Calculate cost of goods available for sale

Assignment Help Accounting Basics

Reference no: EM13757087

Inventory

Flip uses the periodic method and had the following inventory events during January:

Date	Units Purchased	Unit Cost	Date	Units Sold	Unit Sales Price
Jan. 1	150	$7.00	Jan. 2	100	$10.00
Jan. 5	225	7.25	Jan. 7	125	10.00
Jan. 10	100	7.50	Jan. 12	75	12.00
Jan. 15	150	7.50	Jan. 17	200	12.00
Jan. 20	200	7.75	Jan. 24	150	15.00
Jan. 25	150	8.00
Jan. 30	75	8.25

Note: January 1 amount was the beginning inventory and unit value.

(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)

Required:

a. Calculate cost of goods available for sale.

b. Calculate the dollar value of sales.

c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:

1) LIFO method

2) FIFO method

3) Average-cost method

Answer goes below:

a. Cost of Goods Available for Sale
b. Sales
c. Value of:	Ending Inventory	COGS
1) LIFO method
2) FIFO method
3) Average-cost method

Reference no: EM13757087

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