I'm having trouble with acct 4a

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Givens Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Givens had 75 units in ending inventory.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. $45.)



FIFO

LIFO

Average-cost
The cost of the ending inventory
$

$

$
The cost of goods sold
$

$

$
May 11th, 2015

First 100 units are $100. The next 200 units were $130.
a.
(1)FIFO: Ending inventory: 80 units of $130 = $10,400
COGS: 100 units of $100, 120 units of $130 = $25,600

(2)LIFO: Ending inventory: 80 units of $100 = $8,000
COGS: 20 units of $100, 200 units of $130 = $28,000

(3) Average-cost: Total cost / total units = 36,000/300 = $120
Ending inventory: 80 units of $120 = $9,600
COGS: 220 units of $120 = $26,400



May 11th, 2015

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May 11th, 2015
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