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[solution] » (b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow met


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The Question

(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods.  Prove the accuracy of the cost of goods sold under FIFO and LIFO.

FIFO

 

(1) Ending Inventory

(2) Cost of Goods Sold

Date

Units

Unit Cost

Total Cost

Cost of goods available for sale

77,100

5200

3

15600

Less: ending inventory

42,100

5300

5

26,500

Total

10,500

Total

42,100

Cost of Goods Sold

              Amount

Proof of Cost of Goods Sold (FIFO)

Date

Units

Unit Cost

Total Cost

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Total

Amount

Total

Amount

LIFO

(1) Ending Inventory

(2) Cost of Goods Sold

Date

Units

Unit Cost

Total Cost

Cost of goods available for sale

Amount

Amount

Amount

Less: ending inventory

Amount

Amount

Amount

Total

Amount

Total

Amount

Cost of Goods Sold

              Amount

Proof of Cost of Goods Sold (LIFO)

Date

Units

Unit Cost

Total Cost

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Amount

Total

Amount

Total

Amount

AVERAGE COST (Round to the nearest decimal, i.e., $1.01)

 

(1) Ending Inventory

(2) Cost of Goods Sold

Units

Unit Cost

Total Cost

Cost of goods available for sale

Amount

Amount

Amount

Less: ending inventory

Amount

Total

Amount

Total

Amount

Cost of Goods Sold

              Amount

(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

Enter your answer here

Problem 6-3B

(a) Determine the Cost of Goods Available for Sale

Date

Explanation

Units

Unit Cost

Total Cost

Total


 


Solution details

Solution #00020369

[solution] » (b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow met.zip

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Oct 14, 2020

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