Homework Answers
| a. | |||
| First-in, First-out | |||
| Date | Purchase | Sales | Balance |
| Jan.01 | Beginning Inventory | 1200 units X $18 = $21600 | |
| Feb.11 | 1500 units X $19 = $28500 | 1200 units X $18 = $21600 | |
| 1500 units X $19 = $28500 | |||
| Mar.1 | 1200 units X $18 = $21600 | ||
| 200 units X $19 = $3800 | 1300 units X $19 = $24700 | ||
| May.18 | 1400 units X $21 = $29400 | 1300 units X $19 = $24700 | |
| 1400 units X $21 = $29400 | |||
| July.1 | 1300 units X $19 = $24700 | ||
| 100 units X $21 = $2100 | 1300 units X $21 = $27300 | ||
| Oct.23 | 1100 units X $23 = $25300 | 1300 units X $21 = $27300 | |
| 1100 units X $23 = $25300 | |||
| Oct.29 | 1000 units X $21 = $21000 | 300 units X $21 = $6300 | |
| 1100 units X $23 = $25300 | |||
| Total | 3800 unit = $73200 | 1400 units= $31600 | |
| b. | |||
| Last-in, First-out | |||
| Date | Purchase | Sales | Balance |
| Jan.01 | Beginning Inventory | 1200 units X $18 = $21600 | |
| Feb.11 | 1500 units X $19 = $28500 | 1200 units X $18 = $21600 | |
| 1500 units X $19 = $28500 | |||
| Mar.1 | 1400 units X $19 = $26600 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| May.18 | 1400 units X $21 = $29400 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 1400 units X $21 = $29400 | |||
| July.1 | 1400 units X $21 = $29400 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| Oct.23 | 1100 units X $23 = $25300 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 1100 units X $23 = $25300 | |||
| Oct.29 | 1000 units X $23 = $23000 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 100 units X $23 = $2300 | |||
| Total | 3800 unit = $79000 | 1400 units= $25800 | |
| c. | |||
| weighted Average | |||
| Date | Purchase | Sales | Balance |
| Jan.01 | Beginning Inventory | 1200 units X $18 = $21600 | |
| Feb.11 | 1500 units X $19 = $28500 | 1200 units X $18 = $21600 | |
| 1500 units X $19 = $28500 | |||
| Mar.1 | 1400 units X $19 = $26600 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| May.18 | 1400 units X $21 = $29400 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 1400 units X $21 = $29400 | |||
| July.1 | 1400 units X $21 = $29400 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| Oct.23 | 1100 units X $23 = $25300 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 1100 units X $23 = $25300 | |||
| Oct.29 | 1000 units X $23 = $23000 | 1200 units X $18 = $21600 | |
| 100 units X $19 = $1900 | |||
| 100 units X $23 = $2300 | |||
| Total | 3800 unit = $79000 |
1400 units= $25800 |
|
| c. | |||||||
| weighted Average | |||||||
| Date | Purchase | Sales | Balance | ||||
| Unit | Unit cost ($) | Total ($) | Unit | Unit cost ($) | Total ($) | Units and Cost | |
| Jan.01 | 1200 | 18 | 21600 | 1200 units X $18 = $21600 | |||
| Feb.11 | 1500 | 19 | 28500 | 2700 unit X $18.556 = $50100 | |||
| Mar.1 | 1400 | 18.556 | 25978 | 1300 units X $18.556 = $24123 | |||
| May.18 | 1400 | 21 | 29400 | 2700 units X $19.823 = $53523 | |||
| July.1 | 1400 | 19.823 | 27752 | 1300 units X $19.823 = $25770 | |||
| Oct.23 | 1100 | 23 | 25300 | 2400 units X $21.279 = $51070 | |||
| Oct.29 | 1000 | 21.279 | 21279 | 1400 units X $21.279 = $29790 | |||
| Total | 3800 | 75010 | 1400 units= $29790 | ||||
| a | First-in, First-Out | ||||||
| Ending Inventory | $31600 | ||||||
| Cost of Goods Sold | $73200 | ||||||
| b | Last-in, First-Out | ||||||
| Ending Inventory | $25800 | ||||||
| Cost of Goods Sold | $79000 | ||||||
| c | Weighted Average | ||||||
| Ending Inventory | $29790 | ||||||
| Cost of Goods Sold | $75010 | ||||||
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