09 Apr Q1. Kaleta Company uses
Q1. Kaleta Company uses a periodic system reports the following for the month of June.
|
|
|
Units |
Unit Cost |
Total Cost |
|
June 1 |
Inventory |
300 |
$6 |
$1,800 |
|
12 |
Purchase |
600 |
7 |
4,200 |
|
23 |
Purchase |
450 |
12 |
5,400 |
|
30 |
Inventory |
150 |
|
|
Required – Compute of cost of the ending inventory and the cost of goods sold under FIFO and LIFO.
Q2. Linda’s Boards sells a snowboard, XPert, that is popular with snowboard enthusiasts. Information relating to Linda’s purchase of Xpert snowboarding during September is shown below. During the same month, 254 Epert snowboards were sold. Linda’s uses a periodic inventory system.
|
Date |
Explanation |
Units |
Unit Cost |
Total Cost |
|
Sept. 1 |
Inventory |
55 |
$97 |
$5,335 |
|
Sept. 12 |
Purchases |
95 |
104 |
9,880 |
|
Sept. 19 |
Purchase |
42 |
109 |
4,578 |
|
Sept. 26 |
Purchases |
105 |
114 |
11,970 |
|
|
Totals |
297 |
|
$31,763 |
Required – Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.
