Compute the cost to be assigned to ending inventory for each of the methods indicated given...
Homework Answers
Answer=
Cost assigned on an Average cost basis=$2,365
FIFO Basis=$2,280
LIFO basis = $2,580
Working
|
Weighted Average Cost |
||
|
Units |
(A) |
600 |
|
Total Cost |
(B) |
$ 3,300.00 |
|
Average Cost |
(C=B/A) |
$ 5.50 |
|
Average method |
||||
|
Total Units Avalable for sale |
600 |
|||
|
Units Sold |
430 |
|||
|
Ending Inventory Units |
170 |
|||
|
Valuation |
||||
|
Ending Inventory |
170 |
@ |
$ 5.50 |
$ 935 |
|
Value Of Ending Inventory |
$ 935 |
|||
|
Cost of Goods sold |
(Total Purchase and opening stock Minus Closing Stock) |
$ 2,365 |
||
|
FIFO |
||||
|
Total Units Avalable for sale |
600 |
|||
|
Units Sold |
430 |
|||
|
Ending Inventory Units |
170 |
|||
|
Valuation |
||||
|
Ending Inventory |
170 |
@ |
$ 6.00 |
$ 1,020.00 |
|
Value Of Ending Inventory |
$ 1,020.00 |
|||
|
Cost of Goods sold |
(3300-1020) |
$ 2,280.00 |
||
|
LIFO |
||||
|
Total Units Avalable for sale |
600 |
|||
|
Units Sold |
430 |
|||
|
Ending Inventory Units |
170 |
|||
|
Valuation |
||||
|
Ending Inventory |
150 |
@ |
$ 4.00 |
$ 600.00 |
|
20 |
@ |
$ 6.00 |
$ 120.00 |
|
|
Value Of Ending Inventory |
$ 720.00 |
|||
|
Cost of Goods sold |
(3300-720) |
$ 2,580.00 |
||
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