Question

Homework / i Saved Help Save & Exlt Submit Spotter Corporation reported the following for June in its periodic Inventory records. Date Description Units Unit Cost June 1 Beginning 16 $ 8.80 11 Purchase 409.80 24 Purchase 24 11.80 30 Ending 28 Total Cost $140.80 392.00 283.20 points Required: 8 oz29:02 1. Calculate the cost of ending Inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your Intermediate calculations. Round "Welghted Average Cost" to 2 decimal places.) Print Cost of Ending Inventory Cost of Goods Sold References FIFO LIFO Weighted Average Cost

Answer 1

	Units	Unit cost	Total
June 1	16	8.80	140.80
11	40	9.80	392.00
24	24	11.80	283.20
Total	80		816.00
Average cost per unit	10.20	=816/80
FIFO:
Cost of ending inventory	322.40	=(24*11.8)+(28-24)*9.8
Cost of goods sold	493.60	=816-322.4
LIFO:
Cost of ending inventory	258.40	=(16*8.8)+(28-16)*9.8
Cost of goods sold	557.60	=816-258.4
Weighted average cost:
Cost of ending inventory	285.60	=28*10.20
Cost of goods sold	530.40	=816-285.6