Ask Experts Questions for FREE Help !
Ask
    rollerboat1's Avatar
    rollerboat1 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Dec 1, 2008, 06:41 PM
    Calculate COGS,ending invent.& gross prof. for LIFO, FIFO & moving average
    Hello, I have tried this example several times but do not seem to get the correct answer . I would appreciate your help with this one. Thanks:

    Twin Co. is a retailer operating which uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. The inventory is not damaged. There are no credit transactions & all amounts are settled in cash. This information is for the month of January 2007.

    Date... -Description... -Quantity and Unit Cost
    Dec 31 -Ending inventory... $160... and... $18
    Jan 2 -Purchase... $100... and... $20
    Jan 6 -Sale... $180... and... $40
    Jan 9 -Sale return... $10... and... $40
    Jan 9 -Purchase... $75... and... $24
    Jan 10 -Purchase return... $15... and... $24
    Jan 10 -Sale... $50... and... $45
    Jan 23 -Purchase... $100... and... $28
    Jan 30 -Sale... $140... and... $50

    For LIFO and FIFO :Assume sales returns had a cost of $18 and purchase returns had a cost of $24. And for moving-average, round cost per unit to 3 decimal places.

    Cost of Good Sold:
    LIFO $
    FIFO $
    Moving average $

    Ending Inventory
    LIFO $
    FIFO $
    Moving average $

    Gross Profit:
    LIFO $
    FIFO $
    Moving average $

Check out some similar questions!

Calculate cost of goods sold, ending inventory, & gross profit for LIFO, FIFO & [ 1 Answers ]

Hello, I have tried this example several times but do not seem to get the correct answer . I would appreciate your help with this one. Thanks: Twin Co. is a retailer operating which uses the perpetual inventory method. All sales returns from customers result in the goods being returned to...

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

FIFO Calcuating Gross Profit and Ending Inventory [ 1 Answers ]

Bradley Corp produces a product with the following costs as of July 1, 2007: Material: $2 per unit; Labor $4 per unit: Overhead: $2 per unit Beginnning inventory: at these costs on July 1st, was 3000 units. From July 1 - Dec 1, 2007, Bradley produced 13,000 units. These units had:...

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...

Perpetual LIFO, FIFO, moving average cost [ 2 Answers ]

:confused: I have an exam in my acct class, ugh... so lost!! I thought I had this all clear but I have done this problem multiple times and can't end up with our designated answer, can someone help? Any help on any part of the problem would help me out a lot, very lost :( Smith is a retailer in...

View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.