Question

Obj. 6 ✓b. $19,080 E6-14 Inventory by three methods The units of an item available for sale during the year were as follows. Jan. 1 Inventory 27 units at $400 Feb. 19 Purchase 54 units at $460 June 8 Purchase 63 units at $520 Oct. 7 Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December the cost of ending inventory using (a) the first-in, first-out method, (b) the method, and the weighted average cost method. cember 31. Determine (b) the last-in, first-ca.

Answer 1

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	FIFO	LIFO	Weighted Average
Ending Inventory	$        24,750	$              19,080	$     22,320
Workings:
FIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	27	$                    400	$     10,800	27	$       400	$     10,800	-	$        400	$                -
Purchases:
Feb-19	54	$                    460	$     24,840	54	$       460	$     24,840	-	$        460	$                -
Jun-08	63	$                    520	$     32,760	63	$       520	$     32,760	-	$        520	$                -
Oct-07	56	$                    550	$     30,800	11	$       550	$       6,050	45	$        550	$       24,750
	200		$     99,200	155		$     74,450	45		$       24,750
LIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	27	$                    400	$     10,800	-	$       400	$              -	27	$        400	$       10,800
Purchases:
Feb-19	54	$                    460	$     24,840	36	$       460	$     16,560	18	$        460	$         8,280
Jun-08	63	$                    520	$     32,760	63	$       520	$     32,760	-	$        520	$                -
Oct-07	56	$                    550	$     30,800	56	$       550	$     30,800	-	$        550	$                -
	200		$     99,200	155		$     80,120	45		$       19,080
Weighted Average	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
Beginning Inventory	27	$                    400	$     10,800
Purchases:
Feb-19	54	$                    460	$     24,840
Jun-08	63	$                    520	$     32,760
Oct-07	56	$                    550	$     30,800
	200	$                    496	$     99,200	155	$       496	$     76,880	45	$        496	$       22,320