Inventory
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 Good Sold under the following independent assumptions:
1) LIFO method
2) FIFO method
3) Average-cost method
Answer goes below:
|
a. Cost of Goods Available for Sale
|
|
|
|
b. Sales
|
|
|
|
c. Value of:
|
Ending Inventory
|
COGS
|
|
1) LIFO method
|
|
|
|
2) FIFO method
|
|
|
|
3) Average-cost method
|
|
|