Land Travel sells ATVs. One of Land Travel’s most popular models is the Morado. During the current year, Land Travel purchased eight of these cycles at the following costs: Units Unit Total Purchase Date Purchased Cost Cost Apr. 1 3 $3,700 $11,100 Apr. 17 4 3,900 15,600 May 5 3 4,000 12,000 10 $38,700 On April 25, Land Travel sold four Morado’s to the Julie Sports racing team. The remaining six ATVs remained in inventory at June 30, the end of Land Travel’s fiscal year. Assume that Land Travel uses a perpetual inventory system. (See the data give on page 8-2.) Instructions: Compute (a) the cost of goods sold relating to the sale on April 25 and (b) the ending inventory of Morado ATVs at June 30, using the following cost flow assumptions: Average cost (Round cost to nearest whole dollar) FIFO LIFO Show the number of units and the unit costs of each layer comprising the cost of goods sold and ending inventory.
Answers
Land Travel sells ATVs. One of Land Travel’s most popular models is the Morado. During the current year, Land Travel purchased eight of these cycles at the following costs: Units Unit Total Purchase Date Purchased Cost Cost Apr. 1 3 $3,700 $11,100 Apr. 17 4 3,900 15,600 May 5 3 4,000 12,000 10 $38,700 On April 25, Land Travel sold four Morado’s to the Julie Sports racing team. The remaining six ATVs remained in inventory at June 30, the end of Land Travel’s fiscal year. Assume that Land Travel uses a perpetual inventory system. (See the data give on page 8-2.) Instructions: Compute (a) the cost of goods sold relating to the sale on April 25 and (b) the ending inventory of Morado ATVs at June 30, using the following cost flow assumptions: Average cost (Round cost to nearest whole dollar) FIFO LIFO Show the number of units and the unit costs of each layer comprising the cost of goods sold and ending inventory.
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Explanation:
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