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

What is the marginal cost, Marginal Cost (MC): The marginal cost of an a...

Marginal Cost (MC): The marginal cost of an additional unit of output is the cost of the additional inputs required to make that output. More formally, the marginal cost is the

allocate the support departments costs , Support Department Cost Allocatio...

Support Department Cost Allocations. Riverside Furniture Company manufactures unfinished furniture for sale to retailers. Riverside has two support departments, Maintenance and Hu

Determine the current profits, Two firms compete in a homogenous product ma...

Two firms compete in a homogenous product market where the inverse demand function is P = 10 - 2Q (quantity is measured in millions). Firm 1 has been in business for 1 year, while

Calculate the net present value and efficiency , A foreign company plans to...

A foreign company plans to clear several dozen acres of ecologically valuable mangrove swamp in Vietnam for the creation of a shrimp aquaculture facility. This decision will create

Determine cash flow statement, Download the financials of Shoprite , study ...

Download the financials of Shoprite , study them, then, using ratio analysis, the cash flow statement, and the segmental breakdown of the results, prepare a statement outlining the

Variable cost computation, cite some example on how to to calculate variabl...

cite some example on how to to calculate variable cost

Labor costing, What is labor costing,what are the problems involved in labo...

What is labor costing,what are the problems involved in labor costing

Evaluate the acquisition of manufacturing equipment, Evaluate the Acquisiti...

Evaluate the Acquisition of Manufacturing Equipment XYZ Limited is a medium sized company providing a range of medical solutions. You, the financial manager has been asked to e

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