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Alexus [3.1K]
3 years ago
12

Inventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.

Business
1 answer:
bearhunter [10]3 years ago
8 0

Answer:

FIFO: ending inventory: $9,528  COGS: $ 14,452

LIFO: ending inventory: $ 8,422 COGS: $ 15,558 (periodic)

LIFO:  ending inventory $ 9,035 COGS ·$ 14,945 (perpetual)

<em />

Explanation:

June   1     Balance 304 units @ $13   3, 952

June  11 Purchased 804 units @ $15  12,060

June 20 Purchased 498 units @ $16<u>  7, 968   </u>

Tota units 1,606 Cost available:         23,980

June 10 Sold 205 units @ $30

June 15 Sold 504 units @ $32

June 27 Sold 295 units @ $34

Total units: 1,004 units

<u></u>

Ending Inventory units: 1,606 - 1,004 = 602

<u>FIFO:</u>

first units are sold while last are ending inventory.

As we always pick from chronological order is the same under perpetual or periodic method.

<u><em>Ending Inventory:</em></u>     602 units

June 20 Purchased 498 units @ $16   7, 968   (602 - 498 = 104)

June  11 Purchased   104 units @ $15 <u>  1, 560    </u>

                      Total:                               9,528

<u><em>COGS:</em></u> Difference between cost available and ending inventory:

23,980 - 9,528 = 14,452

<u>LIFO:</u>

first units are part of ending inventory. As the units aren't picked in chronological order the values cahnges under perpetual and periodic method.

<u>periodic ending inventory:</u>

June   1     Balance 304 units @ $13   3, 952 (602 - 304 = 298)

June  11 Purchased 298 units @ $15<u>   4,470   </u>

                               Total                      8,422

COGS: 23,980 - 8,422 = 15,558

<u>perpetual method:</u>

Inventory after 1st sale: 304 - 205 = 99 units at 13

Inventory after 2nd sale.

99 untis at 13

804-504 = 300 units at 15

Inventory after 3rd sale.

99 untis at 13                           1,287

300 units at 15                        4,500

498 - 295 = 203 units at 16 <u>   3,248   </u>

<em>ending inventory:                  9,035</em>

<em>COGS: 23,980 - 9,035 = 14,945</em>

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