Hercules Company uses the perpetual inventory system and reportsthe following for the month of September:
Date Explanation Units Unit Cost Total Cost
September 1 Beginning Inventory225 $5 $1,125
September 12 Purchase 375 62,250
September 23 Purchase 500 73,500
September 30 Ending Inventory180
Compute the cost of the endinginventory AND the cost of goods sold under (i) FIFO; (ii) LIFO;(iii) Average Cost
Hercules Company uses the perpetual inventory system and reportsthe following for the month of September:
Date Explanation Units Unit Cost Total Cost
September 1 Beginning Inventory225 $5 $1,125
September 12 Purchase 375 62,250
September 23 Purchase 500 73,500
September 30 Ending Inventory180
Compute the cost of the endinginventory AND the cost of goods sold under (i) FIFO; (ii) LIFO;(iii) Average Cost
Related questions
Delmott sells a snowboard, Xpert that is popular with snowboard enthusiasts. Below is information related to Delmott's purchase of Xpert snowboards during September. Durin the same month 102 Xpert snowboards were sold. Delmott uses a periodic inventory system.
| Date | Explanation | Units | Unit Cost | Total Cost |
| Sep. 1 | Inventory | 16 | $114 | $1,824 |
| Sep. 12 | Purchases | 42 | 119 | 4,998 |
| Sep. 19 | Purchases | 51 | 122 | 6,222 |
| Sep. 26 | Purchases | 19 | 126 | 2,394 |
| Totals | 128 | $15,438 |
Compute the ending inventory at september 30 using the fifo, lifo and average-cost methods.
Practice 9 - 7 Inventory Valuation: FIFO, LIFO and AVERAGE
The company reported the following inventory data for the year:
| Description | Units | Cost per Unit |
| Beginning inventory | 300 | $17.50 |
| Purchases: | ||
| March 23 | 900 | $18.00 |
| September 16 | 1,200 | $18.25 |
| Units remaining at year-end | 400 |
Compute (1) cost of goods sold and (2) ending inventory assuming (a) FIFO inventory valuation, (b) LIFO inventory valuation, and (c) average cost inventory valueation. The company uses a periodic inventory system.
QUESTION 2: Inventory Valuation: FIFO, LIFO and AVERAGE (refer to Practice 9-7)
Compute the ending inventory assuming the following methods:
a. FIFO inventory valuation
b. LIFO inventory valuation
c. Average Cost Inventory valuation
The company uses a periodic inventory system.
Submit your answer in the assignment section by 11:59pm Sunday, Week 3.
USE THE PERPETUAL METHOD FORINVENTORY.
Date | event | Number of units | Unit cost | Total cost |
Dec. 1 | Beg. Inventory | 500 | $10 | $5,000 |
Dec. 8 | purchase | 600 | 11 | 6,600 |
Dec. 13 | purchase | 300 | 12 | 3,600 |
Dec. 15 | Sale | 750 | ||
Dec. 24 | purchase | 300 | 13 | 3,900 |
Dec. 28 | purchase | 400 | 15 | 6,000 |
Dec. 30 | sale | 650 |
How do you calculate Cost of goods sold and endinginventory using the weighted average, FIFO, and LIFO inventorycosting methods?
Weighted Ave. Cost | FIFO | LIFO | |
Ending inventory | |||
Cost of Goods Sold |
