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Suppose that Company X uses the FIFO method instead of the LIFO method shown in table. The company starts the year with 25,000 units in beginning inventory at a cost of $735 per unit according to the FIFO method. During the year, it manufactures 120,000 units and sells 110,000 units. Determine Company X's cost of goods sold expense for the year and its cost of ending inventory using the FIFO method.
Company X
Per Unit
Totals
Operating Profit Report for Year
Sales volume, in Units
110,000
Sales Revenue
$1,400.00
$154,000,000
Cost of Goods Sold Expense (see below)
-760
-83,600,000
Gross Margin
$640.00
$70,400,000
Variable Operating Expenses
-300
-33,000,000
Contribution Margin
$340.00
$37,400,000
Fixed Operating Expenses
-21,450,000
Operating Profit
$15,950,000
Manufacturing Activity Summary for Year
Annual Production Capacity, in Units
150,000
Actual Output, in Units
120,000
Raw Materials
$215.00
$25,800,000
Direct Labor
125
15,000,000
Variable Manufacturing Overhead Costs
70
8,400,000
Total Variable Manufacturing Costs
$410.00
$49,200,000
Fixed Manufacturing Overhead Costs
350
42,000,000
Product Cost and Total Manufacturing Costs
$760.00
$91,200,000
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