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  • Lifo, Fifo, Average Cost

    Încărcat de

    Umair Zoberi
    90 vizualizări3 pagini
    This document provides inventory information using three different cost flow assumptions: LIFO, FIFO, and Average Cost. It includes details of purchases and sales transactions throughout September with resulting inventory balances calculated at the end of each period. Journal entries are also provided to record the inventory and cost of goods sold activity for each period under each method.

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    This document provides inventory information using three different cost flow assumptions: LIFO, FIFO, and Average Cost. It includes details of purchases and sales transactions throughout September with resulting inventory balances calculated at the end of each period. Journal entries are also provided to record the inventory and cost of goods sold activity for each period under each method.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca XLS, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    90 vizualizări3 pagini

    Lifo, Fifo, Average Cost

    Încărcat de

    Umair Zoberi
    This document provides inventory information using three different cost flow assumptions: LIFO, FIFO, and Average Cost. It includes details of purchases and sales transactions throughout September with resulting inventory balances calculated at the end of each period. Journal entries are also provided to record the inventory and cost of goods sold activity for each period under each method.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca XLS, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 3

    Problem 10-3

    LIFO
    Date
    1-Sep
    4-Sep
    8-Sep
    9-Sep
    20-Sep
    25-Sep
    30-Sep

    Purchases
    Sales
    Balances
    Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
    50
    60
    3,000
    20
    65
    1300
    50
    60
    3000
    20
    65
    1300
    20
    65
    1300
    35
    60
    2100
    15
    60
    900
    40
    65
    2600
    35
    60
    2100
    40
    65
    2600
    40
    65
    2600
    15
    60
    900
    20
    60
    1200
    40
    70
    2800
    15
    60
    900
    60
    70
    2800
    5
    70
    350
    15
    60
    900
    35
    70
    2450

    GENERAL JOURNAL ENTRIES


    4-Sep Inventory
    ### 1300
    Accounts Payable
    8-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    ### 3500
    3500
    ### 2200
    2200

    9-Sep Inventory
    ### 2600
    Accounts Payable
    20-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    2600

    ### 6000
    6000
    ### 3800
    3800

    25-Sep Inventory
    ### 2800
    Accounts Payable
    30-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    1300

    ###

    550

    ###

    350

    2800

    550
    350

    FIFO
    Date
    1-Sep
    4-Sep
    8-Sep
    9-Sep
    20-Sep
    25-Sep
    30-Sep

    Purchases
    Sales
    Balances
    Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
    50
    60
    3,000
    20
    65
    1300
    50
    60
    3000
    20
    65
    1300
    35
    60
    2100
    15
    60
    900
    20
    65
    1300
    40
    65
    2600
    15
    60
    900
    60
    65
    2600
    15
    60
    900
    45
    65
    2925
    15
    65
    975
    40
    70
    2800
    15
    65
    975
    40
    70
    2800
    5
    65
    325
    10
    60
    600
    40
    70
    2800

    GENERAL JOURNAL ENTRIES


    4-Sep Inventory
    ### 1300
    Accounts Payable
    8-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    ### 3500
    3500
    ### 2100
    2100

    9-Sep Inventory
    ### 2600
    Accounts Payable
    20-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    2600

    ### 6000
    6000
    ### 3825
    3825

    25-Sep Inventory
    ### 2800
    Accounts Payable
    30-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    1300

    ###

    2800

    550
    550

    ###

    325
    325

    AVERAGE COST
    Date

    Purchases
    Sales
    Balances
    Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
    1-Sep
    50
    60
    3,000
    4-Sep
    20
    65
    1300
    70
    61.42
    4800
    8-Sep
    35
    61.42
    2150
    35
    61.42
    2150
    9-Sep
    40
    65
    2600
    75
    63.33
    4750
    20-Sep
    60
    63.33
    3800
    15
    63.33
    950
    25-Sep
    40
    70
    2800
    55
    68.18
    3750
    30-Sep
    5
    68.18
    340
    50
    68.18
    3410
    4-Sep (3000+1300)/70 = 61.42
    9-Sep (2150+2600)/75 = 63.33
    25-Sep (950+2800)/55 = 68.18

    GENERAL JOURNAL ENTRIES


    4-Sep Inventory
    ### 1300
    Accounts Payable
    8-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    ### 3500
    3500
    ### 2150
    2150

    9-Sep Inventory
    ### 2600
    Accounts Payable
    20-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    2600

    ### 6000
    6000
    ### 3800
    3800

    25-Sep Inventory
    ### 2800
    Accounts Payable
    30-Sep Accounts Receivable
    Sales
    C.G.S
    Inventory

    1300

    ###

    550

    ###

    340

    2800

    550
    340

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