(a) Weighted Average :-
Cost of Goods Available for Sale |
Cost of Goods Sold-Periodic |
Ending Inventory-Periodic |
|||||||
# of units |
Cost pu |
Cost of Goods Available for Sale |
# of units |
Cost pu |
Cost of Goods Sold |
# of units |
Cost pu |
Ending Inventory |
|
Beginning Inventory |
120 |
$330 |
$39600 |
120 $336.667 $40400 |
60 $336.667 $20200 |
||||
Purchases:- |
|||||||||
April 9 |
40 |
$345 |
$13800 |
||||||
April 23 |
20 |
$360 |
$7200 |
||||||
Total |
180 |
$60600 |
120 |
$40400 |
60 |
$20200 |
Avg cost per unit = Total cost available for sale/No of units available for sale
= $60600/180 = $336.667
Cost of Goods sold = $40400
Ending Inventory = $20200
(b) Periodic FIFO :-
FIFO |
Cost of Goods Available for Sale |
Cost of Goods Sold-Periodic FIFO |
Ending Inventory-Periodic FIFO |
||||||
# of units |
Cost pu |
Cost of Goods Available for Sale |
# of units |
Cost pu |
Cost of Goods Sold-Periodic FIFO |
# of units |
Cost pu |
Ending Inventory-Periodic FIFO |
|
Beginning Inventory |
120 |
$330 |
$39600 |
120 |
$330 |
$39600 |
- |
6 |
- |
Purchases:- |
|||||||||
April 9 |
40 |
$345 |
$13800 |
40 |
$345 |
$13800 |
|||
April 23 |
20 |
$360 |
$7200 |
20 |
$360 |
$7200 |
|||
Total |
180 |
$60600 |
120 |
$39600 |
60 |
$21000 |
Cost of Goods sold = $39600
Ending Inventory = $21000
(c) Periodic LIFO :-
LIFO |
Cost of Goods Available for Sale |
Cost of Goods Sold-Periodic LIFO |
Ending Inventory-Periodic LIFO |
||||||
# of units |
Cost pu |
Cost of Goods Available for Sale |
# of units |
Cost pu |
Cost of Goods Sold-Periodic LIFO |
# of units |
Cost pu |
Ending Inventory-Periodic LIFO |
|
Beginning Inventory |
120 |
$330 |
$39600 |
60 |
$330 |
$19800 |
60 |
$330 |
$19800 |
Purchases:- |
|||||||||
April 9 |
40 |
$345 |
$13800 |
40 |
$345 |
$13800 |
|||
April 23 |
20 |
$360 |
$7200 |
20 |
$360 |
$7200 |
|||
Total |
180 |
$60600 |
120 |
$40800 |
60 |
$19800 |
Cost of Goods sold = $40800
Ending Inventory = $19800
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