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Required Information Use the following information for the Exercises below. [The following information applies to the questio
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 300 units, where 280
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Answer #1
Specific identification method
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Jan, 01 Beginning inventory 190 $                7.00 $1,330 175 $           7.00 $1,225 15 $           7.00 $105
Purchases:
Jan, 20 Purchases 110 $                6.00 $660 105 $           6.00 $630 5 $           6.00 $30
Jan, 30 Purchases 280 $                5.50 $1,540 0 $                -   $0 280 $           5.50 $1,540
Total                        580 $3,530                    280 $1,855                    300 $1,675
Weighted Average Cost Method
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Jan, 01 Beginning inventory 190 $                7.00 $1,330
Purchases:
Jan, 20 Purchases 110 $                6.00 $660
Jan, 30 Purchases 280 $                5.50 $1,540
Total                        580 $6.09 $3,530                    280 $6.09 $1,704                    300 $6.09 $1,826
FIFO METHDO
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Jan, 01 Beginning inventory 190 $                7.00 $1,330 190 $           7.00 $1,330
Purchases:
Jan, 20 Purchases 110 $                6.00 $660 90 $           6.00 $540 20 $           6.00 $120
Jan, 30 Purchases 280 $                5.50 $1,540 280 $           5.50 $1,540
Total                        580 $3,530                    280 $1,870                    300 $1,660
LIFO METHDO
COST OF GOODS AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY
Date Particulars No. of Units Cost Per unit Total No. of Units Cost Per unit Cost of Goods Sold No. of Units Cost Per unit Ending invetory
Jan, 01 Beginning inventory 190 $                7.00 $1,330 190 $           7.00 $1,330
Purchases:
Jan, 20 Purchases 110 $                6.00 $660 110 $           6.00 $660
Jan, 30 Purchases 280 $                5.50 $1,540 280 $           5.50 $1,540
Total                        580 $3,530                    280 $1,540                    300 $1,990
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