Question

f goods sold units sold ar ost, then (c) hding Rour Jul 1 Beginning inventory..... 15 Purchase 26 Purchase 9 units @ $ 5 units @ 13 units @ 165 = $ 1,485 166 = $ 830 175 = $ 2,275 Print Done Fields and then click Check Answer. Clear All A P CUEU L UCU U Triar ELETTRICITICIARELUUTISTE

Answer 1

		Amount	Per unit cost	Units
01-Jul	Beginning inventory	1485	165	9
15-Jul	Purchases	830	166	5
26-Jul	Purchases	2275	175	13
	Cost of goods available for sale	4590		27
	Average cost	170	Less units sold	16
			Ending inventory	11
	Ending inventory
	Average cost	1870	(170*11)
	FIFO	Units	Per unit	Total
	26 july purchases	11	175	1925
	Total	11		1925
	LIFO
	1 july purchases	9	165	1485
	15 july purchases	2	166	332
	Total	11		1817
	Specific identification
	1 july purchases	7	165	1155
	26 july purchases	4	175	700
	Total	11		1855
		Average	FIFO	LIFO	Specific
	Cost of goods available for sale	4590	4590	4590	4590
Less	Ending inventory	1870	1925	1817	1855
	Cost of goods sold	2720	2665	2773	2735
2
	Highest cost of goods sold	2773	LIFO
	Lowest cost of goods sold	2665	FIFO
	As in the LIFO method cost of goods sold contains last purchased inventory which has higher per unit cost