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Data given Units Unit Cost 1-Jan Beginning inventory 4,190 $20 12-Feb Purchase 4,630 $25 2-Mar Sale...

Data given
Units Unit Cost
1-Jan Beginning inventory 4,190 $20
12-Feb Purchase 4,630 $25
2-Mar Sale 3,640 $38
18-Apr Purchase 5,950 $28
31-May Sale 5,180 $40
Total Units Sold 8,820

Based on the data above, compute the cost of goods sold under FIFO (perpetual/periodic), LIFO (perpetual/periodic), weighted-average (periodic) and moving-average (perpetual).

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Answer #1

To calculate cost of goods sold and ending inventory there are following methods

  • FIFO(first in first out)
  • LIFO(last in first out)
  • Weighted average method

Under periodic method inventory account is not updated regularly it is adjusted at the end of accounting period.

Under perpetual method inventory account is changed regularly .

Date Ruschass fom Balance- 너190x20ー8320 4140x20-8380 2Mar 4630 X2s 1157s 3IM SIOX20looo $1995SDtt 190 20 4630 о25- 83 800 1570 Coste geds sd1一軍1995 SO Leapcriel LIFO Sale 4190X&DE 83800 Peb 4630x2S-1157s 1630X2lS7sD Costcosd 66600 5150& Balanc 8320 x280199550 1130X3S.S -233172 Sale Tan 2Mch 82337 SI80X32-ll/72 PAp $95028 166600 1 2753 CoS 21442 (4770 24구

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