[fenpher]

Here is the question
12) The Cotton Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Cotton Company uses the periodic inventory system. 30 points

Purchases Sales
Units Units Unit Cost Units Selling Price
3/1 Beginning inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 60 $80
3/10 Purchase 200 $55
3/16 Sales 70 $90
3/19 Sales 80 $90
3/25 Sales 60 $90
3/30 Purchase 40 $60

Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)

Can you show me how to do one of these problems? We learned how to do FIFO, LIFO and weighted average using the same numbers, but not different numbers. For example not beginning inventory 100 $40, sales 60 $80

[morgaine300]

30 points... test?

Since I'm not going to do your problem for you (especially if it's a test), the only thing I could do is give another example, which is the same thing you've said you already learned. Of course different ones are going to have different numbers, but the concept of how to do them remains the same. The idea was to have learned how to do it, not memorize a set of numbers. Or did you expect all problems and test questions to be the same numbers? Since my example is going to use a different set of numbers, I believe you're going to be exactly where you are now -- I'm not doing this one for you.

[rwong2k]

Here's an excellent link that teaches you step by step how to do
Periodic and perpetual
FIFO, LIFO, Weighted average and moving average,

Accounting for Inventories

Very similar to your question above

[Bones879]

I'm sick of people like you morgaine300, you expect everyone to know everything very irritating. Someone ask for help and your come out with a move and be like I'm not doing it for you. Your not doing it for him, it could be a example out of the book because I am having the same problem with figuring it out. Doing a online course is hard as hell because you don't have someone to help you so when someone ask for help people like you have to be dicks. I would like to see you learn something that you are not good at and not get help.

[morgaine300]

Bones879, did you actually read anything of what I said? First of all, I think it likely this could have been a test. It is UNETHICAL of me to help with a test. So you might want to take that into consideration before you go off on me.

I also said this: "the only thing I could do is give another example, which is the exact same thing you've said you already learned." Do you comprehend what this means? In case you didn't notice, I DID mention doing an example, but OP already had an example. OP needed to ask specific questions about what was not understood in the examples. We cannot possible know what someone on here doesn't understand if they don't say so.

And how do you know it's an online course? That's an assumption you're making.

If you need help, you need to ask for the specific help that you need. You just stated you're "having the same problem" but you haven't stated what you don't understand. So how do you expect anyone to answer that? By being a mind reader?

Inventory costing is a whole chapter. Do you think someone can lecture on a whole chapter on a forum like this?

Have you ever taught? If not, perhaps you should understand what it's like on this end when someone asks such open-ended stuff and somehow expects that we can explain everything they need to know that covers entire chapters, and not even say what specifically they are not understanding. That doesn't mean I expect everyone to know everything -- it means there's a limit to what we can do here.

You need to learn how to define "help." I give help here to people every single day!! And I spent a heck of lot of time doing it too. I write long posts with lots of explanations. I download attachments and spend an hour working through a problem so that I can check someone's work. And I do it voluntarily, because none of us has any obligation to even be here to begin with.

So don't you even think about telling me again that I'm not "helping"!

[lefaulkner]

The Boxwood Company Sells blankets for $60 each.
Purchase 5 units 30$
Purchase 10 units 34$
Purchase 10 units 40$

Sale 3 units
Sale 6 units
Sale 3 units

Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the average inventory cost method.

[taationgco]

a.FIFO Method
Cost of Good Sold for March = 3,050
Computation:
3/4 60x40= 2400
3/16 40x40= 1600
30x50= 1500
3/19 30x50= 1500
50x55= 2750
3/25 60x55= 3300
13050

b.Weighted Average
Cost of Ending Inventory = 6,630
Computation:
3/1 Beginning inventory 100 $40 = 4,000
3/3 Purchase 60 $50 = 3,000
3/10 Purchase 200 $55 = 11,000
3/30 Purchase 40 $60 = 2,400
$20,400


Total Units = 400 units (Beg. Inventory + Purchases )

Average unit price = $51 ($20,400/ 400 units)

Ending Inventory in units = 130 (Beg. Inventory + Purchases - Sales)
x $51
6,630

c.LIFO Method
Cost of Ending Inventory = 5,500
Computation:
100x40 = 4000
30x50 = 1500
$5,500

Ending Inventory in units = 130 (Beg. Inventory + Purchases - Sales)
*Since it is Lifo, the 40 multiplied to 100 is the price of the beginning inventory. The 50 multiplied to 30 is the price of from the first purchase of March.

[kkm5158]

@taationgco can I know how u find (a.) the cost of goods sold for march? 16400 - 13050?

[kehesa maro]

[email protected]