I'm having trouble with acct 4a

 Accounting Tutor: None Selected Time limit: 1 Day

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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May 11th, 2015
May 27th, 2017
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