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Category > Accounting Posted 14 May 2017 My Price 10.00

Periodic and perpetual Systems and Inventory Costing Methods

 

periodic and perpetual Systems and Inventory Costing Methods

e7A. During July 2014, Micanopy, Inc., sold 500 units of its product Empire for $8,000. The following units were available:

 

 

Units

Cost

Beginning inventory

200

$  2

Purchase 1

80

4

Purchase 2

120

6

Purchase 3

300

9

Purchase 4

180

12

A sale of 500 units was made after purchase 3. Of the units sold, 200 came from begin- ning inventory and 300 came from purchase 3.

Determine cost of goods available for sale and ending inventory in units. Then determine the costs that should be assigned to cost of goods sold and ending inventory under each of the following assumptions. (For each alternative, show the gross margin. Round unit costs to cents and totals to dollars.)

1.    Costs are assigned under the periodic inventory system using (a) the specific iden- tification method, (b) the average-cost method, (c) the FIFO method, and (d) the LIFO method.

2.    Costs are assigned under the perpetual inventory system using (a) the average-cost method, (b) the FIFO method, and (c) the LIFO method.

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 14 May 2017 06:05 AM My Price 10.00

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file 1494744466-Answer.docx preview (1190 words )
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