Question

PART ONE:

a. using the weighted average perpetual inventory method.

b. using the LIFO perpetual inventory method.

c. using the FIFO perpetual inventory method.

March beginning inventory is 5 units at $6 per unit.             

March 3: 15 units were purchased at $7 per unit.
March 11: 10 units were purchased at $9 per unit.

March 15: 20 units were sold at $15 per unit.

March 18: 35 units were purchased at $10 per unit.
March 31: 30 units were sold at $20 per unit.

PART TWO :

1) compute the cost of goods sold on March 15 and March 31 for a, b, c.

2) compute the ending inventory for a, b, c.

3) make the journal entries necessary for March 15 and March 31 for a. b. c.  

CALCULATE JOURNAL ENTRIES FROM ABOVE INFORMATION:

JOURNAL ENTRIES:

Answer 1

Answer 1 & 2.
Weighted Average
Date	Purchases			Cost of Goods Sold			Balance
	Unit	Cost	Total	Unit	Cost	Total	Unit	Cost	Total
1-Mar							5.00	6.00	30.00
3-Mar	15.00	7.00	105.00				5.00	6.00	30.00
							15.00	7.00	105.00
							20.00	6.75	135.00
11-Mar	10.00	9.00	90.00				20.00	6.75	135.00
							10.00	9.00	90.00
							30.00	7.50	225.00
15-Mar				20.00	7.50	150.00	10.00	7.50	75.00
18-Mar	35.00	10.00	350.00				10.00	7.50	75.00
							35.00	10.00	350.00
							45.00	9.44	425.00
31-Mar				30.00	9.44	283.33	15.00	9.44	141.67
Total	60.00		545.00	50.00		433.33
LIFO
Date	Purchases			Cost of Goods Sold			Balance
	Unit	Cost	Total	Unit	Cost	Total	Unit	Cost	Total
1-Mar							5.00	6.00	30.00
3-Mar	15.00	7.00	105.00				5.00	6.00	30.00
							15.00	7.00	105.00
							20.00		135.00
11-Mar	10.00	9.00	90.00				5.00	6.00	30.00
							15.00	7.00	105.00
							10.00	9.00	90.00
							30.00	7.50	225.00
15-Mar				10.00	9.00	90.00	5.00	6.00	30.00
				10.00	7.00	70.00	5.00	7.00	35.00
				20.00		160.00	10.00		65.00
18-Mar	35.00	10.00	350.00				5.00	6.00	30.00
							5.00	7.00	35.00
							35.00	10.00	350.00
							45.00	9.22	415.00
31-Mar				30.00	10.00	300.00	5.00	6.00	30.00
							5.00	7.00	35.00
							5.00	10.00	50.00
							15.00		115.00
Total	60.00		545.00	50.00		460.00
FIFO
Date	Purchases			Cost of Goods Sold			Balance
	Unit	Cost	Total	Unit	Cost	Total	Unit	Cost	Total
1-Mar							5.00	6.00	30.00
3-Mar	15.00	7.00	105.00				5.00	6.00	30.00
							15.00	7.00	105.00
							20.00		135.00
11-Mar	10.00	9.00	90.00				5.00	6.00	30.00
							15.00	7.00	105.00
							10.00	9.00	90.00
							30.00	7.50	225.00
15-Mar				5.00	6.00	30.00	10.00	9.00	90.00
				15.00	7.00	105.00
				20.00		135.00
18-Mar	35.00	10.00	350.00				10.00	9.00	90.00
							35.00	10.00	350.00
							45.00	9.78	440.00
31-Mar				10.00	9.00	90.00	15.00	10.00	150.00
				20.00	10.00	200.00
				30.00		290.00
Total	60.00		545.00	50.00		425.00

Answer 3.
Journal Entry
Weighted Average Method
Date	Particulars	Dr. Amt.	Cr. Amt.
3-Mar	Inventory	105.00
	Accounts Payable / Cash		105.00
	(To record the purcahse of inventory)
11-Mar	Inventory	90.00
	Accounts Payable / Cash		90.00
	(To record the purcahse of inventory)
15-Mar	Accounts Receivable / Cash	300.00
	Sales		300.00
	(To record the sales)
	Cost of Goods Sold	150.00
	Inevntory		150.00
	(To record the Cost of Goods Sold)
18-Mar	Inventory	350.00
	Accounts Payable / Cash		350.00
	(To record the purcahse of inventory)
31-Mar	Accounts Receivable / Cash	600.00
	Sales		600.00
	(To record the sales)
	Cost of Goods Sold	283.33
	Inevntory		283.33
	(To record the Cost of Goods Sold)
Journal Entry
LIFO
Date	Particulars	Dr. Amt.	Cr. Amt.
3-Mar	Inventory	105.00
	Accounts Payable / Cash		105.00
	(To record the purcahse of inventory)
11-Mar	Inventory	90.00
	Accounts Payable / Cash		90.00
	(To record the purcahse of inventory)
15-Mar	Accounts Receivable / Cash	300.00
	Sales		300.00
	(To record the sales)
	Cost of Goods Sold	160.00
	Inevntory		160.00
	(To record the Cost of Goods Sold)
18-Mar	Inventory	350.00
	Accounts Payable / Cash		350.00
	(To record the purcahse of inventory)
31-Mar	Accounts Receivable / Cash	600.00
	Sales		600.00
	(To record the sales)
	Cost of Goods Sold	300.00
	Inevntory		300.00
	(To record the Cost of Goods Sold)
Journal Entry
FIFO
Date	Particulars	Dr. Amt.	Cr. Amt.
3-Mar	Inventory	105.00
	Accounts Payable / Cash		105.00
	(To record the purcahse of inventory)
11-Mar	Inventory	90.00
	Accounts Payable / Cash		90.00
	(To record the purcahse of inventory)
15-Mar	Accounts Receivable / Cash	300.00
	Sales		300.00
	(To record the sales)
	Cost of Goods Sold	135.00
	Inevntory		135.00
	(To record the Cost of Goods Sold)
18-Mar	Inventory	350.00
	Accounts Payable / Cash		350.00
	(To record the purcahse of inventory)
31-Mar	Accounts Receivable / Cash	600.00
	Sales		600.00
	(To record the sales)
	Cost of Goods Sold	290.00
	Inevntory		290.00
	(To record the Cost of Goods Sold)