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

Direct materials budget, Direct Materials Budget This budget implies t...

Direct Materials Budget This budget implies the estimated quantities and costs of every the raw materials and components desired for the output demand by the production budget

Prepare the purchases ledger control account, You work for a firm of accoun...

You work for a firm of accountants as a junior accounts assistant and part of your role is to prepare clients' ledgers accounts from incomplete records. A client of the firm you

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

Determine the amount of depreciation expense, Waylander Coatings Company pu...

Waylander Coatings Company purchased waterproofing equipment on January 6, 2013, for $320,000.The equipment was expected to have a useful life of four years, or 20,000 operating ho

Standard costing system, Standard costing System has the following main adv...

Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro

Types of cost, i want to know the different types of costs.

i want to know the different types of costs.

Describe time sheets and job cards, (a) Describe briefly how the following ...

(a) Describe briefly how the following are used in the accounting for labour: (i)   time sheets (ii)   job cards. (b) The following details relate to the labour in a produ

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