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Calculate cost of goods available for sale

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Reference no: EM132404043

Question

Alpha uses the periodic method and had the following events during January:

Date

Units
Purchased

Unit
Cost

Cost of

Goods
Available
for Sale

Date

Units
Sold

Unit Sales
Price

Dollar
Value of
Sales

Jan. 1

150

$7.00

 

Jan. 2

100

$10.00

 

Jan. 5

225

7.20

 

. Jan 7

125

10.00

 

Jan.

10

100

7.50

 

 Jan .

12

75

12.00

 

Jan.

15

150

7.80

 

 Jan

17

200

12.50

 

Jan .

20

200

7.95

 

Jan

24 '

150

15.00

 

Jan.

25

150

8.00

 

 

 

 

 

Jan.

30

75

8.20

 

 

 

 

 

A physical count of inventory on January 31 revealed that there were 400 units on hand, so 650 units were sold (also see sales above)

Required:

Calculate cost of goods available for sale.(hint: Multiply Unit Purchased x Unit Cost and then find the total. It's the same as Total Cost ).

Calculate the dollar value of sales. (Hint: Multiply Unit Sold x Unit Sales Price and then find the total).

Calculate the value of Ending Inventory

Calculate the Cost of Goods Sold under the LIFO assumptions

Reference no: EM132404043

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