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    kwalker82's Avatar
    kwalker82 Posts: 1, Reputation: 1
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    #1

    Apr 1, 2012, 04:18 PM
    The Frame It Company reporting the following items on its income statement in 2009
    3. The following information regarding inventory transactions is available for the month of July:
    Date Type of Event #Units Unit Cost Total Cost
    July 1 Beginning inventory 180 $8 $1,440
    July 5 Purchase 75 $9 $ 675
    July 9 Sale 80
    July 12 Sale 45
    July 17 Purchase 140 $10 $1,400
    July 26 Sale 75
    July 29 Purchase 40 $11 $ 440

    a. What is the cost of goods sold under FIFO? Show your computations to earn credit.
    b. What is the ending inventory under FIFO? Show your computations to earn credit.
    c. What is the cost of goods sold under LIFO? Show your computations to earn credit.
    d. What is the ending inventory under LIFO? Show your computations to earn credit.
    e. What is the cost of goods sold under the weighted average method? Show your computations to earn credit.
    f. What is the ending inventory under the weighted average method? Show your computations to earn credit.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Apr 1, 2012, 10:14 PM
    Show us your answers
    Jeannie63's Avatar
    Jeannie63 Posts: 1, Reputation: 1
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    #3

    May 10, 2012, 07:54 AM
    a. 1,440 + 675 + 1,400 + 440 = 3,955
    answer: $3,955

    b. 3,955 - ?

    c. 675 + 1,400 + 440 = 2,515
    answer $2,515

    d. 3,955 - 2,515 = 1,440
    answer: $1,440

    e. 3,955 / 435 = 9.09
    9.09 * 200 = 1,818
    answer: $1,818

    f. 3,955 - 1,818 = 5,773
    answer: 5,773
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