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Category > Accounting Posted 25 Sep 2017 My Price 8.00

Ornamental Iron Works

Accounting for inventory using the perpetual system—FIFO, LIFO, and average cost; comparing FIFO, LIFO, and average cost

Ornamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory transactions:

   

Units

Unit Cost

Unit Sale Price

Jan 3

Sale

35

  

$51

8

Purchase

70

$32

  

21

Sale

65

  

$73

30

Purchase

25

$47

  

Requirements

1. Prepare a perpetual inventory record for the inventory using FIFO.

2. Prepare a perpetual inventory record for the inventory using LIFO.

3. Prepare a perpetual inventory record for the inventory using average cost.

4. Determine the company’s cost of goods sold for January using FIFO, LIFO, and average cost.

5. Compute gross profit for January using FIFO, LIFO, and average cost.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 8.00

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