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mihalych1998 [28]
3 years ago
11

The following information pertains to Company A's Year 1 inventory activities:

Business
1 answer:
NikAS [45]3 years ago
8 0

Answer:

1 & 5) FIFO Ending Inventory $ 10,800

2) moving average:   $  10,400

3) weighted average $  9,520

4) LIFO                       $  8,800

Explanation:

January 1 Beg Inv  90 $40 subtotal: $   3,600

May 15 Purchase 160 $65 subtotal:<u>  $ 10,400   </u>

                units:   250          total:       $ 14,000

April 11 Sale 50 $70

July 25 Sale 30 $75

Total sales   80 units

Ending Inventory: 250 - 80 = 170 units

<u> FIFO </u>the ending inventory is compose of the last nits

As it follows a crhonological order is the same under periodic and perpetual:

We start from the top

May 15th 160 at 65$   $10,400

170 - 160 units = 10 units

January 1 Beg Inv  10 units at  $40 = $ 400

Total ending inventory: $ 10,800

<u>Moving average: </u>

the average is calculate based on the aailable good at hand before eahc purchase:

At April 11th the company's available goods are the beginning invenory thus the COGS is

50 units x 40 dollars each = 2,000

Then, at July 25th the inventory available is:

40 units at $40 dollars          =    1,600

and 160 units at 65 dollars   = <u> 10,400  </u>

total   200 units at                    12,000

Average: $12,000 / 200 units = $60 per unit

COGS: 30 units x $60 = 1,800

Total cost: 2,000 + 1,600 = 3,600

Ending inventory: 14,000 - 3,600 = 10,400

<u>Weighted average:</u>

we divide total goods available over the total units purchased:

14,000 / 250  = 56 dollar per unit

ending inventory 170 units x 56 per unit = $ 9,520

<u>LIFO:</u>

the last units are sold while the first are ending inventory we start from the top part :

January 1 Beg Inv  90 $40 subtotal: $   3,600

170 units - 90 units = 80 units

May 15 Purchase 80 $65 subtotal:   $<u>   5,200  </u>

                                      Total             $    8,800

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