Ask Experts Questions for FREE Help !
Ask
    amyjo0918's Avatar
    amyjo0918 Posts: 3, Reputation: 1
    New Member
     
    #1

    Jun 19, 2009, 05:40 PM
    Find the Average, FIFO, LIFO
    Began with 67 tents @ $18 each
    Purchases: Oct 4. 96 @ $20 = $1920
    Oct 19. 161 @ $22 = $3542
    Oct 25. 41@ $23 = $943
    Sold 319 on Oct 31. And ending inventory was 46 tents. The sales price of each tent was $51. Find Ending inventory and cost of goods sold with Average method, FIFO, LIFO?



    I have been working on this problem for an hour and just can't figure it out!! Please Help!:(
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
     
    #2

    Jun 21, 2009, 04:45 AM
    Cost of goods available for sale 349 units $ 7,611
    Ending Inventory 30 units
    Value at
    average cost 7611/349 x 30 = $654
    FIFO 30 x 23 = 690
    LIFO 30 x 18 = 540

    Cost of goods sold
    Average cost 7611-654= 6957
    FIFO 7611-690 = 6921
    LIFO 7611-540 = 7071
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #3

    Jun 28, 2009, 12:53 PM

    Cost of goods available is for sale is:
    Beginning inventory of (67 * price) + purchases of (96 * price), (161 * price), (41 * price) = 365 with a total price of $7611

    Ending inventory is: 365 - 319 units sold = 46units.
    Avg cost of ending inventory is: $7611/365 * 46 = $959.19
    COGS is: $7611 - 959.19 = $6651.81

    Fifo ending inventory is 41 units @$23 + 5 units @ $22 = $1053
    COGS is: $7611 - 1053 = $6558

    Lifo ending inventory is: 46 units @18 = $828
    COGS is: $7611 - 828 = $6783

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

FIFO, LIFO and Weighted Average [ 8 Answers ]

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 ...

FIFO LIFO and Weighted Average [ 1 Answers ]

Hi, I am confused about LIFO and FIFO assumptions, > When the cost of inventory is declining, the method that will result in a > company reporting the highest net income is: > > LIFO, how come it is LIFO? > > how does FIFO produce the highest net income when the units costs are > rising? ...

Find Cost of goods sold and ending inventory using.average cost/FIFO/LIFO [ 2 Answers ]

I'm having a hard time with the fifo and lifo method... of this question Began with 73 yards @ 23 per yard During the month the company made the following purchases. March 3/4 113 yards @ 27 3/12 81 yards @ 29 3/19 167 yards @ 32 3/25 44 yards @ 35

Inventory by fifo, lifo, and average! [ 1 Answers ]

The beginning inventory and purchase of an item for the period were as follows: Beginning inventory... 6units at $83 each First purchase... 10 units at $82 each Second purchase... 18 units at $84 each Third purchase... 10 units at $85 each The company uses the periodic system, and there were...


View more questions Search