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

Calculate the equivalent annual cost, A plant is considering the replacemen...

A plant is considering the replacement of a piece of equipment in its materials handling system with a new piece. If the company's cost of capital is 10%. Should the present asset

Calculate the net effective yield, A Government issued a number of index-li...

A Government issued a number of index-linked bonds on 1 June 2000 which were redeemed on 1 June 2002.  Each bond had a nominal coupon rate of 3% per annum, payable half yearly in a

Inventory valuation, How the FIFO, LIFO and AW problems can be solved?

How the FIFO, LIFO and AW problems can be solved?

Cvp and computer applications, CVP and Computer Applications The broad...

CVP and Computer Applications The broad availability of personal computers encourages more managers to apply cost volume profit analysis. Computers can quickly create the comp

Prepare the appropriate entries for december 31, A corporation acquired a t...

A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of d

Which of the following are easy to trace to individual jobs, Which of the f...

Which of the following are easy to trace to individual jobs?:   A. direct materials and overhead B. direct materials and direct labor C. direct labor and overhead

Absorbtion, when one firm purchase other and take over its all assets.balan...

when one firm purchase other and take over its all assets.balance sheet of absorbed firm shows goodwill,should we goodwill as well?

Calculate the nonvalue-added cost per unit, Question Roseville, Ltd., s...

Question Roseville, Ltd., sells one of its products for $500 each. Sales volume averages 1,000 units per year. Recently, its main competitor priced their competing product at 1

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