Please! I tried to answer these question parts, but everytime I got them wrong.
ID: 2407745 • Letter: P
Question
Please! I tried to answer these question parts, but everytime I got them wrong. I need help answering them correctly, please! Help me! value: 2.85 points CP7 1 Analyzing the Effects of Four Alternative Inventory Costing Methods ILO73 scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting rec period, December 31. ords provided the following information at the end of the annual accounting Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year a. Purchase on account, March 2 b. Cash sale, April 1 ($42 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($42 each) 230 $26 370 (380) 28 280 (80) 32 TIP Athough the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods (Round cost per Unit" to 2 decimal places.)Explanation / Answer
a LIFO Units Cost per unit Total Beginning Inventory 230 26 5,980 Purchase Mar-02 370 28 10,360 Jun-30 280 32 8,960 Total purchase 19,320 Goods Avilable For sale 880 25,300 Cost of goods Sold Units from beginning Inventory 10 26 260 Units from March 2 Purchase 370 28 10,360 Units from June 30 Purchase 80 32 2,560 Total Cost of Goods Sold 460 13,180 Ending Inventory 420 12,120 b Weighetd average Cost Periodic method Units Cost per unit Total Beginning Inventory 230 26 5,980 Purchase Mar-02 370 28 10,360 Jun-30 280 32 8,960 Total purchase 19,320 Goods Avilable For sale 880 25,300 Cost of goods Sold 460 12,689 Total Cost of Goods Sold 460 12,689 Ending Inventory 420 12,611 Cost of Goods Sold for weighted avergae Method Beginning Inventory 230 26 5,980 Purchase Mar-02 370 28 10,360 Total Avilable 600 27.23 16,340 Less :Sales average rate 380 27.23 10,348.67 Purchase 280 32 8,960 Total Avilable 660 29.26 19,309 Less :Sales average rate 80 29.26 2,340 Total Cost of Sales 460 12,689 C FIFO Units Cost per unit Total Beginning Inventory 230 26 5,980 Purchase Mar-02 370 28 10,360 Jun-30 280 32 8,960 Total purchase 19,320 Goods Avilable For sale 880 25,300 Cost of goods Sold Units from beginning Inventory 230 26 5,980 Units from March 2 Purchase 230 28 6,440 Units from June 30 Purchase Total Cost of Goods Sold 460 12,420 Ending Inventory 420 12,880 D Specific Identification Units Cost per unit Total Beginning Inventory 230 26 5,980 Purchase Mar-02 370 28 10,360 Jun-30 280 32 8,960 Total purchase 19,320 Goods Avilable For sale 880 25,300 Cost of goods Sold Units from beginning Inventory 76 26 1,976 Units from March 2 Purchase 304 28 8,512 Units from June 30 Purchase 80 32 2,560 Total Cost of Goods Sold 460 13,048 Ending Inventory 420 12,252