Sales during the year were 860 units. Beginning inventory was 290 units at a cost of...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required:
a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method.
b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Homework Answers
| Unit | Unit Cost | Total Cost | |
| Beginning inventory | 290 | 4 | 1160 |
| Purchase 1 | 430 | 5 | 2150 |
| Purchase 2 | 670 | 6 | 4020 |
| Total | 1390 | 7330 | |
a) FIFO
Ending inventory
| Unit | Unit cost | Total Cost | |
| Purchase 2 | 530 | 6 | 3180 |
Cost of goods sold
| Unit | Unit cost | Total Cost | |
| Beginning inventory | 290 | 4 | 1160 |
| Purchase 1 | 430 | 5 | 2150 |
| Purchase 2 | 140 | 6 | 840 |
| Total | 860 | 4150 |
b) LIFO
Ending inventory
| Unit | Unit cost | Total Cost | |
| Beginning inventory | 290 | 4 | 1160 |
| Purchase 1 | 240 | 5 | 1200 |
| Total | 530 | 2360 |
Cost of goods sold
| Unit | Unit cost | Total Cost | |
| Purchase 1 | 190 | 5 | 950 |
| Purchase 2 | 670 | 6 | 4020 |
| Total | 860 | 4970 |
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