##### I need help on 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

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
Dec 9th, 2016
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