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Category > Accounting Posted 09 May 2017 My Price 10.00

periodic method

Flip uses the periodic method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.25
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.50
Jan. 17
200
12.00
Jan. 20
200
7.75
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.25
Note: January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Goods Sold under the following
independent assumptions:
1) LIFO method
2) FIFO method
3) Average-cost method

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Answers

SuperTutor
(15)
Status NEW Posted 09 May 2017 05:05 AM My Price 10.00

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