1) calculation of cost of goods sold and ending inventory using specific identification :
date | goods purchased | cost of goods sold | ending inventory | |||||
no. of units | cost per uit in $ | no. of units | cost per uit in $ | cost of goods sold in $ | no. of units | cost per uit in $ | inventory balance in $ | |
jan. 1 | 220 | 14.50 | 3190 | |||||
jan. 10 | 170 | 14.50 | 2465 | 50 | 14.50 | 725 | ||
jan. 20 | 170 | 13.50 | 50 | 14.50 | 725 | |||
170 | 13.50 | 2295 | ||||||
jan. 25 | 35 | 14.50 | 507.5 | 15 | 14.50 | 217.50 | ||
165 | 13.50 | 2227.5 | 5 | 13.50 | 67.5 | |||
jan. 30 | 340 | 13 | 15 | 14.50 | 217.50 | |||
5 | 13.5 | 67.50 | ||||||
340 | 13 | 4420 | ||||||
totals | 370 | 5200 | 360 | 4705 |
2) calculation of cost of goods sold and ending inventory using weighted average method :
date | goods purchased | cost of goods sold | ending inventory | |||||
no. of units | cost per uit in $ | no. of units | cost per uit in $ | cost of goods sold in $ | no. of units | cost per uit in $ | inventory balance in $ | |
jan. 1 | 220 | 14.50 | 3190 | |||||
jan. 10 | 170 | 14.50 | 2465 | 50 | 14.50 | 725 | ||
jan. 20 | 170 | 13.50 | 220 | (725+2295)/220 = 13.73 | 3020 | |||
jan. 25 | 200 | 13.73 | 2746 | 20 | 13.73 | 274 | ||
jan. 30 | 340 | 13 | 360 | (274+4420)/360 = 13.04 | 4694 | |||
totals | 370 | 5211 | 360 | 4694 |
3) calculation of cost of goods sold and ending inventory using fifo method :
date | goods purchases | cost of goods sold | ending inventory | |||||
no. of units | cost per uit in $ | no. of units | cost per uit in $ | cost of goods sold in $ | no. of units | cost per uit in $ | inventory balance in $ | |
jan. 1 | 220 | 14.50 | 3190 | |||||
jan. 10 | 170 | 14.50 | 2465 | 50 | 14.50 | 725 | ||
jan. 20 | 170 | 13.50 | 50 | 14.50 | 725 | |||
170 | 13.50 | 2295 | ||||||
jan. 25 | 50 | 14.50 | 725 | 20 | 13.50 | 270 | ||
150 | 13.50 | 2025 | ||||||
jan. 30 | 340 | 13 | 20 | 13.50 | 270 | |||
340 | 13 | 4420 | ||||||
totals | 370 | 5215 | 360 | 4690 |
4) calculation of cost of goods sold and ending inventory using lifo method :
date | goods purchased | cost of goods sold | ending inventory | |||||
no. of units | cost per uit in $ | no. of units | cost per uit in $ | cost of goods sold in $ | no. of units | cost per uit in $ | inventory balance in $ | |
jan. 1 | 220 | 14.50 | 3190 | |||||
jan. 10 | 170 | 14.50 | 2465 | 50 | 14.50 | 725 | ||
jan. 20 | 170 | 13.50 | 50 | 14.50 | 725 | |||
170 | 13.50 | 2295 | ||||||
jan. 25 | 170 | 13.50 | 2295 | 20 | 14.50 | 290 | ||
30 | 14.50 | 435 | ||||||
jan. 30 | 340 | 13 | 20 | 14.50 | 290 | |||
340 | 13 | 4420 | ||||||
totals | 370 | 5195 | 360 | 4710 |
cost of goods sold andending inventory :
methods | cost of goods sold | ending inventory |
spcific identification | $5200 | $4705 |
weighted average method | $5211 | $4694 |
fifo method | $5215 | $4690 |
lifo method | $5195 | $4710 |
note :
total of ending inventory as on only January 30 = 20 units @
$14.50 and 340 units @ $13
so total units of ending inventory = 20 + 340 = 360 units
ending inventory in units = total available units - units
sold
ending inventory in units = 730 - 370 = 360 units
and 360 units ending inventory always remain in each of four
methods
so ending inventory will be 360 units (20 + 340 ) in using lifo
method
thank you
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Required information [The following information applies to the questions displayed below.) Laker Company reported the following...
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