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Question - The following are data available for Blue Grass for the month of June:
Sales 1,200 units
Beginning inventory 300 units @2.00
Purchase 600 units @2.10
400 units @2.20
500 units @2.30
Required -
a) Calculate cost of goods sold and ending inventory under the following cost flow assumptions: (1) Weighted average; (2) FIFO; (3) LIFO and prepare the corresponding journal entries.
b) Assume net income using the weighted average cost-flow assumption was $6,400. Calculate net income under FIFO and LIFO.
c) Explain the impact of different cost flow assumptions (Weighted average; FIFO; LIFO) on cost of goods sold and net income, assuming that prices increase with inflation.
d) NRV of the ending inventory is @$1.90/unit. Assuming the use of weighted average method, prepare the journal entry for the inventory write-down.
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