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Category > Accounting Posted 16 Aug 2017 My Price 9.00

DiPaolo’s inventory

periodic Inventory System and Inventory Costing Methods

p7. DiPaolo’s inventory, purchases, and sales for March and April follow. The company closes its books at the end of each month. It uses the periodic inventory system.

 

Mar.    1      Beginning inventory         60  units @ $49

10     Purchase                         100  units @ $52

19     Sale                                   90 units

31     Ending inventory            70 units

Apr.      4     Purchase                       120  units @ $53

15     Purchase                           50  units @ $54

23     Sale                                 200 units

25     Purchase                         100  units @ $55

30     Ending inventory          140 units

 

 

 

 

 

 

 

 

 

 

 

 

reQUIreD

1.    Compute the cost of the ending inventory on March 31 and April 30 using the average-cost method. In addition, determine cost of goods sold for March and April. (Round unit costs to the nearest cent.)

2.    Compute the cost of the ending inventory on March 31 and April 30 using the FIFO method. Also determine cost of goods sold for March and April.

3.    Compute the cost of the ending inventory on March 31 and April 30 using the LIFO method. Also determine cost of goods sold for March and April.

4.    ACCounting ConneCtion ▶ Do the cash flows from operations for March and April differ depending on which inventory costing method is used—average-cost, FIFO, or LIFO? Explain.

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Maurice Tutor
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Status NEW Posted 16 Aug 2017 10:08 PM My Price 9.00

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