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Sonbull [250]
3 years ago
11

Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total cost of $10,000. The company

purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory.
Required:

a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)
Business
1 answer:
skelet666 [1.2K]3 years ago
8 0

Answer:

FIFO $10,400

LIFO $8,000

AVERAGE COST $9,600

Explanation:

Lisa Company

(1) FIFO

Purchases during the period:

100 units at $100 = $10,000

200 units at $130 = $26,000

Units sold during the period = 220

Cost of units sold

=100*$100+120*130=$25,600

Value of ending inventory

=10,000+26,000-25,600

=$10,400

(2) LIFO

Purchases during the period:

100 units at $100 = $10,000

200 units at $130 = $26,000

Units sold during the period = 220

Cost of units sold

=20*$100+200*130=$28,000

Value of ending inventory

=10,000+26,000-28,000

=$8,000

(3) average-cost

Purchases during the period:

100 units at $100 = $10,000

200 units at $130 = $26,000

average cost per unit

=(10,000+26,000)/300

=$120 per unit

Units sold during the period = 220

Cost of units sold

=220 * $120

=$26,400

Value of ending inventory

=36,000-26,400

=$9,600

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8 0
3 years ago
The Garden Company began the accounting period with a $46,000 credit balance in its Accounts Payable account. During the account
pishuonlain [190]

Answer:

the  cash outflow for expenses is $106,000

Explanation:

The computation of the cash outflow for expenses is shown below:

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Hence, the  cash outflow for expenses is $106,000

3 0
3 years ago
Paolucci Corporation's relevant range of activity is 4,000 units to 8,000 units. When it produces and sells 6,000 units, its ave
ratelena [41]

Answer:

$12.50

Explanation:

Variable costs are those costs which changes with the change in activity driving the cost (Sales. production etc.). It can be direct or indirect costs.

Whereas fixed costs are those costs which remains constant and do not change with the change in activity.

All the following costs are variable costs

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Direct materials                                   $6.45

Direct labor                                          $3.30

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Variable administrative expense       <u>$0.50</u>

Total variable cost per unit                <u>$12.50</u>

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Fixed selling expense                        $1.05

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3 0
3 years ago
Al contracted to sell his house to bev. subsequently, they both changed their minds and agreed to cancel the contract. the contr
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The contract between al and bev is discharged by rescission.</span>
6 0
3 years ago
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Based on historical perspective, the age range of the early game designers is between <u>40 to 60years old.</u><u> </u>Also, the gender for which the games were being designed is <u>male</u>.

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The history of game designs can be traced to William Higinbotham, a Physicist who created the first video game in 1958 at the age of 48 years.

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Hence, in this case, it is concluded that the game designers were <u>men</u>, and they are in the age range of <u>40 to 60 years</u>.

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6 0
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