Atc5-9

Cost of Goods Available for Sale FIFO Ending Inventory FIFO Cost of Goods Sold LIFO Ending Inventory LIFO Cost of Goods Sold Weighted Ending Inventory Weighted Cost of Goods Sold

Unit Total Unit Total Unit Total Unit Total Unit Total Unit Total Unit Total

Units Price Cost Units Price Cost Units Price Cost Units Price Cost Units Price Cost Units Price Cost Units Price Cost

Beginning Inventory 150 $15 $2,250 150 $15 $2,250 100 $15 $1,500 50 $15 $750

First Purchase (cash) 120 $16 $1,920 120 $16 $1,920 120 $16 $1,920

Second Purchase (cash) 160 $17 $2,720 100 $17 $1,700 60 $17 $1,020 160 $17 $2,720 100 $16.02 $1,602 330 $16.02 $5,287

Total Cost of Goods Available for Sale 430 $6,890 100 $1,700 330 $5,190 100 $1,500 330 $5,390 100 $1,602 330 $5,287

Average Cost $16.02

Weighted

Income Statement FIFO LIFO Average Weighted Value Calc

Sales(330 units @ $30 each) (Cash) $9,900 $9,900 $9,900 Total Cost Units Value

Cost of Goods Sold 5,190 5,390 5,287 $6,890 430 $16.02

Gross Margin 4,710 4,510 4,613

Operating Expenses (Cash) 1,700 $1,700 $1,700

Income Before Taxes 3,010 2,810 2,913

Income Tax Expense (30%) (Cash) 903 843 874

Net Income $2,107 $1,967 $2,039

Weighted

Statement of Cash Flows FIFO LIFO Average

Cash from Operating Expenses

Cash receieved from Customers $9,900 $9,900 $9,900

Cash paid for Inventory Purchased (4,640) ($4,640) ($4,640)

Cash paid for Operating Expenses (1,700) ($1,500)...