Cost of goods available for sale: Beginning inventory (2,000 x $6.10) Purchases:
10,000 x $5.50 6,000 x $5.00
$55,000 30,000 85,000 $97,200 $12,200
Cost of goods available (18,000 units)
First-in, first-out (FIFO)
Cost of goods available for sale (18,000 units) Less: Ending inventory (determined below) Cost of goods sold $97,200 (15,000) $82,200 Cost of ending inventory: Date of purchase August 18 Units Unit cost Total cost 3,000 $5.00 $15,000 Last-in, first-out (LIFO)
Cost of goods available for sale (18,000 units) $97,200 Less: Ending inventory (determined below) Cost of goods sold (17,700) $79,500 Cost of ending inventory: Date of purchase Beg. Inv. August 8 Units Unit cost Total cost 2,000 1,000 Total $6.10 5.50 $12,200 5,500 $17,700 Exercise 3-13 (concluded)
Average cost
Cost of goods available for sale (18,000 units) Less: Ending inventory (determined below) Cost of goods sold $97,200 (16,200) $81,000 *
Cost of ending inventory: $97,200 Weighted-average unit cost = = $5.40 18,000 units * Alternatively, could be determined by multiplying the units sold by the average cost: 15,000 units x $5.40 = $81,000 3,000 units x $5.40 = $16,200 Exercise 3-14
First-in, first-out (FIFO)
Cost of goods sold: Date of sale Units sold Cost of Units Sold Total Cost Aug. 14 2,000 (from Beg. Inv.) 6,000 (from 8/8 purchase) $6.10 5.50 $12,200 33,000 5.50 22,000
Aug. 25 4,000 (from 8/8 purchase) 3,000 (from 8/18 purchase) 5.00 1$82,200 Total 15,000 Ending inventory = 3,000 units x $5.00 = $15,000 Last-in, first-out (LIFO)
Date 2,000 @ $6.10 = $12,200 10,000 @ $5.50 = $55,000 Purchased Sold Balance 2,000 @ $6.10 $12,200 2,000 @ $6.10 10,000 @ $5.50 $67,200 Beginning inventory August 8 August 14 8,000 @ $ 5.50 = 2,000 @ $6.10 $44,000 2,000 @ $5.50 $23,200 August 18 6,000 @ $5.00 = $30,000 2,000 @ $6.10 2,000 @ $5.50 $53,200 6,000 @ $5.00 August 25 6,000 @ $5.00 = 2,000 @ $6.10 $30,000 1,000 @ $5.50 1,000 @ $5.50 = $17,700 $ 5,500 Ending inventory
Total cost of goods sold = $79,500 Exercise 3-14 (concluded)
(Note: the perpetual inventory LIFO results in this exercise are the same as periodic LIFO results, due to the timing of sales and purchases. The same LIFO layers are on hand at the end of the period under each method. This is unusual. LIFO perpetual and LIFO periodic normally produce different results for ending inventory and cost of goods sold.)
Average cost
Date Beginning inventory August 8 Available 2,000 @ $6.10 = $12,200 10,000 @ $5.50 = $55,000 $67,200 = $5.60/unit 12,000 units Purchased Sold Balance 2,000 @ $6.10 $12,200 August 14 August 18 Available 6,000 @ $5.00 = $30,000 $52,400 $5.24/unit 10,000 units = 8,000 @ $5.60 = 4,000 @ $5.60 $44,800 $22,400 August 25 7,000 @ $5.24 = 3,000 @ $5.24 $36,680 $15,720 = $81,480 Ending inventory
Total cost of goods sold Exercise 3-15
Requirement 1
LIFO will result in the highest cost of goods sold figure because both the cost of merchandise and the quantity of merchandise rose during the period. FIFO will result in the highest ending inventory balance for the same reasons. Requirement 2
Cost of goods available for sale: Beginning inventory (600 x $80) Purchases:
1,000 x $ 95 800 x $100
$95,000 80,000
175,000 $223,000 $ 48,000
Cost of goods available (2,400 units)
First-in, first-out (FIFO)
Cost of goods available for sale (2,400 units) Less: Ending inventory (below) Cost of goods sold Cost of ending inventory: $223,000 (80,000) $143,000 Date of purchase January 21 Units Unit cost Total cost 800 $100 $80,000 Last-in, first-out (LIFO)
Cost of goods available for sale (2,400 units) Less: Ending inventory (below) Cost of goods sold $223,000 (67,000) $156,000 Cost of ending inventory: Date of purchase Beg. Inv. January 15 Total Units Unit cost Total cost 600 $80 200 $48,000 95 $67,000 19,000
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