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The accounting records of Metlock, Inc. show the following data.Beginning inventory 3,140 at$8Purcha

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Submitted : 2018-06-15 07:51:30    Popularity:     

Tags: Metlock  show  accounting  records  data  


Answers:

what is the ending inventory

Good for everyone who has done this person's homework for them.

Total units = 3140+8070 = 11210
Total available for sale = 3140 x 8 +8070 x 10 = 105820

Average cost = 105820/11210 = 9.440

Ending inventory units = 11210-9643 = 1567

Ending inventory FIFO = 1567 x 10 = 15670
Cost of goods sold FIFO = 105820-15670 = 90150

Ending inventory LIFO = 1567 x 8 = 12536
Cost of goods sold LIFO = 105820-12536 = 93284

Average cost of goods sold = 9643 x 9.440 = 91030

Average unit cost = (Beginning inventory cost + Purchases)/(Total units in beginning inventory and purchases)
Average unit cost = [(3140*$8) + (8070*$10)]/(3140+8070) = (25120+80700)/11210 = $9.440

Under FIFO
cost of goods sold = (Beginning inventory * old cost) +[(9643 - beginning inventory)*new cost)]
cost of goods sold = (3140 * $8)+[(9643-3140)*$10) = $25,120 + $65,030 = $90,150

Under LIFO
cost of goods sold = (Number of new purchases * new cost) +[(9643 - Number of new purchases)*old cost)]
cost of goods sold = (8070 * $10)+[(9643-8070)*$8) = $80,700 + $12,584 = $93,284

Under Average cost
cost of goods sold = number of items sold * average cost
cost of goods sold = 9643 * $9.440 = $91,030



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