Calculate cost of goods sold and ending inventory amounts
Problem 1
Mower-Blower Sales Co. started business on January 20, 2013. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2013 were as follows:
Blowers
Mowers
January 21
23
@
$
192
February 3
45
194
February 28
38
190
March 13
19
195
April 6
20
211
May 22
50
212
June 3
41
218
June 20
62
225
August 15
September 20
November 7
16
In inventory at December 31, 2013, were 8 blowers and 29 mowers. Assume the company uses a periodic inventory system.
Required 1:
(a)
Compute ending inventory valuation at December 31, 2013 under the FIFO and LIFO cost-flow assumptions. (Hint: Compute ending inventory under each method, and then compare results.)
The following data are available for Sellco for the fiscal year ended on January 31, 2014:
Problem 2
Sales
840
units
Beginning inventory
280
4
Purchases, in chronological order
300
5
420
7
240
8
Required:
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
(b)
Assume that net income using the weighted-average cost-flow assumption is $14,400.Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)
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