Question

Could you please answer 2 + 3 as they were wrong in the last post?

Inventory Costing Methods Carrington Inc. reported the following information for the month of February: Inventory, February 1 63 units @ $26 Purchase: February 7 55 units @ $27 February 18 60 units @ $29 February 27 45 units @ $31 During February, Carrington sold 142 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 142 units sold, 53 cost $26, 39 cost $27, 45 cost $29, and 5 cost $31. $ 2. FIFO $ 3. LIFO $ $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)

Answer 1

	Unit	Unit cost	Total Cost
Beg Inv	63	26	1638
Purchase 1	55	27	1485
Purchase 2	60	29	1740
Purchase 3	45	31	1395
Total	223		6258

Calculate following

	Assumption	Cost of goods sold	Ending inventory
1	Of the 142 units sold, 53 Cost $26, 39 cost $27, 45 Cost $29 and 5 Cost $31	3891	6258-3891 = 2367
2	FIFO	6258-2439 = 3819	1395+36*29 = 2439
3	LIFO	6258-2124 = 4134	1638+18*27 = 2124
4	Weighted average	6258-2273 = 3985	81*28.06 = 2273