Submitted by: Submitted by breedlove10123
Views: 10
Words: 317
Pages: 2
Category: Business and Industry
Date Submitted: 05/01/2016 07:11 PM
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)...