ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into purchases and sales for March as shown in the Tableau Dashboard.
Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
Mar 18: Purchase, 120 units, 60 each.
Mar 25: Purchase, 200 units, 62 each.
Mar 29: Sales, 160 units, 95 each.
1. Compute the cost assigned to ending
inventory using FIFO.
2. Compute the cost assigned to ending inventory
using LIFO.
3. Compute the cost assigned to ending inventory
using Weighted Average.
FIFO | Cost of goods available for sale | Cost of goods sold - Periodic | Ending Inventory | ||||||
Beginning Inventory | 100 | $ 50 | $ 5,000 | 100 | $ 50 | $ 5,000 | - | $ 50 | $ - |
Purchases: | |||||||||
Mar-05 | 400 | $ 55 | $ 22,000 | 400 | $ 55 | $ 22,000 | - | $ 55 | $ - |
Mar-18 | 120 | $ 60 | $ 7,200 | 80 | $ 60 | $ 4,800 | 40 | $ 60 | $ 2,400 |
Mar-25 | 200 | $ 62 | $ 12,400 | - | $ 62 | $ - | 200 | $ 62 | $ 12,400 |
820 | $ 46,600 | 580 | $ 31,800 | 240 | $ 14,800 | ||||
LIFO | Cost of goods available for sale | Cost of goods sold - Periodic | Ending Inventory | ||||||
Beginning Inventory | 100 | $ 50 | $ 5,000 | - | $ 50 | $ - | 100 | $ 50 | $ 5,000 |
Purchases: | |||||||||
Mar-05 | 400 | $ 55 | $ 22,000 | 260 | $ 55 | $ 14,300 | 140 | $ 55 | $ 7,700 |
Mar-18 | 120 | $ 60 | $ 7,200 | 120 | $ 60 | $ 7,200 | - | $ 60 | $ - |
Mar-25 | 200 | $ 62 | $ 12,400 | 200 | $ 62 | $ 12,400 | - | $ 62 | $ - |
820 | $ 46,600 | 580 | $ 33,900 | 240 | $ 12,700 | ||||
Weighted Average | Cost of goods available for sale | Cost of goods sold - Periodic | Ending Inventory | ||||||
Beginning Inventory | 100 | $ 50 | $ 5,000 | ||||||
Purchases: | |||||||||
Mar-05 | 400 | $ 55 | $ 22,000 | ||||||
Mar-18 | 120 | $ 60 | $ 7,200 | ||||||
Mar-25 | 200 | $ 62 | $ 12,400 | ||||||
820 | $ 56.83 | $ 46,600 | 580 | $ 56.83 | $ 32,961 | 240 | $ 56.83 | $ 13,639 |
ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into...
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