Question

Cost of Goods Available for Sale Cost of Goods Sold- January 5 Cost of Goods Sold- January 12 Cost of Goods Sold- January 20 Inventory Balance Perpetual LIFO: #of Unit Cost of Goods #of units Cost per unit # of units | Cost per Ending Inventory Cost of | # of units Cost per unit Cost of Goods Soldsold | # of units Cost per unit Cost of Goods Sold in ending units Cost Availabeorts Goods Soldsold unit sold inventory Sale Beg. Inventory Purchases: January 10 January 18 Total Round average cost per unit to 4 decimal places. Enter sales with a negative sign.) Inventory on hand Cost of Goods Sold Perpetual Average Cost per Inventory Value | # of units sold #Of units unit Avg.Cost Cost of per unitGoods Sold Beginning Inventory Sale January 5 Subtotal Average Cost Purchase January 10 Subtotal Average Cost Sale January 12 Subtotal Average Cost Purchase January 18 Subtotal Average Cost Sale January 20 Total

Answer 1

FIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic FIFO
	# of units	Cost per Unit	Cost of Goods Available for Sale	# of units sold	Cost per Unit	Cost of Goods	# of units in ending inventory	Cost per Unit	Ending Inventory
Beginning of Inventory	9000	5	45000	5000	5	25000	1000	6	6000
Purchases:				3000	5	15000	9000	7	63000
January 10	6000	6	36000	1000	5	5000
January 18	9000	7	63000	5000	6	30000
Total						75000			69000
LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per Unit	Cost of Goods Available for Sale	# of units sold	Cost per Unit	Cost of Goods	# of units in ending inventory	Cost per Unit	Ending Inventory
Beginning of Inventory	9000	5	45000	5000	7	35000	1000	6	6000
Purchases:				3000	7	21000	9000	5	45000
January 10	6000	6	36000	1000	7	7000
January 18	9000	7	63000	5000	6	30000
Total						93000			51000
	Cost of Goods Available for Sale			Cost of Goods Sold - Periodic FIFO			Ending Inventory - Periodic Average Cost
AVERAGE COST	# of units	Cost per Unit	Cost of Goods Available for Sale	# of units sold	Cost per Unit	Cost of Goods	# of units in ending inventory	Cost per Unit	Ending Inventory
Beginning of Inventory	9000
Purchases:
January 10	6000
January 18	9000
Total	24000	6	144000	14000	6	84000	10000	6	60000

Note: Average cost = Average cost = Total Weights/ Total units = 144000/24000 = 6

	Units	cost per unit	Weights
Beginning of Inventory	9000	5	45000
Purchases:
January 10	6000	6	36000
January 18	9000	7	63000
Total	24000		144000

LIFO	Cost of Goods Available for Sale			Cost of Goods Sold - January 5			Cost of Goods Sold - January 12			Cost of Goods Sold - January 20			Inventory balance
	# of units	Cost per Unit	Cost of Goods Available for Sale	# of units sold	Cost per Unit	Cost of Goods	# of units sold	Cost per Unit	Cost of Goods	# of units sold	Cost per Unit	Cost of Goods	# of units in ending inventory	Cost per Unit	Ending Inventory
Beginning of Inventory	9000	5	45000	5000	7	35000	3000	7	21000	1000	7	7000	1000	6	6000
Purchases:										5000	6	30000	9000	5	45000
January 10	6000	6	36000
January 18	9000	7	63000
Total						35000			21000			37000			51000

Perpetual Average	Inentory on hand			Cost of Goods Sold
	# of units	Cost per unit	Inventory Value	# of units sold	Avg. Cost Per unit	Cost of Goods Sold	Average cost per unit calculation
Beginning Inventory	9000	5	45000
Sale- January 5				5000	5	25000
Subtotal Average Cost	4000	5	20000
Purchase- January 10	6000	5.6	33600				[(4000*$5)+(6000*$6)]/(4000+6000)
Subtotal Average Cost	10000	5.6	56000
Sale- January 12				3000	5.6	16800
Subtotal Average Cost	7000	5.6	39200
Purchase- January 18	9000	6.3875	57487.5				[(7000*5.6)+(9000*7)]/(7000+9000)
Subtotal Average Cost	16000	6.3875	102200
Sale - January 20				6000	6.3875	38325
Total	10000	6.3875	63875