## Question

###### Sons Parts CORTELMATKU ODU S question Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic...

Sons Parts CORTELMATKU ODU S question Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012, Chen had: 1,000 units of product A with a unit cost of $50 per unit. A summary of purchases and sales during 2012 follows: Feb 2 Apr.6 July 10 Aug 9 Oct.23 Dec 30 Unit Units Units Cost Purchased Sold 400 $52 1,800 1,600 56 59 1.200 Required a. Assume that Chen uses the first in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A. b. Assume that Chen uses the last.in, first-out method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A c. Assume that Chen uses the weighted average cost method. Compute the cost of goods sold for 2012 and the ending inventory balance at December 31, 2012, for product A Do not round until your final answers, Round your answers to the nearest dollar a. First-in, First-out

## Answers

Chen Sales Corporation FIFO Periodic units unit cost Total Cost Date 1.1.2012 1000 50 50000 6.4.2012 1800 52 93600 9.8.2012 800 56 44800 30.12.2012 1200 59 70800 259200 4800 Clos. Stk. -2000 -115600 2800 COGS 143600 Closing Stock = 4800 - 400 - 1600 - 800 = 2000 units unit cost Total Cost Date units 30.12.2012 1200 59 70800 9.8.2012 800 56 44800 2000 115600 LIFO Periodic units unit cost Total Cost Date 1.1.2012 1000 50 50000 6.4.2012 1800 52 93600 9.8.2012 800 56 44800 30.12.2012 1200 59 70800 4800 259200 Clos. Stk. -2000 -102000 157200 2800 COGS Closing Stock = 4800 - 400 - 1600 - 800 = 2000 units unit cost Total Cost units Date 1.1.2012 1000 50 50000 6.4.2012 1000 52 52000 2000 102000 Weighted Average Cost units unit cost Total Cost Date 1.1.2012 50000 1000 50 6.4.2012 93600 1800 52 9.8.2012 800 56 44800 30.12.2012 1200 59 70800 4800 54 259200 Clos. Stk. -2000 -108000 2800 COGS 151200 Closing Stock = 4800 - 400 - 1600 - 800 = 2000 units units unit cost Total Cost Date 108000 2000 54 2000 108000

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