Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 9.00

reviews the computations

This exercise reviews the computations that you must make when you use the LIFO, FIFO, and average cost methods to determine inventory cost. The following information pertains to the inventory of the Jeff Wilson Sales Company:

Jan. 1

Balance on hand

200 units

@ $26

$5,200

Mar. 3

Purchase

300 units

@ 27

8,100

July 2

Purchase

200 units

@ 28

5,600

Sept. 21

Purchase

100 units

@ 30

3,000

Oct-31

Purchase

200 units

a 31

6,200

Total Goods Available for Sale

1,000 units

  

$28,100

The selling price of Wilson"s product was $48 for the first six months of the year and $50 for the last six months of the year. Total sales amounted to $29,300. A physical count of the inventory on December 31, 2014 revealed that 400 units were on hand.

Instructions

Compute the amount of (1) ending inventory for the December 31, 2014 balance sheet, (2) cost of goods sold for the 2014 income statement, and (3) gross profit for the 2014 income statement using each of the following inventory cost flow methods:

(a) FIFO.

(b) LIFO.

(c) Average cost.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 07:07 PM My Price 9.00

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