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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 |
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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 |
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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 |
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Total | Amount | Total | Amount | Cost of Goods Sold | Amount |
Proof of Cost of Goods Sold (LIFO) | |||
Date | Units | Unit Cost | Total Cost |
| Amount |
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| Amount |
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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
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Problem 6-3B
(a) Determine the Cost of Goods Available for Sale
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Solution details
Solution #00020369
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STATUSAnswered
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DATE ANSWEREDOct 14, 2020
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