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E6-14 Modified: The units of an item available for...

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E6-14 Modified: The units of an item available for sale during the year were as follow: Jan. 1 Inventory 27 units at $120 Feb. 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov. 23 Purchase 36 units at $165 Assume the perpetual inventory method, an April 12th sale of 60 units and a September 10 th sale of 70 units. How much is cost of goods sold for the year under FIFO, LIFO and Moving Average? What is the cost of ending inventory on December 31st under FIFO, LIFO and Moving Average? (Show supporting calculations.) They are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first in, first-out method. (b) the last in, first out method and (c) the average cost method.

 

Paper#8167 | Written in 18-Jul-2015

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