Solution-Calculate cost of goods sold and ending inventory

Calculate cost of goods sold and ending inventory under fifo

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Reference no: EM13890986

Cost flow assumptions-FIFO and LIFO using periodic and perpetual systems The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2013:

Date	Transaction	Number of Units	Unit Cost	Total Cost
1-Jan	Beginning inventory	$150	$30	$4,500
24-Jan	Purchase	70	33	2,310
22-Feb	Sale	-100	-	-
7-Mar	Purchase	$90	35	3,150
10-Apr	Purchase	140	36	5,040
11-Jun	Sale	-100	-	-
28-Sep	Purchase	50	38	1,900
4-Dec	Sale	-100	-	-

Required:

a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

c. Explain why the FIFO results for cost of goods sold and ending inventory are the same in your answers to parts a and b, but the LIFO results are different.

Reference no: EM13890986

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Calculate cost of goods sold and ending inventory under fifo

Reference no: EM13890986

Reference no: EM13890986

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