I also need the ending inventory
and costs of goods sold for periodic LIFO and periodic weighted
average - Thank you!
Homework Answers
| Units | Unit Cost | |||||
| Beginning | 20 | $20.00 | $400 | |||
| Jan 15, Purchase | 27 | $22.00 | $594 | |||
| Jan 20, Purchase | 33 | $30.00 | $990 | |||
| 80 | $1,984 | |||||
| Ending Inventory = 44 units | ||||||
| (A) | FIFO | |||||
| Units | Unit Cost | |||||
| 33 | $30.00 | $990 | ||||
| 11 | $22.00 | $242 | ||||
| Ending Inventory | $1,232 | |||||
| COGS = Beginning inventory + purchases - ending inventory | ||||||
| = | $1,984 - $1,232 | |||||
| = | $752 | |||||
| (B) | LIFO | |||||
| Units | Unit Cost | |||||
| 20 | $20.00 | $400 | ||||
| 24 | $22.00 | $528 | ||||
| Ending Inventory | $928 | |||||
| COGS = Beginning inventory + purchases - ending inventory | ||||||
| = | $1,984 - $928 | |||||
| = | $1,056 | |||||
| (C) | Weighted average | |||||
| Units | Unit Cost | |||||
| 20 | $20.00 | $400 | ||||
| 27 | $22.00 | $594 | ||||
| 33 | $30.00 | $990 | ||||
| 80 | $1,984 | |||||
| Weighted average cost per unit | $24.80 | |||||
| Ending Inventory = 44 x $24.80 = $1,091.20 | ||||||
| COGS = Beginning inventory + purchases - ending inventory | ||||||
| = | $1,984 - $1,091.20 | |||||
| = | $892.80 | |||||
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