Four Accounting questions
accountguru1. 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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