Respuesta :
Answer:
FIFO
Cost of goods sold = $19,350 + 12,000 = $31,350.
Ending inventory = 71 × $150 = $10,650
LIFO
Total cost of goods sold = $3480 + $30,000 = $33,480
Cost of ending inventory = $120 × 71 = $8520
Average-cost inventory system:
Cost of goods sold = 229 × 140 = $32,060
Ending inventory = 71 × $140 = $9,940
Explanation:
The FIFO inventory system means first in, first out. It means that the first purchased goods at the first to be sold.
The cost of goods sold under FIFO :
Total amount of goods sold × cost of goods
Total amount of goods sold = Total available goods - ending inventory
300 - 71 = 229
It is assumed that the first 100 goods sold is taken from the beginning inventory which costs $12,000.
The remaining 129 goods is taken from the goods purchased.
To get the unit cost of the goods purchased = $30,000 / 200 = $150
Total cost of 129 inventory = $150 × 129 = $19,350
Cost of goods sold = $19,350 + 12,000 = $31,350.
Ending inventory = 71 × $150 = $10,650
The LIFO mwans last in, first out. This inventory system assumes that It is the last purchased inventory that is first to be sold
Total amount of goods sold = Total available goods - ending inventory
300 - 71 = 229
It is assumed that the first 200 are sold from the later acquired inventory. This costs $30,000.
The remaining 29, would be sold from the beginning inventory.
Unit cost of beginning inventory = $12,000 / 100 = $120
Total cost of 29 inventory sold = $120 × 29 = $3480
Total cost of goods sold = $3480 + $30,000 = $33,480
Cost of ending inventory = $120 × 71 = $8520
Average cost inventory system = Total cost of inventory/ total units of inventory
($30,000 + $12,000) / (100 + 200) = $140
Cost of goods sold = 229 × 140 = $32,060
Ending inventory = 71 × $140 = $9,940
I hope my answer helps you
