# 0 250 0 450 0 180 270 18360 180 cost of goods

• 12
• 100% (23) 23 out of 23 people found this document helpful

This preview shows page 6 - 12 out of 12 pages.

150 68 10200 250 200 72 14400 450 270 68 18360 180 270 18360 180 Cost of goods sold 18360 Ending invenory 12240
entory on hand Unit cost Total cost 60 6000 68 10200 72 14400 72 12960 12960 entory on hand Unit cost Total cost 60 6000 68 10200 72 14400 60 6000 68 5440 11440 s 100 units @ \$60 per unit. \$68 per unit; the second was a tory, assuming that Cortez uses
entory on hand Unit cost Total cost 60 6000 64.8 16200 68 30600 68 12240 12240
units Price Beginning inventory 90 40 Purchase 310 45 Sold 370 90 Operating expenses 4100 Ending inventory 30 Solution The following information pertains to Mason Company for 2016: Beginning inventory ----------------90 units @ \$40 Units Purchased---------------------310 units @ \$45 Ending inventory consisted of 30 units. Mason sold 370 units @ \$90 each. All purchases and sal amounted to \$4100 REQUIRED: a. Compute the gross margin for Mason Company using the following cost flow assumptions: fif b. What is the amount of net income using FIFO, LIFO and weighted avg.(ignore income tax con c. Compute the amount of ending inventory using FIFO LIFO AND weighted avg.
370 16200 LIFO Date Purchases Cost of Goods sold Quantity Unit cost Total cost Quantity Unit cost Total cost 90 40 3600 310 45 13950 310 45 13950 60 40 2400 370 16350 Weighted Average Date Purchases Cost of Goods sold Quantity Unit cost Total cost Quantity Unit cost Total cost 90 40 3600 310 45 13950 370 43.9 16234 370 16233.75
Inventory on hand Quantity Unit cost Total cost 90 40 3600 310 45 13950 30 45 1350 les were made with cash. Operating expenses fo,lifo and weighted average. nsideration).
30 1350 Inventory on hand Quantity Unit cost Total cost 90 40 3600 310 45 13950 30 40 1200 30 1200 Inventory on hand Quantity Unit cost Total cost 90 40 3600 400 43.9 17550 30 43.9 1316.25 30 1316