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jonny [76]
2 years ago
14

Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o

f $41,600. At the end of the year, Shawn had 98 units in ending inventory.
Required:
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.
Business
1 answer:
Katarina [22]2 years ago
3 0

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold  = $39,570

LIFO

cost of the ending inventory  = $10,290

cost of goods sold  = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold  = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

                                   = 390 units - 98 units

                                   = 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

<u>FIFO</u>

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

<u>LIFO</u>

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

<u>Average Cost Method</u>

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

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Debit Equipment $234

Credit Cash $684

To record the purchase of long-term assets for cash.

b. Debit Cash $119

Credit Short-term Note Payable $119

To record the funds borrowed from a bank.

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Credit Service Revenue $54,171

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Credit Cash $129,574

To record the payment on account.

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Credit Accounts Payable $41,983

To record the purchase of merchandise on account.

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Credit Cash $5,240

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Credit Cash $1,600

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Credit Dividends Payable $598

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j. Debit Utilities Expense $126

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h. Delivery Vehicles Expense $1,600 Cash $1,600

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j. Utilities Expense $126 Cash $93 Utilities Payable $33

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