Causwell company began 2013 with 18000 units of inventory

Reference no: EM13566572

Causwell Company began 2013 with 18,000 units of inventory on hand. The cost of each unit was $5. During 2013 an additional 38,000 units were purchased at a single unit cost, and 28,000 units remained on hand at the end of 2013 (28,000 units therefore were sold during 2013). Causwell uses a periodic inventory system. Cost of goods sold for 2013, applying the average cost method, is $166,600. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.

Required:

1.Determine the cost of goods sold for 2013 using the FIFO method. [Hint: Determine the cost per unit of 2013 purchases.]

FIFO cost of goods sold __________

2.Determine the cost of goods sold for 2013 using the LIFO method.

LIFO cost of goods sold _________

Reference no: EM13566572

Questions Cloud

Coney island entertainment issues 1000000 of 6 bonds due in : coney island entertainment issues 1000000 of 6 bonds due in 15 years with interest payable semiannually the market

On october 31 the stockholders equity of heins company : on october 31 the stockholders equity of heins company consists of common stock 500000 and retained earnings 900000.

The bookkeeper already corrected the sales account however : one client had indicated that they were interested in purchasing 42500 worth of products so the bookkeeper recorded the

The corporate charter approved on that date authorized the : peeler company was incorporated as a new business on january 1 2012. the corporate charter approved on that date

Causwell company began 2013 with 18000 units of inventory : causwell company began 2013 with 18000 units of inventory on hand. the cost of each unit was 5. during 2013 an

The average of a gallon unleaded regular gas was reported : the average of a gallon unleaded regular gas was reported to be 2.34 in northern kentucky. use this price as the

One client had indicated that they were interested in : one client had indicated that they were interested in purchasing 42500 worth of products so the bookkeeper recorded the

The proposed quality control system involves the purchase : the brisbane manufacturing company produces a single model of a cd player. each player is sold for 204 with a resulting

A population of 1000 students spends an average of 1050 a : a population of 1000 students spends an average of 10.50 a day on dinner. the standard deviation of the expenditure is

User Account

All Pages