Compute the cost of goods - periodic inventory method, Cost Accounting

Assignment Help:

Beginning inventory on March 1 consisted of 2,000  units each costing $11.20 .

During March, the following was purchased for inventory:

Date

Purchase

March 5

2,800 units at a cost of $12.20 each

March 10

4,900 units at a cost of $11.70 each

March 14

2,700 units at a cost of $11.85 each

March 22

2,400 units at a cost of $11.95 each

March 28

4,700 units at a cost of $12.05 each

During March, the following was sold from inventory:

Date

Sales

March 3

1,900 units at a price of $22.40 each

March 12

6,200 units at a price of $24.40 each

March 17

3,200 units at a price of $23.70 each

March 21

400 units at a price of $23.70 each

March 25

2,700 units at a price of $23.90 each

March 31

4,500 units at a price of $24.10 each

Instructions:

Compute the cost of goods sold and the ending inventory value as of March 31 under each of the following assumptions:

1.    Periodic Inventory Method

a)    FIFO

b)    LIFO

c)    Weighted Average

2.    Perpetual Inventory Method

a)    FIFO

b)    LIFO

c)    Weighted Average


Related Discussions:- Compute the cost of goods - periodic inventory method

Compute the annual depreciation on the new equipment, Goldman Corporation b...

Goldman Corporation bought a machine on June 1, 2010, for $44,838, f.o.b. the place of manufacture. Freight to the point where it was set up was $282, and $705 was expended to inst

Cost accounting, how does cost accounting differ from management accounting...

how does cost accounting differ from management accounting

Prepare cost sheet, The Pacific Manufacturing Company operates a job-order ...

The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based

Calculate the manufacturing cost per unit, the following activities relatin...

the following activities relating to indirect production costs: Activity Activity Costs Cost Drivers Machine Setup $180,000 1,500 setup hours Materials Handling $50,000 12,500 poun

Prepare the balance sheet, High Bhd acquired shares in two other companies ...

High Bhd acquired shares in two other companies as follows: Additional information: i) Goodwill on acquisition of Swift was impaired by RM80,000 as

Semi fixed costs, Semi Fixed Costs Are costs along with both a variabl...

Semi Fixed Costs Are costs along with both a variable and fixed cost component? The fixed component is such portion that is constant irrespective of the level of activity. The

Changes in product mix, Changes in Product Mix A change in product mix...

Changes in Product Mix A change in product mix in which individual products have different contribution will contain different contribution. Sales ratio will conclude in a cha

Advantages of average costing method, Average costing method has the follow...

Average costing method has the following main advantages: 1.It is a realistic costing method useful to management in analyzing operating results and appraising future production

Limitations of cost accounting, LIMITATIONS OF COST ACCOUNTING Cost Acc...

LIMITATIONS OF COST ACCOUNTING Cost Accounting similar to additional branches of accountancy is not an precise science although is an art which was developed throughout theorie

Calculate what variances have arisen, The following details were extracted ...

The following details were extracted from the standard cost card of a component:       Raw Materials              2.82 Kgs @ Rs.4.80 Kg.     Direct Labour            Type I   6

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd