise sold by (a) FIFO, (b) LIFO, and (c) average cost methods. FIFO15 units @ $30 =$45029 units @ $33 = $95728 units @ $35 = $980Total$2,387LIFO45 units @ $35 = $1,57527 units @ $33 =$891Total$2,466Average$2,982 / 89 = $33.5172 units @ $33.51 =$2,412.72
164. Brutus Corporation, a newly formed corporation, has the following transactions during May, 2011, its firstmonth of operation.May 1 Purchased 500 units @ $25.00 eachMay 4 Purchased 300 units @ $24.00 eachMay 6 Sold 400 units @ $38.00 eachMay 8 Purchased 700 units @ $23.00 eachMay 13 Sold 450 units @ $37.50 eachMay 20 Purchased 250 units @ $25.25 eachMay 22 Sold 275 units @ $36.00 eachMay 27 Sold 300 units @ $37.00 eachMay 28 Purchased 550 units @ $26.00 eachMay 30 Sold 100 units @ $39.00 eachCalculate total sales, cost of goods sold, gross profit and ending inventory using each of the followinginventory methods:1. FIFO Perpetual2. FIFO Periodic3. LIFO Perpetual4. LIFO Periodic5. Average Cost Periodic (round average to nearest cent) Total Sales (not dependant on inventory method):May 6400 @ 38.00 = $ 15,200.00May 13450 @ 37.50 = 16,875.00May 22275 @ 36.00 = 9,900.00May 27300 @ 37.00 = 11,100.00May 30100@ 39.00 = _ 3,900.00Total Sales1,525 units$56,975.00Total Goods Available for SaleMay 1500 @ 25.00 = $ 12,500.00May 4300 @ 24.00 = 7,200.00May 8700 @ 23.00 = 16,100.00May 20250 @ 25.25 = 6,312.50May 28550@ 26.00 = 14,300.00Total GAFS2,300 units$56,412.501. & 2.FIFO Perpetual FIFO Periodic: There is no difference between these methods since FIFO is always first-in,first-outCost of Goods Sold & Ending InventoryEnding InventoryTotal Units - Units Sold = Ending Inventory2,300 - 1,525 = 775 Units225 @ $25.25 = $ 5,681.25550 @ $26.00 = 14,300.00Ending Inventory: $19,981.25
Cost of Goods SoldTotal Goods Available$56,412.50Less Ending Inventory 19,981.25COGS:$36,431.25Gross ProfitTotal Sales$56,975.00Less COGS 36,431,25Gross Profit:$20,543.753.Inventory Valuation Perpetual LIFODatePurchasedUnits / Balance PriceUnits SoldCostInventory Balance1-May50025.0012,500.004-May30024.007,200.00Bal.19,700.006-May30010024.0025.00(7,200.00)(2,500.00)Bal.40025.0010,000.008-May70023.0016,100.00Bal.40070025.0023.0010,000.0016,100.0026,100.0013-May45023.00(10,350.00)Bal.40025025.0023.0010,000.005,750.0015,750.0020-May25025.256,312.50Bal.22,062.5022-May2502525.2523.00(6,312.50)(575.00)27-May2257523.0025.00(5,175.00)(1,875.00)Bal.32525.008,125.0028-May55026.0014,300.0030-May10026.00(2,600.00)End32525.008,125.00Bal.45026.0011,700.00LIFO Valuation:19,825.00Ending Inventory

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