I need help on 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

 Just follow the rule that FIFO means the last in are still on hand, while LIFO means the first in are still on hand.

Beg Inv 100 (@ $100) + 200 (@ $130) - 225 units sold = End Inv of 75

FIFO - End Inv 75 @ $130 = 9,750
LIFO - End Inv 75 @ $100 = 7,500
AVG - $10,000 + $26,000 = $36,000 / 300 = $120 x 75 = 9,000

COGS:
FIFO = 36,000 - 9,750 = 26,250
LIFO = 36,000 - 7,500 = 28,500
AVG = 36,000 - 9,000 = 27,000

May 11th, 2015

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May 11th, 2015
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May 11th, 2015
Jun 28th, 2017
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