1. Given the following information, determine the cost of ending inventory, COGS, and Net Income at December 31 using the FIFO perpetual inventory method.

 

December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.

 

December 11:  12 units were sold at $35 per unit.

 

December 15:  20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

 

 

 

2. Given the following information, determine the cost of ending inventory, COGS, and Net Income at December 31 using the LIFO perpetual inventory method.

 

December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.

 

December 11:  12 units were sold at $35 per unit.

 

December 15:  20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

 

 

 

 

 

3. Given the following information, determine the cost of ending inventory, COGS, and Net income at December 31 using the weighted-average perpetual inventory method.

 

December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.

 

December 11:  12 units were sold at $35 per unit.

 

December 15:  20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

 

 

 

 

 

4. Given the following information, determine the cost of ending inventory, COGS, and Net income at December 31 using the specific identification perpetual inventory method.

 

December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.

 

December 11:  12 units were sold at $35 per unit.

 

December 15:  20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.

On December 11, 8 units came out of the December 9th inventory and 4 units came out of the December 2, inventory. On December 22, 15 units came out of the December 15th inventory and 1 unit came out of the December 2nd inventory and 2 units came out of the December 9thinventory.

 

 

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    Four Accounting questions

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