Basic Accounting Homework (Very Easy for Accountants)
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Ch 6. Homework - Group B (graded) instructions | help
Exercise 6-5 Inventory costing methods (perpetual)-FIFO and LIFO L.O. P1 [The following information applies to the questions displayed below.]
Harold Co. reported the following current-year purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory
195 units @ $13.80 = $ 2,691
Jan. 10 Sales 185 units @$43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @$43.80 July. 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @$43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $40,974 625 units Harold uses a perpetual inventory system.
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Exercise 6-5 Part 1 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (Omit the "$" sign in your response.)
Date Cost of Goods Sold Inventory Balance 1/1 $
1/10 $ $ 3/14 $ 3/15 $ 7/30 $ 10/5 $
10/26 $
Total $
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Exercise 6-5 Part 2 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (Omit the "$" sign in your response.)
Date Cost of Goods Sold Inventory Balance 1/1 $
1/10 $ $ 3/14 $ 3/15 $ 7/30 $
Daniel NashPrinciples of Accounting I: acg2001_474426
10/5 $ 10/26 $
Total $
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