Homework Answers
| 1 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| Specific Identification | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | 125 | $ 6.00 | $ 750 | 15 | $ 6.00 | $ 90 | |
| Purchases: | ||||||||||
| Jan-20 | 60 | $ 5.00 | $ 300 | 55 | $ 5.00 | $ 275 | 5 | $ 5.00 | $ 25 | |
| Jan-30 | 180 | $ 4.50 | $ 810 | - | $ 4.50 | $ - | 180 | $ 4.50 | $ 810 | |
| Total | 380 | 1,950 | 180 | 1,025 | 200 | 925 | ||||
| 2 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| Weighted Average | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory (A) - (B) | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | |||||||
| Purchases: | ||||||||||
| Jan-20 | 60 | $ 5.00 | $ 300 | |||||||
| Jan-30 | 180 | $ 4.50 | $ 810 | |||||||
| Total | 380 | $ 5.13 | 1,950 | 180 | $ 5.13 | 923 | 200 | $ 5.13 | 1,026 | |
| Weighted average rate | = | $1950/ 380 | ||||||||
| = | $ 5.13 | |||||||||
| 3 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| FIFO | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory (A) - (B) | Cost per unit | Ending Inventory | |
| Jan-01 | 140 | $ 6.00 | $ 840 | 140 | $ 6.00 | $ 840 | - | $ 6.00 | $ - | |
| Purchases: | ||||||||||
| Jan-20 | 60 | $ 5.00 | $ 300 | 40 | $ 5.00 | $ 200 | 20 | $ 5.00 | $ 100 | |
| Jan-30 | 180 | $ 4.50 | $ 810 | 0 | $ 4.50 | $ - | 180 | $ 4.50 | $ 810 | |
| Total | 380 | 1,950 | 180 | 1,040 | 200 | 910 | ||||
| 4 | Cost of goods available for sale | Cost of goods sold | Ending Inventory | |||||||
| LIFO | # of units (A) | Cost per unit | Cost of goods available for sale | # of units sold (B) | Cost per unit | Cost of goods sold | # of units in ending inventory (A) - (B) | Cost per unit | Ending Inventory | |
| Jan-01 | 140 |
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