Homework Answers
The table will be populated in the following manner:
| Cost of Ending Inventory | Cost of Goods Sold | |
| FIFO | $47,300 | $23,100 |
| LIFO | $40,100 | $30,300 |
| Weighted Average | $44,000 | $26,400 |
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Workings
Under FIFO, goods entering the inventory first are sold first. Hence, closing inventory will comprise of goods purchased later.
| FIFO | |||
| Units | Cost per unit | Total Cost | |
| Beginning Inventory | 240 | 75 | 18000 |
| Purchase Jan 15 | 320 | 85 | 27200 |
| Purchase Jan 24 | 240 | 105 | 25200 |
| Cost of Sales | 800 | 70400 | |
| 300 Units Sold | -240 | 75 | -18000 |
| -60 | 85 | -5100 | |
| 500 units Ending Inventory | 260 | 85 | 22100 |
| 240 | 105 | 25200 | |
| Cost of Goods Sold | 23100 | ||
| Ending Inventory | 47300 | ||
Under LIFO, goods entering the inventory LAST are sold first. Hence, closing inventory will comprise of goods purchased earlier and the beginning inventory.
| LIFO | |||
| Units | Cost per unit | Total Cost | |
| Beginning Inventory | 240 | 75 | 18000 |
| Purchase Jan 15 | 320 | 85 | 27200 |
| Purchase Jan 24 | 240 | 105 | 25200 |
| Cost of Sales | 800 | 70400 | |
| 300 Units Sold | -240 | 105 | -25200 |
| -60 | 85 | -5100 | |
| 500 units Ending Inventory | 260 | 85 | 22100 |
| 240 | 75 | 18000 | |
| Cost of Goods Sold | 30300 | ||
| Ending Inventory | 40100 | ||
Under Weighted Average method, weighted average price should be calculated after every transaction and that price is applied to units sold and units remaining in ending inventory.
| Weighted Average | |||
| Units | Weighted Average Price | Total Cost | |
| Beginning Inventory | 240 | 75 | 18000 |
| Purchase Jan 15 | 320 | 85 | 27200 |
| Total | 560 | 80.71 | 45200 |
| Purchase Jan 24 | 240 | 105 | 25200 |
| Total | 800 | 88.00 | 70400 |
| 300 Units Sold | -300 | 88.00 | -26,400.00 |
| Ending Inventory | 500 | 88.00 | 44000 |
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