Reiner Metals, Ltd, had the following inventory transactions during the month of
ID: 341520 • Letter: R
Question
Reiner Metals, Ltd, had the following inventory transactions during the month of Manch (in British pounds Ey EEB (Cick the ioon to vilew the inventory data) On March 31, a count of the ending inventory was completed, and 9,000 units were on hand Requirement By using the periodic inventory system, caloulatie the cost of goods sold and ending inventory using LIFO, FIFO, and weighted-average inventory melhods Start by caloulating the value in ending inventory under each of the three methods Begin by completing the table below to determine the vakue in ending inventory using LIFO (Last-in, First-out) (Leave any unused cels blank. Do not enter a " inventory 31 beginning inventory Weok 1, purchases Week 2, purchases for any zero-balances.) ,000 23E14,100 14,100 Data Table 3.000 x 2.30 -t 6,000 230 " Week 4, purchases Ending inventory LIFO Next, compule the ending inventory value using FIFO (First-in, First-out) (Leave any unused ceils blank. Do not enter a o for Inventory Layer V1 beginning inventory6,000 units @t 2.35 14,100 ,500 unitsGE 2.30 4.950 7.650 4,230 2.070 Week 1, purchases Week 2, purchases 21,000 4,500 unts ec 1.70 3,000 units QE 141 Week 4, purchases Unis Unil cost Total cost Print Done Vesk 1, purchases Choose from any list or enter any number in the input felds and then cck Check AnswerExplanation / Answer
LIFO INVENTORY LAYER UNITS UNIT COST AMOUNT Beginning Inventory 6000 2.35 14100 Week 1 purchases 3000 2.3 6900 Week 2 purchases 0 1.7 0 Wweek 3 purchases 0 1.41 0 Week 4 Purchases 0 1.38 0 Total Ending Inventory 21000 FIFO INVENTORY LAYER UNITS UNIT COST AMOUNT Beginning Inventory 0 2.35 0 Week 1 purchases 0 2.3 0 Week 2 purchases 4500 1.7 7650 Wweek 3 purchases 3000 1.41 4230 Week 4 Purchases 1500 1.38 2070 Total Ending inventory 13950 Weighted Average UNITS UNIT COST AMOUNT Ending Inventory 9000 2 18000 Note: Here cost per unit: Total cost/ Total units: $ 43,000 /21500 units =$2.00 LIFO FIFO Average Beginning Inventory 14100 14100 14100 Purchases 28900 28900 28900 Cost of Goods available for sale 43000 43000 43000 Ending inventory 21000 13950 18000 Cost of Goods sold 22000 29050 25000