Correct Answer:
FIFO |
Cost of Goods Available for sale |
Cost of goods sold |
Ending Inventory |
||||||
No. of units |
Cost per unit |
Cost of goods available for sale |
No. of units |
Cost per unit |
Cost of goods sold |
No. of units |
Cost per unit |
Ending Inventory |
|
Beginning inventory |
12 |
14 |
168 |
12 |
14 |
168 |
0 |
14 |
0 |
Purchases: |
|||||||||
04-Mar |
17 |
13 |
221 |
17 |
13 |
221 |
0 |
13 |
0 |
09-Jun |
22 |
12 |
264 |
22 |
12 |
264 |
0 |
12 |
0 |
11-Nov |
22 |
10 |
220 |
9 |
10 |
90 |
13 |
10 |
130 |
Total |
73 |
873 |
60 |
743 |
13 |
130 |
Sales Revenue ( 60 units * $22) |
$ 1,320.00 |
Less: Cost of goods sold |
$ 743.00 |
Gross profit |
$ 577.00 |
LIFO |
Cost of Goods Available for sale |
Cost of goods sold |
Ending Inventory |
||||||
No. of units |
Cost per unit |
Cost of goods available for sale |
No. of units |
Cost per unit |
Cost of goods sold |
No. of units |
Cost per unit |
Ending Inventory |
|
Beginning inventory |
12 |
14 |
168 |
0 |
14 |
0 |
12 |
14 |
168 |
Purchases: |
|||||||||
04-Mar |
17 |
13 |
221 |
16 |
13 |
208 |
1 |
13 |
13 |
09-Jun |
22 |
12 |
264 |
22 |
12 |
264 |
0 |
12 |
0 |
11-Nov |
22 |
10 |
220 |
22 |
10 |
220 |
0 |
10 |
0 |
Total |
73 |
873 |
60 |
692 |
13 |
181 |
Sales Revenue |
$ 1,320.00 |
Less: Cost of goods sold |
$ 692.00 |
Gross profit |
$ 628.00 |
Weighted Average cost |
Cost of Goods Available for sale |
Cost of goods sold |
Ending Inventory |
||||||
No. of units |
Cost per unit |
Cost of goods available for sale |
No. of units |
Cost per unit |
Cost of goods sold |
No. of units |
Cost per unit |
Ending Inventory |
|
Beginning inventory |
12 |
14 |
168 |
||||||
Purchases: |
|||||||||
04-Mar |
17 |
13 |
221 |
||||||
09-Jun |
22 |
12 |
264 |
||||||
11-Nov |
22 |
10 |
220 |
60 |
$ 11.96 |
$ 717.53 |
13 |
$ 11.96 |
$ 155.47 |
Total |
73 |
873 |
60 |
$ 717.53 |
13 |
$ 155.47 |
Sales Revenue |
$ 1,320.00 |
Less: Cost of goods sold |
$ 717.53 |
Gross profit |
$ 602.47 |
Working:
Weighted Average Cost Per unit |
|||
Units |
(A) |
73 |
|
Total Cost |
(B) |
$ 873.00 |
|
Average Cost |
(C=B/A) |
$ 11.96 |
End of answer.
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