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
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 |
Related questions
The inventory records of Kuffel Co. reflected the followinginformation for the year ended December 31, 2013: |
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||
| 1/1 | Beginninginventory | 150 | $ | 25 | $ | 3,750 | |
| 2/22 | Purchase | 70 | 32 | 2,240 | |||
| 3/7 | Sale | (100 | ) | - | - | ||
| 4/15 | Purchase | 90 | 37 | 3,330 | |||
| 6/11 | Purchase | 140 | 39 | 5,460 | |||
| 9/28 | Sale | (100 | ) | - | - | ||
| 10/13 | Purchase | 50 | 36 | 1,800 | |||
| Required: |
| (a) | Assume that Kuffel Co. uses a periodic inventory system.Calculate cost of goods sold and ending inventory under FIFO andLIFO FIFO LIFO COGS Ending Inventory b)
|
