1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

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17-02-2020
Business

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1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

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heavenandholiness heavenandholiness · Answer 1 · 2020-02-18T13:01:18+01:00

Answer:

UNDER FIFO

Cost of Goods Sold is 25 units with a total value of $419

Ending Inventory is 8 units @ $23 giving total value of $184

UNDER LIFO

Cost of Goods Sold is 25 units with a total value of $483

Ending Inventory is 8 units @ $15 giving total value of $120

Explanation:

Jun.1 Beginning merchandise inventory 17units@$15each

12 Purchase 5units@$19each

20 Sale 14units@$37each

24 Purchase 11units@$23each

29 Sale 13units@$37each

1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method.

FIFO INVENTORY METHOD

Date Particulars Unit Price Units Amount

Jun-01 Opening Stock 15 17 225

Jun-12 Purchases 19 5 95

Jun-24 Purchases 23 11 253

Goods Available For Sale 33 603

15 17 255

19 5 95

23 3 69

Cost of Goods Sold 25 419

Ending Inventory 23 8 184

2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method.

LIFO INVENTORY METHOD

Date Particulars Unit Price Units Amount

Jun-01 Opening Stock 15 17 225

Jun-12 Purchases 19 5 95

Jun-24 Purchases 23 11 253

Goods Available For Sale 33 603

23 11 253

19 5 95

15 9 135

Cost of Goods Sold 25 483

Ending Inventory 15 8 120