Merchandise Inventory |
Merchandise Sold |
|
FIFO |
$ 5,840 |
$ 22,260 |
LIFO |
$ 5,200 |
$ 22,900 |
Weighted Average |
$ 5,620 |
$ 22,480 |
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
40 |
$ 130.00 |
$ 5,200.00 |
40 |
$ 130.00 |
$ 5,200.00 |
0 |
$ 130.00 |
$ - |
Purchases: |
|||||||||
10-Mar |
50 |
$ 138.00 |
$ 6,900.00 |
50 |
$ 138.00 |
$ 6,900.00 |
0 |
$ 138.00 |
$ - |
30-Aug |
30 |
$ 144.00 |
$ 4,320.00 |
30 |
$ 144.00 |
$ 4,320.00 |
0 |
$ 144.00 |
$ - |
12-Dec |
80 |
$ 146.00 |
$ 11,680.00 |
40 |
$ 146.00 |
$ 5,840.00 |
40 |
$ 146.00 |
$ 5,840.00 |
TOTAL |
200 |
$ 28,100.00 |
160 |
$ 22,260.00 |
40 |
$ 5,840.00 |
|||
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
40 |
$ 130.00 |
$ 5,200.00 |
0 |
$ 130.00 |
$ - |
40 |
$ 130.00 |
$ 5,200.00 |
Purchases: |
|||||||||
10-Mar |
50 |
$ 138.00 |
$ 6,900.00 |
50 |
$ 138.00 |
$ 6,900.00 |
0 |
$ 138.00 |
$ - |
30-Aug |
30 |
$ 144.00 |
$ 4,320.00 |
30 |
$ 144.00 |
$ 4,320.00 |
0 |
$ 144.00 |
$ - |
12-Dec |
80 |
$ 146.00 |
$ 11,680.00 |
80 |
$ 146.00 |
$ 11,680.00 |
0 |
$ 146.00 |
$ - |
TOTAL |
200 |
$ 28,100.00 |
160 |
$ 22,900.00 |
40 |
$ 5,200.00 |
|||
Average Method |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
40 |
$ 130.00 |
$ 5,200.00 |
||||||
Purchases: |
|||||||||
10-Mar |
50 |
$ 138.00 |
$ 6,900.00 |
||||||
30-Aug |
30 |
$ 144.00 |
$ 4,320.00 |
||||||
12-Dec |
80 |
$ 146.00 |
$ 11,680.00 |
||||||
TOTAL |
200 |
$ 140.5000 |
$ 28,100.00 |
160 |
$ 140.5000 |
$ 22,480.00 |
40 |
$ 140.5000 |
$ 5,620.00 |
Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale...
Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $106 per unit Mar. 10 Purchase 70 units @ $118 per unit Aug. 30 Purchase 10 units @ $124 per unit Dec. 12 Purchase 90 units @ $130 per unit There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $100 per unit Mar. 10 Purchase 50 units @ $112 per unit Aug. 30 Purchase 10 units @ $120 per unit Dec. 12 Purchase 90 units $122 per unit There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $128 Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $146 Dec. 12 Purchase 70 units @ $152 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $122 Mar. 10 Purchase 70 units $132 Aug. 30 Purchase 30 units $138 Dec. 12 Purchase 60 units @ $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $130 Mar. 10 Purchase 70 units @ $140 Aug. 30 Purchase 20 units @ $144 Dec. 12 Purchase 70 units @ $148 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $122 Mar. 10 Purchase 70 units @ $132 Aug. 30 Purchase 30 units @ $138 Dec. 12 Purchase 70 units @ $142 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $110 Mar. 10 Purchase 40 units @ $122 Aug. 30 Purchase 30 units @ $130 Dec. 12 Purchase 100 units @ $132 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $108 Mar. 10 Purchase 70 units @ $118 Aug. 30 Purchase 10 units @ $126 Dec. 12 Purchase 70 units @ $130 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $112 Mar. 10 Purchase 60 units @ $120 Aug. 30 Purchase 30 units @ $126 Dec. 12 Purchase 70 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 40 units $116 Jan. 1 Inventory 60 units $128 Mar. 10 Purchase 30 units @ $132 Aug. 30 Purchase 70 units @ $136 Purchase Dec. 12 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. merchandise sold by three methods. Round interim calculations to one decimal...