Carla Vista Co. had a beginning inventory of 92 units of Product RST at a cost o
ID: 2340496 • Letter: C
Question
Carla Vista Co. had a beginning inventory of 92 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 544 units at $8Aug. 12 365 units at 10 May 5510 units at $9Dec. 896 units at $11 Carla Vista Co. uses a periodic inventory system. Sales totaled 1,470 units (a) Determine the cost of goods available for sale. The cost of goods available for sale s (b) Calculate Average Cost. (Round answer to 3 decial places, e.g. 5.125.) Average Cost SHOW LIST OF ACCOUNTS VIDEO: SIMILAR PROBLEM Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 150.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods soldExplanation / Answer
Answers
Cost of goods available for sale= $14292
Average cost=$8.894 per unit
FIFO
LIFO
Weighted Average
Ending Inventory
$ 1,466.00
$ 1,004.00
$ 1,218.422
Cost of Goods Sold
$ 12,826.00
$ 13,288.00
$ 13,073.58
Working
Units
Cost per unit
value
Opening Stock
92
$ 7.00
$ 644.00
Purchases
20-Feb
544
$ 8.00
$ 4,352.00
5-May
510
$ 9.00
$ 4,590.00
12-Aug
365
$ 10.00
$ 3,650.00
8-Dec
96
$ 11.00
$ 1,056.00
Total
1607
$ 14,292.00
Average Cost of Inventory
Total Units
(A)
1607
Total Cost
(B)
$ 14,292.00
Average Cost
(C=B/A)
8.894
FIFO
Total Units Available for sale
1607
Units Sold
1470
Closing Stock in Units
137
Valuation
Closing stock
96
@
$ 11.00
$ 1,056.00
41
@
$ 10.00
$ 410.00
Value Of Closing Stock
$ 1,466.00
Cost of Goods sold
(14292-1466)
$ 12,826.00
LIFO
Total Units Available for sale
1607
Units Sold
1470
Closing Stock in Units
137
Valuation
Closing stock
92
@
$ 7.00
$ 644.00
45
@
$ 8.00
$ 360.00
Value Of Closing Stock
$ 1,004.00
Cost of Goods sold
(14292-1004)
$ 13,288.00
Average method
Total Units Available for sale
1607
Units Sold
1470
Closing Stock in Units
137
Valuation
Closing stock
137
@
$ 8.894
$ 1,218.42
Value Of Closing Stock
$ 1,218.422
Cost of Goods sold
(Total Purchase and opening stock Minus Closing Stock)
$ 13,073.58
FIFO
LIFO
Weighted Average
Ending Inventory
$ 1,466.00
$ 1,004.00
$ 1,218.422
Cost of Goods Sold
$ 12,826.00
$ 13,288.00
$ 13,073.58