2023 Cost flow assumptions FIFO LIFO and weighted average using a periodic system The following data are | Assignments Online

2023 Cost flow assumptions FIFO LIFO and weighted average using a periodic system The following data are | Assignments Online

Assignments Online 2023 Business Finance

 

 Cost flow assumptions—FIFO, LIFO, and weighted average using a 
periodic system  The following data are available for Sellco for the fiscal year 
ended on January 31, 2014: 
  Units Unit Price $  
Sales                 3,200      
Beginning Inventory                 1,000 $4.00 $4,000  
Purchases -in date order                 1,200 $5.00 $6,000  
                1,600 $6.00 $9,600  
                    800 $8.00 $6,400  
 Required: 
 a.  Calculate cost of goods sold and ending inventory under the following cost flow 
assumptions (using a periodic inventory system): 
 1.  FIFO. 
  Units Unit Price $ $
Beginning Inventory                 1,000 $4.00   $4,000
Purchases  
                  1,200 $5.00 $6,000  
                1,600 $6.00 $9,600
                    800 $8.00 $6,400 $22,000
Available                 4,600     $26,000
Ending Inventory (1,000 +3,600 less 3,200) = 1,400    
     
      $0
CGS    
 2.  LIFO
  Units Unit Price $ $
Beginning Inventory                 1,000 $4.00   $4,000
Purchases  
                  1,200 $5.00 $6,000  
                1,600 $6.00 $9,600
                    800 $8.00 $6,400 $22,000
Available                 4,600     $26,000
Ending Inventory (1,000 +3,600 less 3,200) = 1,400    
     
      $0
CGS    
 3.  Weighted average. Round the unit cost answer to two decimal places and 
ending inventory to the nearest $10. 
Beginning Inventory                 1,000 $4.00   $4,000
Purchases  
                  1,200 $5.00 $6,000  
                1,600 $6.00 $9,600
                    800 $8.00 $6,400 $22,000
Available                 4,600     $26,000
Weighted Average      
Cost of Goods sold-3,200 units  
Ending Inventory    
 b.  Assume that net income using the weighted-average cost flow assumption is 
$116,000. Calculate net income under FIFO and LIFO. 
Weighted Average proof
Income    
CGS  
Sales value  
FIFO Income
Sales    
CGS  
Net Income  
LIFO Incme
Sales    
CGS  
Net Income  

Assignmentsonline.org help students to solve their assignment in the best possible manner. In the assignment help industry, we are regarded as one of the best helpers for students’ tasks in all subjects. We provide solutions to students from all corners of the world, but the main focus is from students residing in the US, UK, and Australia. Our primary focus is solving student assignments for all subjects and streams.

Place Order NOw

Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...

#write essay #research paper

/by
You might also like
2023 Select one of the projects you analyzed in the Problem Set 1 assignment Complete additional research on this project | Assignments Online
2023 Economics 372 Assignment 4 Font Definitions font face font family MS Mincho panose 1 2 | Assignments Online
2023 i have got 5 questions related to financial accounting financial statement disclosure accounting | Assignments Online
2023 For this assignment select a Fortune 500 company Amazon Inc Use the pre formatted Unit 9 APA Assignment Template | Assignments Online
2023 Lila Battle has determined that the annual demand for number 6 screws is 100 000 screws Lila who works in her | Assignments Online
2023 1 page paper in APA format with references Scenario The medical director of the Open MRI Clinic | Assignments Online
2023 Aspen Technologies Case Questions Identify Aspen Technologies main exchange rate exposures Explain how Aspen Technologies | Assignments Online
2023 Review the following terms and concepts to prepare for this assignment vertical integration taper | Assignments Online