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

Advantages and disadvantages of uniform costing, Advantages and Disadvantag...

Advantages and Disadvantages of Uniform Costing Advantages 1. It enables costs to be compared simply 2. It makes it easier to computerize the accounting system of d

Incremental costs as relevant costs, Incremental Costs as Relevant Costs ...

Incremental Costs as Relevant Costs An incremental cost is specifically incurred with the following a course of action and ignorable if such action is not implemented. It cont

Labour cost, labour cost related case study with solution

labour cost related case study with solution

Example of methods of allocating service costs, Example of Methods of Alloc...

Example of Methods of Allocating Service Costs Suppose the following data: User department Unit of Service Provided Costs Prior to Service Dep

Fixed costs, Fixed Costs Are costs such do not change along with of th...

Fixed Costs Are costs such do not change along with of the level of output? It is also named as autonomous cost, as it stays the similar irrespective of the activity level as

Marginal costing vs direct costing, MARGINAL COSTING Vs DIRECT COSTING ...

MARGINAL COSTING Vs DIRECT COSTING Direct costing is the method where only direct costs are measured while calculating the cost of the product. Indirect costs are met in opposi

What is the overhead variance, Morrow Company applies overhead based on dir...

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h

Calculate the breakeven fee income, A company provides several different se...

A company provides several different services to its customers from a single office. Fixed costs of the office, including staff costs, are absorbed into the company's service costs

Mining industry, are exploration costs of a mining company an asset or an e...

are exploration costs of a mining company an asset or an expense

Income statement - cost accunting, Income Statement - Cost Accunting: ...

Income Statement - Cost Accunting: A starting entrepreneur has come up with a plan to start a Gaming Outlet in Haarlem. He would like to buy a building which will cost € 700.0

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages